Profit & Loss Events

COST:

End Users/Investors - Complimentary
Sell Side: USD $1050
Non-Exhibiting Vendor: USD $2500
Consultants/Other: USD $525

Register Here

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.

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.

Non-Exhibiting Vendor: USD$1495

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

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.

Event Programme:

•  Will the availability of credit return, or will smaller buy side players be edged out of the market?
• Is concentration risk in the prime services industry the next big crisis?
• Is Prime-of-Prime a viable alternative?
• Can alternative credit and clearing structures change how the FX market operates?
• Can exchanges successfully launch new alternative products to OTC contracts? 
• What impact has clearing had on the way the FX market operates?
• PBs and prime of primes – is clearing competing with PB, or is it complimentary?
• How can clearing help alleviate some of the Basel III capital constraints? 

Non-Exhibiting Vendor: USD$1495

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

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.

Event Programme

8:00-9:00             Registration and Trade Show Opens

9:00-9:30             Keynote Address (TBA)

9:30-10:30           Panel 1: Asia Growth Outlook: Sustaining the        
                            Momentum

In its latest regional outlook, the International Monetary Fund (IMF) estimates that economic growth in Asia Pacific will increase to 5.5% in 2017 and that the region will continue to be the leader of overall global growth. What are the key factors that are driving this growth, and is it sustainable? As Europe and the US endure a period of geopolitical uncertainty, will investors look to Asia for both opportunity and security?

This panel will also discuss:

• Which Asian countries will drive growth in the region?
• How will trading relationships change now that the US is is pulling back from the Trans Pacific Partnership (TPP)?
• Are Asian economies especially vulnerable to protectionism due to their openness to trade and integration to global value chains?
• Does slow productivity growth and population aging represent a long-term challenge for Asian economies?
• What impact will central bank policies have on Asian growth?
• Where are the pockets of opportunity for Hong Kong?

10:30-11:00        Morning Coffee Break

11:00-11:30        Peer2Peer Interview:
                            “Clearing, OTC and Uncleared Margin Requirements: Where do we go from here?”

11:30-12:30        Panel 2: CNY vs CNH – How will the onshore/offshore debate settle?

Internationalisation of the RMB would be a game changer for Hong Kong’s FX market. How can Hong Kong best position itself to maintain its standing as a major currency centre? Can China attract a diversity of market participants onshore? Can the CNY be both an asset for global investors, as well as a funding currency? How can Hong Kong best position itself for the challenges ahead?

This panel will also discuss:

• What are the barriers to growth of CNH trading?
• Will Hong Kong continue to be the hub for North Asia and Singapore for South Asia?
• What is the impact of RMB volatility?
• How is the onshore/offshore yuan market likely to evolve?
• What are the challenges for RMB as a payments currency?

12:30-1:30           Lunch

1:30-2:00             Peer2Peer Interview: “House of Cards?”

As banks have reduced the availability of credit, market participants are seeking alternative means to access the FX market. Is the contraction of the FX prime brokerage business creating a credit structure in FX that is in danger of turning into a ‘house of cards’ that could topple?

This panel will also discuss:

• Will the availability of credit return, or will smaller buy side players be edged out of the market?
• Is concentration risk in the prime services industry the next big crisis?
• Is Prime-of-Prime a viable alternative?
• Can alternative credit and clearing structures change how the FX market operates?

2:00-2:45              Panel 3: “Are Digital Currencies Here to Stay?” 

In its relatively short lifespan, bitcoin has survived major legal scandals (Silk Road), the collapse of the biggest bitcoin trading venue (Mt. Gox), a major hack where roughly $70 million in bitcoin was stolen (Bitfinex) and a hard fork in its underlying blockchain (the creation of bitcoin cash). And yet not only has bitcoin survived each of these, but it is continuing to thrive, reaching record valuations in 2017. On top of this, trading in other cryptocurrencies, such as ethereum, have grown significantly over the past year. But do cyrptocurrencies have any value or use to the broader financial services industry?

This panel will also discuss:

• Can bitcoin ever move into the financial mainstream?
• What advantages do alt coins – such as ethereum and ripple – offer when compared to bitcoin?
• How safe is trading cryptocurrencies?
• What are the technical challenges limiting the scalability of cryptocurrencies?
• What is the significance of the various regulatory announcements by regulators regarding cryptocurrencies?

2:45-3:15        Afternoon Coffee Break

3:15-4:00        Panel 4 - Execution: Cause & Effect

A key element of MiFID II is that firms executing trades have to take “all sufficient steps” to prove best execution rather than “all reasonable steps” under the previous regime. Is this subtle but important change in the language likely to be the catalyst that sees a surge in the use of algorithms to execute FX trades? Algos are widely seen as the answer to ensuring execution, but are there links between execution strategies and market impact? Is more thought needed around the strategies being used to execute risk? What is the next phase of evolution for single- and multi-contributor trading platforms?

This panel will also discuss:

• What is driving algo take up?
• Are there inherent conflicts in using bank provided algos?
• Are expectations of TCA realistic?
• Does internalisation have a place in the post-MiFID II era?
• Should the industry evolve from RFQs to alternate trading protocols or order books?
• What type of algo strategies should clients be using?

