Delegates from the foreign exchange and money markets – representing hundreds of banks and financial institutions in over 65 countries – are expected to attend the three day congress in Montreal hosted by The Financial Markets Association of Canada.
Sharon Grewal, chair of the congress, says delegates can expect to gain insight on financial markets trends, learn about the latest in technology and information services and hear the views of leaders in the financial markets through keynote presentations, panel discussions and networking with global peers.
An extensive trade exhibition will run alongside the business programme, the space of which has been expanded by a third after the original space earmarked for exhibitors sold out in December. Both the business sessions and exhibition will take place at the Palais des Congres de Montreal.
A list of high powered speakers and panellists will dominate the business programme including David Dodge, governor of the Bank of Canada, Timothy Geithner, president of the Federal Reserve Bank of New York and Tom Glocer, chief executive officer of Reuters, who are all lined up to give keynote addresses on the second day.
Registration and the official opening of the congress will take place on Thursday May 3 followed by a welcome reception in the evening sponsored by CME, Reuters and FXMarketSpace. The theme of the reception is ‘Canada from Coast to Coast’, and will be held at Palais des Congres de Montreal in an area divided into quadrants to represent the four regions of Canada: the Atlantic, Central Canada, the Prairies and the West Coast.
The business sessions will start the next day with Grewal and Evan Steel, president of the Financial Markets Association of Canada, kicking off the congress with opening addresses.
The first presentation, an Overview of the Model Code, is presented by Lynn Kennedy, member of the FMAC committee and ACI’s Committee for Professionalism (CFP).
Following this, is the first panel discussion, moderated by David Clark, honorary past president of ACI – The Financial Markets Association, who will examine the impact of global investment flows on the development of currency markets. Panellists include Daniel Katzvie, North American strategist at UBS; Monica Fan, head of FX strategy, RBC Capital Markets; Moti Jungreis, global head of foreign exchange, short term rates and foreign fixed income at TD Securities and Luc de la Durnataye, first vice president at CIBC Global Asset Management.
Saad Jamaleddine, chair of the ACI Board of Education will then give a presentation outlining ACI’s Education Programmes, one of the cornerstones of the Association’s work. This precedes the final panel discussion entitled ‘Converging Economic Influences – a Central Bank Perspective’, and will feature central bankers discussing the role of emerging economies and how they are impacting developed economies. Global trade and investment flow trends will also be examined in context of financial market and currency market impacts and the panellists will highlight domestic financial market trends that they expect to occur over the coming years.
Panellists are Yiu-Kwan Choi, deputy chief executive of the Hong Kong Monetary Authority; David Margolin Schabes, director general, central bank operations, Banco de Mexico; and Daniel Mminele, executive general manager of the Reserve Bank of South Africa. Moderating, is Ludek Niedermayer, vice governor, Czech National Bank.
The ACI General Assembly will take place at the end of the first day, followed by an evening networking event sponsored by Icap entitled ‘Montreal – Where the World Converges’. The evening is billed as a high octane event that will provide delegates with the international flavours and sizzling sounds of Montreal – both past and present – at Marche Bonsecours in Old Montreal and will feature jazz bands and musicians throughout the evening.
Saturday will open with a panel looking at Alpha and the Currency Markets, moderated by Susan Storey, managing director, head of global trading, debt capital markets, CIBC World Markets.
The panellists, Suzanne Dence, managing consultant, financial markets at IBM; Martin Gagnon, managing director, Innocap Investment management; Michael Huttman, founder and CIO of Millennium Global Investments; and Richard Mahoney, EVP and head of foreign exchange at the Bnak of New York, will discuss the evolving role of foreign exchange in alternative investment strategies, the track record of currency in generating alpha, the contribution of investment flows and alpha strategies to currency volatility and the opportunities for generating alpha in the currency markets of developed versus emerging economies.
