Skip to main content

Profit & Loss Events

Forex Network New York 2019

March 27th 2019

Forex Network New York 2019

Convene

United States

Wednesday, March 27, 2019

Free to attend for the buy-side

Purchase your tickets here

Sell Side: US$700
Vendor: Please contact Sales: cindy@profit-loss.com , michelle@profit-loss.com , or jack@profit-loss.com

The definition of “Buy side” firms means end user clients (ie, investing institutions such as mutual funds, pension funds, insurance companies, hedge funds, CTAs, asset managers, and corporates). Buy side firms may have investors as clients, but have no trading clients. Technology, platform and service providers of any type, including broker-dealers and prime of primes that may be clients of other firms but have trading clients of their own, do not fall into the definition of “buy side” firms.

Agenda

1:30-2:00pm – Coffee & Registration - sponsored by ParFX

2:00-2:45pm Panel 1: Trading in Volatile Markets: Is Brexit Just the Beginning?
Brexit is one of the big “known unknown” risk events in 2019 that seems certain to inject volatility into the currency markets - so how should firms be positioning themselves ahead of it? Meanwhile, there are plenty of other factors that seems certain to move markets in 2019: from a US president intent on pursuing trade wars to a seemingly unstable political situation in Europe and divergence of central bank monetary policies. Looking ahead, what will be the main drivers of the currency markets and where will be the key opportunities to secure profits appear?

This panel will also discuss:

  • Global macro is back on the agenda for investors – is this a boon for FX?
  • Is the use of big FX hedges to reflect global capital flow risks on the rise?
  • Will normalising central bank monetary policies reveal new market risks?
  • How should trading firms position themselves amidst ongoing trade wars?
  • Does EM offer the best carry trade opportunity set in all of FX?
  • What will be the impact of an economic slowdown in China?

2:45-3:00pm – Coffee Break - Sponsored by ParFX

3:00-3:30 – Panel 2: Credit – Is it being priced correctly?

In recent years there has been a significant re-pricing of credit, but are there more adjustments to come? What is the future of direct credit relationships? Has the push for futures clearing and SEFs hit a limit? Can FX create a path whereby credit disintermediation allows for peer-to-peer clearing on platforms?

This panel will also discuss:

  • How can new linkups between bank FXPBs and trading platforms address bilateral credit issues?
  • How are the structures of FXPB businesses changing in response to client demands?
  • As markets price in a recession, credit and bank-to-bank risks start to matter again – is this the real story for 2019?
  • Large non-banks and other HFT models may face a PB pushback – how likely are big banks to shut off some of their credit access and what would be the implications of this on liquidity?
  • Is case for real money clients using FXPB services growing?

3:30-3:45pm – Coffee Break - Sponsored by ParFX

3:45-4:30pm Panel 3: Market Impact – Finding Execution Styles that Work

Can market impact ever be a good thing? The advance of TCA has seen a surge in interest in terms of the market impact created by a particular trade and more recently, data is being used to dissect the impact of individual or portfolios of trades. Meanwhile, Algos are increasingly being used by a broader segment of FX market participants. What is the best way to analyse transaction costs?

This panel will also discuss:

  • Is it time to reconsider using fixings? What are the alternatives?
  • Is algo execution the best way to achieve BestEx?
  • What role does data play in building a strategy?
  • Fees vs Performance – how to effectively factor both into execution analysis
  • Measuring reject rates – is there more to it than meets the eye?
  • Can Algos hide the deal effect on markets or reduce volatility?
  • What will the next generation of Algos look like?

4:30-4:45pm – Coffee Break - Sponsored by ParFX

4:45-5:15pm Panel 4: The Investor’s Perspective: Allocation Trends in 2019 and Beyond

Institutional allocators, wealth managers and family offices want the best performance possible from their portfolios, but what does “best” really mean for these firms? When they allocate towards hedge funds or other alternatives, are they looking for improved returns or for portfolio diversification? And what are the trends that will drive allocation decisions in 2019?

This panel will also discuss:

  • How will broader macroeconomic trends and monetary policy decisions dictate allocation decisions this year?
  • Is there a stigma about allocating to FX-focused funds? Is it better branding to be “global macro”? Can currencies really provide uncorrelated returns?
  • After a period of poor performance, do CTAs still have a role to play in investor portfolios?
  • What type of fee structures are investors increasingly gravitating towards?
  • Beyond pedigree and performance, how can fund managers differentiate themselves in allocator’s eyes?
  • Will assets continue to consolidate in the largest funds or is there more value to be had in smaller firms?

