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Programme, Tuesday, 12 October 2010
8.10 Morning registration
8.55 Welcome address:
Saima Farooqi, Editor, FX WEEK
9.00 Keynote address: Thailand's monetary policies to stabilise the economy: the way forward
Dr. Bandid Nijathaworn, Deputy Governor, Monetary Stability, BANK OF THAILAND
9.30 Executive address: How Europe handled the financial crisis
Dr Philipp Hartmann, Head, Financial Research Division, EUROPEAN CENTRAL BANK
10.00 Morning break
10.30 Panel discussion: The paradigm shift in FX trading: the sovereign crisis, risk management and innovation
- How has the euro crisis affected FX liquidity and pricing?
- The emergence of clearing initiative in Asia and the impact on FX prime brokerage
- The collaterisation of forex derivative trades
- The shift of trade flows from OTC to exchange
Moderator: David Poole, COO and Principal, CLIENTKNOWLEDGE
David Wallis, Head of FX Prime Brokerage, Asia, MORGAN STANLEY
KC Lam, Head of FX Sales, Asia Pacific, CHICAGO MERCANTILE EXCHANGE
Jeff Ward, Regional Manager, - Asia & Oceania, ICAP ELECTRONIC BROKING
Alex Knight, Head, FX Prime Brokerage – Asia, CITI
STREAM 1 - Trading and hedging FX
11.20 Chairman’s opening remarks:
David Poole, COO and Principal, CLIENTKNOWLEDGE
11.25 Cost-effective FX risk management for treasurers
- Operational methods
- Gathering exposure data
- Reducing reliance on derivative hedging
- Making best use of VaR
- Unlocking cash in China
Craig Busch, Group Treasurer, WORLEYPARSONS
11.55 Case study: Hedging FX in institutional investor portfolios
- Changes to FX management in response to allocation trends
- Currency management in institutional portfolios - to hedge or not to hedge
- Balancing cost and benefits of hedging
- Measuring & monitoring the impact of currency on institutional portfolios
Madhu Gayer, Senior Vice-President, Head of Investment Risk and Analytical Services – Asia Pacific, NORTHERN TRUST
12.25 Lunch
13.25 Active currency management to maximize diversification
- Do active managers need the carry trade?
- Maximizing diversification versus equities
- Quant vs. fundamental styles
- Major and emerging market currencies
Blair Reid, Executive Director, Global Fixed Income and Currency Management, GOLDMAN SACHS ASSET MANAGEMENT
13.55 Scenario analysis: trading FX under current market conditions
- Identifying trading ideas based on valuation
- Trend, flow based, volatility based strategies and relative value
- The comeback of carry trade
- The optimal set of tools to forecast currencies
- Quantitative strategies vs. discretionary strategies
Dr. Hai Xin, Managing Director , Head of Asia Pacific, OVERLAY ASSET MANAGEMENT
STREAM 2 – The art of currency management
11.20 Chairman’s opening remarks:
David Cohen, Director of Asian forecasting, ACTION ECONOMICS
11.25 Euro at risks: the road ahead
- How the Euro be affected by:
o The possibility of future defaults
o The rescue packages
o The deficit reduction measures and deflationary pressures
o National reserves shying away from the currency
- Diversifying euro risks in a portfolio: short-term and long-term perspectives
Jonathan Davies, Head of Currency, UBS GLOBAL ASSET MANAGEMENT
11.55 Yuan’s convertibility and revaluation: the way forward
- Yuan appreciation: short to medium-term implications to the global economy
- US’s yuan bill: pressures for the yuan to rise
- How would treasurers be affected if the yuan rises?
Luca Silipo, Managing Director, Chief Economist for Asia Pacific, NATIXIS
12.25 Lunch
13.25 Redefining currency management and the myth of currency investing
- How do investors view FX as an asset class?
- Why should one invest / not to invest in currencies?
- Emerging currency investment strategies
- Currency fund managers – selection criteria
Seppo Leskinen, Chief Investment Advisor, SEB Multi Manager Currency Fund, SEB WEALTH MANAGEMENT
13.55 Solo presentation: The dynamics behind a currency crisis
- Identifying the variables in affecting the probabilities of currency crises
- The role of economic fundamentals and lax monetary in currency crises
- Country case studies
Thomson Fontaine, Economist, INTERNATIONAL MONETARY FUND
14.25 Panel discussion: The advent of E-FX amidst the market uncertainties
- The less liquid and non-deliverable Asian currencies: untapped potentials or growth hurdles?
- Shift from single-dealer to multi-dealer: will this ever be a trend for Asia?
- The pros and cons of the rising demand for NDFs to e-trading
- FX high-frequency trading in Asia: drivers and prospects
- Using smart order routing to broaden access to FX liquidity
Moderator: Matthew Rees, Managing Director, Asia-Pacific, Bloomberg
Simon Winn, Head of e-FX Sales, Asia, COMMERZBANK
Chris Soriano, Director, Product Management, ICAP ELECTRONIC BROKING
Trent Beacroft, Managing Director, KNIGHT
Spencer Davey, Executive Director, Head FICC e-commerce APAC, UBS
Kevin Ashby, Chairman & CEO, VELSYS
15.15 Afternoon break
15.45 Express roundtable: A 30-minute debate on the threat from a strong yen
- Japan’s economy within the sovereign debt crisis
- How sustainable is the government intervention in stopping the rise in yen?
- What factors will undermine the future of the yen in 2011?
- Yen in your portfolios
Moderator: David Cohen, Director of Asian forecasting, ACTION ECONOMIC
Jonathon Davies, Head of Currency, Global Investment Solutions, Executive Director, UBS GLOBAL
ASSET MANAGEMENT
Leong Sook Mei, ASEAN Head Of Global Currency Research, BANK OF TOKYO MITSUBISHI UFJ
SINGAPORE
Yen Ping Ho, Head of Asian FX Strategy, JP MORGAN
16.15 Panel discussion: Asian currencies in 2011: what’s in it for investors?
- Capital inflow to Asia and the risks of asset bubble: the potential impact on Asian currencies
- Which Asian currencies will see some favorable movements?
- Allocation to emerging markets vs. developed countries
- More allocation the emerging markets: what about hedging?
- What are the market and regulatory risks of asset flows into the emerging markets
Moderator: David Cohen, Director of Asian forecasting, ACTION ECONOMICS
Mitul Kotecha, Managing Director, Head of Global Foreign Exchange Strategy, Fixed Income Markets Research, CREDIT AGRICOLE CIB
Dr. Hai Xin, Managing Director , Head of Asia Pacific, OVERLAY ASSET MANAGEMENT
Pankaj Nagrath, Head, India Alternative Investments, RELIANCE ASSET MANAGEMENT (INDIA)
Cliff Tan, Managing Director, Head of G10 and Emerging FX Research (ex-Japan)
17.05 Closing remarks:
Saima Farooqi, Editor, FX WEEK
