Programme - 20 October 2009

8.20 Registration and morning refreshments

8.50 Welcome address: Saima Farooqi, Editor, FX WEEK

9.00 Keynote address: Prospects and challenges of financial integration in ASEAN
• Recent developments in capital market integration and Chiang Mai Initiative Multilarisation (CMIM)
• Implications of the Chiang Mai Initiative Multilarisation (CMIM) on the regional financing arrangements
• Maintaining currency stability in the region

Pushpanathan Sundram, Deputy Secretary-General of ASEAN for ASEAN Economic Community, ASSOCIATION OF SOUTH EAST NATIONS (ASEAN)

9.30 Panel discussion: Harnessing the latest technology to achieve operational efficiency in FX trading

• How has liquidity changed in Asia post crisis?
• How has / is the landscape changing specifically in Asia in the FX market?
• The emerging push from regulators to have OTC derivatives settle via a CCP
• What is the view from CLS Bank in terms of areas of improvement around settlement and clearing?
• Banks have tended to view their view their back office capabilities as competitive differentiator. Is this sustainable going forward? Will we see more industry sponsored post-trade processing infrastructure projects?

Moderator: Jeff Ward, SVP and Regional Sales Manager, Asia and Oceania, ICAP ELETRONIC BROKING
Lynn Matthews, Asia Pacific and Latin America Representative, CLS GROUP
KC Lam, Director and Head of Asian FX Sales, CME GROUP
Hani Shalabi, Director, AES Sales, CREDIT SUISSE
Elliott Hann, Head of Sales, Data & Analytics, GFI GROUP
Anthony Northam, Sales Director Asia, Treasury Transaction Services, THOMSON REUTERS

10.30 Morning break and an opportunity to visit the exhibition

Stream 1 – Understanding currency movements to generate alpha

10.50 Chairman’s opening remarks: David Bensimon, Managing Director, POLAR PACIFIC

10.55 Major currencies masterclass

• Hedging against USD and EURO risks
• Capturing opportunities in the weak GBP, AUD and CAD
• Will the Yen remain volatile?
• Forecasting the market events driving G10 currency movements

Callum Henderson, Managing Director, Global Head of FX Research, STANDARD CHARTERED BANK

11.25 Realising alpha in Asian currencies

• Economic fundamentals
• Market psychology
• Positioning and flows
• Valuation and execution

Tamara Henderson, Director, FX and Rates Strategy, Global Markets, ANZ

11.55 A fundamental discretionary approach to FX alpha

• The problems with single strategies
• The problems with models
• Dealing with extreme situations or "fat tail" events
• Why fundamental discretionary works

Adam McCabe, Portfolio Manager, Fixed Income, ABERDEEN ASSET MANAGEMENT

Stream 2 – Managing and hedging FX risks

10.50 Chairman’s remarks: Chairman’s remarks: Justyn Trenner, CEO & Principal, CLIENTKNOWLEDGE

10.55 Trading FX during a liquidity and credit crisis

• The role of prime brokerage and the impact of concentration risks
• Pricing liquidity risks in back testing
• Managing the impact of FX volatility on a bank’s liquidity

Terence Oh, Managing Director, Head of FX Prime Services, Asia-Pacific, UBS

11.25 A rethink about derivatives and structured products as hedging tools

• Hedging using options and forwards
• Hedging cost implications
• The growing popularity of NDF, NDO, NDS and dual currency deposits
• Complex structures:

What are banks doing to generate interest?
Opportunity costs of not using structured products to hedge
A fair assessment of the risks inherent in FX structures

Shankar Hari, Head of Structuring and Solutions Asia Emerging Markets, J.P. MORGAN SECURITIES (ASIA PACIFIC)

11.55 Understanding the correlation between FX and other asset classes
• FX vs. commodity prices
• Historic correlation between FX and equities
• The sensitivities of Yen and USD to market risk sentiments
• Identifying the strongest and weakest correlations between currencies and indexes

Simon Grose-Hodge, Director & Investment Strategist, LGT BANK

12.25 Lunch & an opportunity to visit the exhibition

13.25 Panel discussion: Currency hedging strategies within volatile markets
• How have FX hedging policies changed during the current crisis?
• Comparing the views of portfolio managers and corporate treasurers
• Assessing the risks and rewards of various hedging styles and the costs of hedging
• Case study: lessons learned from the Citic Pacific losses
• How has the focus on risk management at banks affected the products provided to clients?

Moderator: David Bensimon, Managing Director, POLAR PACIFIC

Rafael J Consing, Jr., Vice President and Treasurer, INTERNATIONAL CONTAINER TERMINAL SERVICES
Will Kinlaw, Vice President, Portfolio and Risk Management Group, STATE STREET ASSOCIATES
Sudhir Barve, Head – Treasury, ZOOM DEVELOPERS

14.35 Executive address: Recent developments in Korea’s FX regime and future prospects for the global currency market

Dr. Byungdoo Sohn, Director, Foreign Exchange Market Division, International Finance Bureau, MINISTRY OF STRATEGY & FINANCE, REPUBLIC OF KOREA

15.05 Afternoon break and an opportunity to visit the exhibition

15.35 Special masterclass: Super-sovereign reserve currency, the Chinese economy and the RMB

(I) Implications of the US-China trade imbalance and stimulus measures

• Driving forces behind an appreciation of the RMB and PBOC’s monetary policy
• The evolution of trade balances of the US and China
• The impact of China’s fiscal stimulus measures
Hans Genberg, Former Managing Director, HONG KONG MONETARY AUTHORITY

(II) The emergence of a super-sovereign reserve currency: how, why and when?
• Why did the USD become the dominant currency?
• The essential characteristics of a reserve currency
• How and when could the RMB emerge as a reserve currency?
• Could the RMB ever replace the USD as the world’s international reserve currency?

John Greenwood, Chief Economist, INVESCO

16.35 Panel discussion: Staying at the forefront of FX trading strategies

• Carry trades: time for a comeback?
• Choosing the best currency pairs to outperform the markets
• Formulating strategies using simple options and swaps
• Tying in specific investment goals with the appropriate level of leverage
• Overlay strategies: internal, external, defensive and aggressive

Moderator: David Bensimon, Managing Director, POLAR PACIFIC

Kishore Mansinghani, Chief Investment Officer, COMMERZ CAPITAL INTERNATIONAL
Phil Moffitt, Co-Head of Global Fixed Income and Currency Management, GOLDMAN SACHS ASSET MANAGEMENT
Joseph Trevisani, Chief Market Analyst, FX SOLUTIONS, LLC
Justin Simpson, Managing Director, MORGAN STANLEY INVESTMENT MANAGEMENT

17.25 Editor’s closing remarks: Saima Farooqi, Editor, FX WEEK

17.30 End of conference and cocktail reception