5:15-5:30– Profit & Loss Peer2Peer Interview: "Do Cryptocurrencies Still Have a Role to Play in the Portfolio?" a conversation with B2C2

5:30-7:00 – Reception

Forex Network London 2019

April 25th 2019

Forex Network London 2019

Grange St. Pauls Hotel, 10 Godliman St, London EC4V 5AJ

United Kingdom

Thursday, April 25, 2019

Delegate: GBP£550+VAT
Non-Exhibiting Vendor: GBP£1095+VAT
Free to attend for the buy-side

Register

The definition of “Buy side” firms means end user clients (ie, investing institutions such as mutual funds, pension funds, insurance companies, hedge funds, CTAs, asset managers, and corporates). Buy side firms may have investors as clients, but have no trading clients. Technology, platform and service providers of any type, including broker-dealers and prime of primes that may be clients of other firms but have trading clients of their own, do not fall into the definition of “buy side” firms.

For Registration please contact bkaur@profit-loss.com

Please note that registered delegates’ email addresses will be passed to event sponsors. If you do not wish your details to be shared, please notify bkaur@profit-loss.com. P&L Services Ltd will not share your details with any third party other than confirmed sponsors of this event as listed on this page.

Profit & Loss Frankfurt 2019

May 7th 2019

Profit & Loss Frankfurt 2019

The Westin Grand Frankfurt

Germany

Tuesday, May 7, 2019

This event is free to attend for banks and buy side firms.

Non-Exhibiting Vendor: GBP£1095+VAT

Please note that registered delegates’ email addresses will be passed to event sponsors. If you do not wish your details to be shared, please notify bkaur@profit-loss.com. P&L Services Ltd will not share your details with any third party other than confirmed sponsors of this event as listed on this page.

Email bkaur@profit-loss.com to register.

8:00-9:00 – Coffee & Registration

9:00-9:30 – Opening Address

9:30-10:30 – Panel 1: US Dollar vs the Euro: Round Two

Can Brussels truly challenge the dollar’s dominance? Does it want to? Twenty years since the launch of the euro and discussion around the possibility of the currency replacing the US dollar as the world’s reserve currency floated widely in the runup to the launch of the single European currency. But as the EU struggled to keep its monetary policies aligned, and talk about a potential breakup ensued, such talk faded. However, as the US embarks upon a nationalist approach to world trade and international dealings, the European Commission (EC) is making a play for the euro to play a stronger international role.

  • Is the US dollar’s status as the world’s reserve currency under threat?
  • How would this impact the US, rest of world?
  • What are the key sticking points for the euro to play a stronger international role?
  • Has the “Brexit” circus caused a change in trading conditions?

10:30-11:00 – Break

11:00-12:00 – Panel 2: Liquidity – Perception vs Reality

What lies ahead on the liquidity landscape? The foreign exchange market got an early reminder of how fragile liquidity conditions can be when, in the first week of the year, it experienced another flash event. Does this signify that efforts to build more robust liquidity pools have failed, or is it just something the market has to get used to?

This panel will also discuss:

  • Has liquidity itself changed – or have behaviours changed?
  • What have been the main drivers?
  • Does the increased use of correlations for hedging mean that flash events will now be more contagious?
  • Should central banks consider the use of volatility bands in less liquid hours?
  • Do flash events reinforce the need for human traders, or are they an expensive luxury?

12:00-13:00 – Lunch

13:00-13:45 – Panel 3: Credit – Is it being priced correctly?

What is the future of direct credit relationships? In recent years there has been a significant re-pricing of credit, but are there more adjustments to come? Has the push for futures clearing and SEFs hit a limit? Can FX create a path whereby credit disintermediation allows for peer-to-peer clearing on platforms?

This panel will also discuss:

  • How can bank-platform linkups such as the recent UBS/Cboe partnership address bilateral credit issues?
  • Are banks pulling back further in FXPB following Citi’s recent FXPB woes?
  • As markets price in a recession, credit and bank-to-bank risks start to matter again – is this the real story for 2019?
  • Large non-banks and other HFT models may face a PB pushback – how likely are big banks to shut off some of their credit access and what would be the implications of this on liquidity?

 13:45-14:30 – Panel 4: The Challenges of Analysing Data

Are we drowning in data? With 90% of the data that exists in the world today having been created in the past two years, in some ways we are drowning in data. However, this data is only useful once it is analysed and structured in such a way that it can provide insights that in turn can provide value – so how can firms more effectively manage and utilise the data available to them today?

This panel will also discuss:

  • What investment is needed to store and analyse vast quantities of market data?
  • The challenges of alpha erosion in data-driven markets
  • Has social media and alternative data sources lived up to the hype?
  • Avoiding false positives in the #fakenews era
  • How data is shaping CIO's investment philosophies

 14:30-15:00 – Break

 15:00-15:45 – Panel 5: Market Impact – Execution Styles that Work

Can market impact be a good thing? The advance of TCA has seen a surge in interest in terms of the market impact created by a particular trade and more recently, data is being used to dissect the impact of individual or portfolios of trades. Generally speaking, market impact is seen as a bad thing, but why is that?