4:00-5:00         Panel 5 - FinTech: Promise or Peril?

There are two broad narratives around the recent growth of, and investment in, FinTech. The first is that FinTech firms are looking for places where they can use technology to disintermediate incumbent financial institutions. The second is that these firms are bridging the gap between technology and financial services, creating new efficiencies and offering new revenue sources for established financial services firms. Will FinTech firms change financial services or become part of the establishment?

This panel will also discuss:

• In what ways is FinTech already changing how capital markets operate?
• Are Artificial Intelligence (AI) and machine learning destined to change trading?
• Will blockchain and Distributed Ledger Technology (DLT) solutions change the way that post-trade processes operate?
• Which financial services firms are most at risk from being supplanted by FinTech?
• What are the challenges facing regulators in the fast-changing FinTech world?

5:00-7:00              Closing Reception

Non-Exhibiting Vendor: USD$1495

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

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.

9:00-9:30           Coffee & Registration

9:30-10:00         Keynote (TBA)

10:00-11:00        Panel 1: “China’s Growth Outlook: Finding Stability in an Uncertain World”

China’s economy grew 6.9% in Q2 of 2017, the eighth consecutive quarter that growth has been between 6.6% and 7%. But now that the economy has effectively stabilised, what will be the key driver for China’s economic performance over the next 18 months? With the US is pulling back from the Trans Pacific Partnership (TPP), how is China building trading relationships in the region? What are the implications of this year’s Communist Party Congress for the direction of China’s economy going forward?

This panel will also discuss:

• With countries such as the US and UK stepping back from the international scene, is there an opportunity for China to fill this void?
• What are the geopolitical risks that could destabilise trading in the APAC region?
• Does China need to balance its large current account surplus against net capital outflows?
• What are the implications of a weaker yuan?
• How is the “Belt and Road” strategy evolving?

11:00-11:30        Coffee Break

11:30-12:30        Panel 2: Will the Global March of RMB Continue?

The pace of RMB internationalisation appeared to slow in 2016. According to data from Swift, the value of international RMB payments fell by nearly 20%, while offshore RMB deposits in Hong Kong also decreased. The decline in using and holding of RMB was partly caused by concerns over a potential economic slowdown in China, the RMB's depreciation, and the tightening of cross-border capital flow regulations. But despite this, China has continued towards internationalisation by widening the range of domestic assets that foreign investors can buy and sell.  Looking ahead, what factors will push China firther towards RMB internationalisation and what are the remaining barriers preventing it?

This panel will also discuss:

• Which policy and market structure changes are helping to build the RMB market?
• How can China meet the operational challenges to encourage international adoption of RMB?
• Does the onshore market need more diversity of market participants?
• What are the challenges for RMB as payments currency?
• How could the three "Connect" schemes - Bond Connect, Shenzen Connect and the Shanghai Connect, help the RMN internationalisation?
• Will the "Belt and Road" initiative be a catalyst for RMB usage as both a trade and financing currency?

12:30-1:30Lunch

1:30-2:15   Panel 3:“What is the Next Step in the Evolution of FX Trading?”

When Western FX markets first shifted towards electronic trading, this led to significantly greater market efficiencies and as a result, trading volume increased dramatically. As FX trading in China continues to go down the path towards more electronification and more automation, what changes should market participants be preparing for, and what steps should they be taking to ensure they stay ahead of the technology curve?

This panel will also discuss:

• How can technology help boost trading volumes?
• What are the operational risks associated with new FX technology?
• What are the best models for accessing RMB liquidity?
• Is China ready for algorithmic trading?
• What are the limitations in moving FX trading onto electronic platforms?
• Which pre- and post-trade technology innovations will have the biggest impact in China?

2:15-2:45   Coffee Break

2:45-3:30   Panel 4: “Will FinTech Change the Face of China’s Capital Markets?”
As London, New York and Silicon Valley, compete to position themselves as the world’s “FinTech hub”, is China positioned to overtake them all and become the true centre of global FinTech innovation and adoption?

• Where will FinTech solutions have the greatest impact in China’s capital markets?
• Will FinTech firms prove to be disruptors or enables for the current incumbents?
• What factors are driving fintech innovation in China and is this level of innovation sustainable?
• What is the core client base being targeted by FinTech firms?
• Can FinTech solutions effectively scale up to meet market demands?
• How will the regulatory environment shape FinTech development in China?

3:30-4:00   Coffee Break

4:00-5:00   Panel 5: “Is there a Future for Digital Currencies in China?
Cryptocurrencies have performed strongly of late, with the price of bitcoin and ethereum – two of the largest cryptocurrencies by market capitalisation – both hitting record highs in 2017. Will these digital currencies continue to perform strongly, and will they ultimately find a place in China’s financial markets?  

• Can bitcoin ever move into the financial mainstream?
• What advantages do “alt coins” – such as ethereum and ripple – offer when compared to bitcoin?
• How safe is trading cyrptocurrencies?
• What are the technical challenges limiting the scalability of cryptocurrencies?
• What are the implications of the “hard fork” in the bitcoin blockchain earlier this year, and could it happen again?

5:00-7:00 Drinks Reception