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Profit & Loss Frankfurt 2019

May 7th 2019

Venue:

Profit & Loss Frankfurt 2019

The Westin Grand Frankfurt,

Konrad-Adenauer-Straße 7, 60313 

Frankfurt

Germany


Contact: Cindy Jiang, Email: cindy@profit-loss.com, Phone: 0207 382 0335

In Association with

Event Sponsors

Event Supporters

Event Preview

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