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Profit & Loss Latin America 2019

June 4th 2019


Profit & Loss Latin America 2019

The St. Regis Mexico City,

Paseo de la Reforma 439,  Col. Cuauhtémoc

Mexico City DF 06500


Contact: Cindy Jiang, Email:, Phone: 0207 382 0335

Event Sponsors

Event Preview

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

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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?

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?

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