The second panel of the day will look at FX – Past, Present and Beyond. Moderator Andrew Busch, director and FX market strategist at BMO Harris Nesbitt Global, will oversee discussions on the challenges that the FX market has faced and how lessons learned have brought the market to its current state. The panellists, Marion Lang, FX global sales manager at Citi; Todd McDonald, Regional Head of FX for the Americas, Standard Chartered Bank; Matt O’Hara, head of treasury for the Americas at Reuters; and Jonathan Wykes, head of sales for AES, Europe at Credit Suisse, will also be asked to make predictions on how the future will shape out.
Closing out the panel sessions will be a discussion on one of the major issues facing the industry: FX Liquidity and Electronic Platforms – Where Will the Flow Go? Moderated by Colin Lambert, editor of Profit & Loss, the panel will explore recent developments in FX electronic trading, touching on key issues such as liquidity depth and breadth, risk aggregation, buy side to buy side pricing, the impact of algorithmic trading, access to credit and trading anonymity and whether liquidity will migrate to one pool of liquidity.
The panel will be made up of Mark Robson, CEO, FXMarketSpace; James Sinclair, head of research, Icap Electronic Broking; Ian O’Flaherty, head of FX e-commerce at Deutsche Bank, John Caccavale, head of FX for the Americas at Barclays Capital; Simon Wilson Taylor, worldwide head of State Street’s Global Link; and Derek Samman, managing direct of foreign exchange products at the Chicago Mercantile Exchange and promises to bring a lively end to what should be a fascinating two days of debate.
The congress grand finale – a gala evening to be held at the historic Windsor Station – will see ACI Austria accept the ceremonial flag to carry through to next year’s ACI World Congress, which will take place in Vienna on May 29-31, 2008.
This year’s congress will be open to members and non ACI members alike, Grewal says, in an effort to raise awareness of the work carried out by ACI.
The exhibition hall will comprise of 53 exhibitors showcasing various products and services, some of whom have developed interesting and unique ideas to attract visitors.
RBC Capital Markets will be setting up their very own café, complete with a barista at hand to serve visitors their choice of coffees, espressos or cappuccinos. They will also have a seating area next to the booth, where visitors can sit, enjoy their drink and take a moment to read RBC’s research materials.
Cognotec will be showcasing their retail FX trading platform Cognotec RealSteam – Margin, a Web-based solution for institutions looking for an independent technology solution to enable them to enter the retail FX arena, as well as launching the new RealStream Rate Manager. The new product is a tool for financial institutions that need to respond to the growth in automated trading and the critical need to have good quality market rates, the firm says.
Cognotec will also have available to demo on their booth AutoDeal+, their web based FX trading platform which has been deployed by one third of the top 100 financial institutions. In addition to this, they will be running a competition for a Nintendo Wii console and game, as well as giving away wind-up mobile phone & blackberry chargers to participants who visit the stand.
UK-based software solutions company Eurobase will be showcasing their Siena e-Trading Solution which consists of three products that are designed to provide banks with the tools to maximise revenue generation from customers and branches. The products, namely Siena e-Trader, Siena Gateway and Siena Rate Manager, can be used together as one comprehensive system or in combination with the existing in-house solutions.
The solution also enables banks to trade in a broad variety of products from a single screen that consolidates information from multiple sources.
Also at the Congress are Wall Street Systems (WSS), which will be presenting Wallstreet FX via an ASP delivery model. A real-time trade processing service with 24×7 application management and support, the ASP model enables banks to reduce implementation time by potentially more than 50 per cent. It relieves them of a major technical responsibility and helps them to focus on their core business. Based on a transaction-based pricing model, clients only pay according to their use of the system, rather than paying upfront license fees. As such the software becomes more accessible and cost effective, aligning the new pricing strategy with tangible benefits for clients by enabling them to book and process as many trades as possible.
Elsewhere, several banks and trading platforms will be showcasing their wares and delegates will also be able to collect information on upcoming ACI congresses from the booths hosted by ACI Austria (2008 congress), South Africa (2009) and even Australia (2010). Other ACI event information will be available from the main ACI – The Financial Markets Association stand.