This panel will also discuss:

  • What is disruptive behaviour?
  • Is it time to reconsider using fixings? What are the alternatives?
  • What should ‘full amount’ trading mean?
  • Internalisation vs Externalisation
  • Determining the best liquidity pools
  • Is algo execution the best way to achieve BestEx?
  • What role does data play in building a strategy?

15:45-16:15 Break

 16:15-17:00 – Panel 6: Reappraising the FX Global Code

Two-and-a-half years on from full release, the FX Global Code continues to elicit mixed emotions. Take up on the sell side has been strong, but the buy side and some smaller market makers have been slower to adopt. Questions are still being asked over the effectiveness of the Code and how well some Principles actually address specific issues. What does the next year offer for the Code? Is adoption alone a good measure of success? What challenges are on the horizon?

This panel will also discuss:

  • What does adherence look like for small firms vs large?
  • Can the buy side demand their banks adhere?
  • Where do the pockets of difficulties exist?
  • What do banks expect from their clients in terms of good behaviour?
  • What is the advantage to buy side investors to adopt the Global Code?
  • Is there sufficient clarity around areas such as pre-hedging?
  • Where, if anywhere, are the potential loopholes?

17:00-19:00 – Reception

Profit & Loss Latin America 2019

June 4th 2019

Profit & Loss Latin America 2019

The St. Regis Mexico City

Mexico

Free to attend for the buy-side and local bank attendees
Non-Exhibiting Vendor: USD$2095
Delegate: USD$395

To register please email gina@profit-loss.com

Please note that registered delegates’ email addresses will be passed to event sponsors. If you do not wish your details to be shared, please notify gina@profit-loss.com. P&L Services Ltd will not share your details with any third party other than confirmed sponsors of this event as listed on this page.

Event Programme

9:00-10:00 – Coffee & Registration

10:00-10:30 – Opening Address – Outlook Mexico – Banco de Mexico (Banxico)

10:30-11:30 – Panel 1: Trade Wars, Geopolitics and Macroeconomics

What is the outlook for the Latin American region? With new governments across the region, from Mexico to Brazil, what is the economic outlook for countries that have recently elected populist presidents? Meanwhile, the US president seems intent on pursuing trade wars and divisive policies, an emboldened China and Russia are ramping up on the world stage, and Brexit is creating an unstable political situation in Europe. What will be the biggest factors influencing currency markets this year?

This panel will also discuss:

  • Global macro is back on the agenda for investors – is this a boon for FX?
  • Is the use of big FX hedges to reflect global capital flow risks on the rise?
  • Will normalising central bank monetary policies reveal new market risks?
  • How should trading firms position themselves amidst ongoing trade wars?
  • Does EM offer the best carry trade opportunity set in all of FX?

11:30-12:00 – Break

12:00-12:30 – Peer2Peer: Credit – Is it being priced correctly?

What is the future of credit relationships? In recent years there has been a significant re-pricing of credit, but are there more adjustments to come? Has the push for futures clearing hit a limit? Can FX create a path whereby credit disintermediation allows for peer-to-peer clearing on platforms?

This panel will also discuss:

  • How can bank-platform linkups such as the recent UBS/Cboe partnership address bilateral credit issues?
  • Are banks pulling back further in FXPB?
  • As markets price in a recession, credit and bank-to-bank risks start to matter again – is this the real story for 2019?

12:30-1:15 – Panel 2: Thinking Forward – A New Market Structure

The impact of a changing market structure on liquidity in spot FX markets continues to elicit debate, but what is happening further out the curve? FX swaps volume makes up more than half of all daily FX turnover, but it remains a market rooted in voice or bilateral trading methods. With regulators increasingly looking to automate and democratise swaps markets across asset classes, is regulation making early termination difficult even if the counterparties agree on price? Can the transition of IRS to the exchange provide insights for FX swaps trading?

This panel will also discuss:

  • Breaking the credit bottleneck
  • Creating a CLOB for FX swaps
  • The role of exchange-traded products
  • The role of technology in FX swaps markets
  • Do customers want multi-lateral trading in FX swaps?

1:15-2:00 – Lunch

 2:00-2:45 – Panel 3: Does the Price Action of Crypto Tell the Whole Story?

What’s next in the evolution of digital assets? What’s causing spread compression? How do you value cryptocurrencies? Do cryptos need volatility to grow and survive? Will distributed ledger technologies such as Blockchain cause disruption in the coming year, or will disruption come from traditional FinTech?

This panel will also discuss:

  • What will it take for cryptocurrencies to truly decouple?
  • Is the evolution of “stable coins” important to the evolution of the crypto economy?
  • Can you still make money trading crypto?
  • What are the long-term prospects for HODLers?
  • Is Bitcoin a more efficient store of value than gold?
  • Central Bank Digital Currency: Does it have a future?
  • What role will data play in any disruption?

2:45-3:30 – Panel 4: Market Impact – Finding Execution Styles that Work

Can market impact ever be a good thing? The advance of TCA has seen a surge in interest in terms of the market impact created by a particular trade and more recently, data is being used to dissect the impact of individual or portfolios of trades. Meanwhile, Algos are increasingly being used by a broader segment of FX market participants. What is the best way to analyse transaction costs?

This panel will also discuss:

  • The beginning of 2019 saw a flash crash in USD/JPY, what structural problems did this reveal?
  • Is it time to reconsider using fixings? What are the alternatives?
  • Is algo execution the best way to achieve BestEx?
  • What role does data play in building a strategy?
  • Fees vs Performance – how to effectively factor both into execution analysis
  • Measuring reject rates – is there more to it than meets the eye?
  • Can Algos hide the deal effect on markets or reduce volatility?
  • What will the next generation of Algos look like?

3:30-4:00 – Break

4:00-4:45 – Panel 5: What’s the Difference Between Liquidity and the Cost of Liquidity?

Has liquidity itself changed – or have behaviours changed?

  • What have been the main drivers?
  • Is this the new normal?
  • What lies ahead on the liquidity landscape?

4:45-5:30 – Panel 6: Reappraising the FX Global Code

Two-and-a-half years on from full release, the FX Global Code continues to elicit mixed emotions. Take up on the sell side has been strong, but the buy side and some smaller market makers have been slower to adopt. Questions are still being asked over the effectiveness of the Code and how well some Principles actually address specific issues. What does the next year offer for the Code? Is adoption alone a good measure of success? What challenges are on the horizon?

This panel will also discuss:

  • What does adherence look like for small firms vs large?
  • Can the buy side demand their banks adhere?
  • Where do the pockets of difficulties exist?
  • What do banks expect from their clients in terms of good behaviour?
  • What is the advantage to buy side investors to adopt the Global Code?
  • Is there sufficient clarity around areas such as pre-hedging?
  • Where, if anywhere, are the potential loopholes?

5:30-7:00 – Networking Reception

Forex Network Chicago 2019

September 23rd 2019 to September 25th 2019

Forex Network Chicago 2019

The Westin Chicago River North

United States

End Users/Investors - Complimentary
Sell Side: USD $1150
Non-Exhibiting Vendor: USD $2600

The definition of “Buy side” firms means end user clients (ie, investing institutions such as mutual funds, pension funds, insurance companies, hedge funds, CTAs, asset managers, and corporates). Buy side firms may have investors as clients, but have no trading clients. Technology, platform and service providers of any type, including broker-dealers, regional banks and prime of primes that may be clients of other firms but have trading clients of their own, do not fall into the definition of “buy side” firms.

For Registration please contact gina@profit-loss.com

Please note that registered delegates’ email addresses will be passed to event sponsors. If you do not wish your details to be shared, please notify bkaur@profit-loss.com. P&L Services Ltd will not share your details with any third party other than confirmed sponsors of this event as listed on this page.

Profit & Loss Scandinavia 2019

October 10th 2019

Profit & Loss Scandinavia 2019

Copenhagen Marriott Hotel

Denmark

Delegate (excluding Scandinavia): GBP£350 + VAT
Non-Exhibiting Vendor: GBP£1095 + VAT
Free to attend for the buy-side and bank attendees based in Scandinavia

To register please email bkaur@profit-loss.com

Please note that registered delegates’ email addresses will be passed to event sponsors. If you do not wish your details to be shared, please notify bkaur@profit-loss.com. P&L Services Ltd will not share your details with any third party other than confirmed sponsors of this event as listed on this page.

 

Profit & Loss Singapore 2019

November 5th 2019

Profit & Loss Singapore 2019

The Westin Singapore

Singapore

Non-Exhibiting Vendor: USD$1595

Free to attend for buy side and bank attendees based in Asia

Banks (Not located in Asia) - USD$500

Profit & Loss Hong Kong 2019

November 7th 2019

Profit & Loss Hong Kong 2019

Grand Hyatt Hong Kong

China

Non-Exhibiting Vendor: USD$1595

Free to attend for buy side and bank attendees based in Asia

Banks (Not located in Asia) - USD$500

More details to follow shortly.