Programme

8:00 Registration and breakfast

8:50 Welcome address: Saima Farooqi, Editor, FX WEEK

9:00 Keynote address: Developments on the FX market – activity, uncertainty, relationships
Holger Neuhaus, Head of Front Office Division, DG Market Operations, EUROPEAN CENTRAL BANK

9:30 Panel discussion: Primary objectives for the future development of FX - ensuring liquidity, security and returns

Analysis of recent market developments
Areas of liquidity and illiquidity – voice versus e-channels to access the market and for best execution
Tactics to address inconsistent liquidity
Which processes or functions will tend to be centralised and which left local?
How will the experiences of the last 12 months impact market-making?

Moderator: David Poole, Chief Operating Officer and Principal, CLIENTKNOWLEDGE
Marek Robertson, Head of BARX FX Sales Europe, BARCLAYS CAPITAL
Simon Coulson, Co-Head EMEA e-FX Sales, MORGAN STANLEY
Tom Robinson, Executive Director FICC, Head of e-FX Sales, GOLDMAN SACHS
Christopher DeFilippo, Vice President Business Development,, TRADERTOOLS LLC

10:20 Morning break

	STREAM ONE New opportunities in FX	STREAM TWO Portfolio and risk management
10:50	Chairperson’s opening remarks Jonathan Webb, Director and Portfolio Manager, C-VIEW	Chairperson’s opening remarks Michael Hart, Chief European FX Strategist, CITI
11:00	Presentation: Developments in the FX derivatives market with a focus on swaps and options How useful is information content on FX derivatives pricing? How have FX market issues such as the (unwinding of) yen carry trades and current credit crisis been reflected in FX derivatives pricing? Observe the evolution of the dollar shortage problem before and after the Lehman bankruptcy through the lens of FX derivatives To what extent has the market risk of OTC FX derivatives changed since the onset of the current crisis? Naohiko Baba, Senior Economist, BANK FOR INTERNATIONAL SETTLEMENTS and BANK OF JAPAN	Presentation: Counterparty credit risk in foreign exchange - Pricing and management History: From rock to rocket science Quantifying expected loss Pricing adjustment Risk management methods Limitations: The biggest position in the book? Paul Anderson, Head of Counterparty Credit Trading for FX, DEUTSCHE BANK
11:30	Presentation: Currency outlook -global rebalancing act Currency outlook in an environment of global rebalancing Is this consistent with a strong USD policy? A rush for exit strategies poses significant currency risks Ian Stannard, Head of G10 Currency Strategy, BNP Paribas	Presentation: Global Tactical Asset Allocation (GTAA) portfolio construction in the current environment Managing cross-asset class risk Volatility of correlations and correlations of volatility (return and risk) Effective diversification versus perceived diversification Using ETD versus OTC derivatives for managing risk (esp. FX) Gulamabbas Lakha, CEO & Chief Investment Officer, PROVIDENTIA CAPITAL LLP

12:00 Panel discussion: Impact of algorithmic trading on the evolving FX market

Assessing the operational difficulties faced by the buy-side
FX volatility and high-frequency trading: risks and rewards
Trading on an exchange vs. ECN
How do algos developed for equity markets perform in FX?
Effect of algos on trade execution
At-the-money going electronic: electronic execution options and their ramifications

Moderator: Jonathan Webb, Director and Portfolio Manager, C-VIEW
Jonathan Wykes, Director, European Head of Advanced Execution Services (AES™) Sales for FX, CREDIT SUISSE
Steve Toland, Head of FX Sales EMEA, ICAP
Mark Warms, General Manager, EMEA, FXALL
Tim Cartledge, Managing Director and Co-Head of BARX FX Trading, BARCLAYS CAPITAL

13:00 Lunch and opportunity to network

14:00 Panel discussion: Investing in active currency - lessons from recent performance and implications for potential investors

Currencies - investor flows, trends and alpha-generation
Risk quantification and monitoring
Volatility predictions for 2010 and use of leverage
Are currency market dynamics shifting?
New strategies, markets and products
Risk-adjusted expectations

Moderator: Emmanuel Acar, Chief Executive Officer, DIRECTIONAL TRADING LIMITED
Henrik Pedersen, Chief Investment Officer, PARETO INVESTMENT MANAGEMENT
Richard Benson, Executive Director, Global Currency, MILLENNIUM GLOBAL INVESTMENTS LTD.
Seppo Leskinen, Chief Investment Officer, SEB Multi Manager Currency Fund, SEB WEALTH MANAGEMENT
Felix Adam, Chief Executive Officer, ACT CURRENCY PARTNERS

14:50

Presentation: FX and emerging markets – Looking into 2010

Asia – what we expect
Outperformers in the cyclical rebound
Reserve diversification and emerging markets
Sub-Saharan Africa FX as a “high yield” opportunity

Robert Minikin, Senior FX Strategist, Global Research, STANDARD CHARTERED BANK

Presentation: Detecting risk in currency markets

Risk in FX market: a historical perspective
Types of risk
Detecting risk using indicators
Implication for investors

Pierre Lequeux, Chief Investment Officer, Currency Management, FORTIS INVESTMENTS

15:20 Afternoon Break

15:40 Panel discussion: Using FX settlement and clearing methodologies to reduce risk

The new market realities and CLS pricing
The impact on post-trade technology
New aggregation models
Pricing gap risk

Moderator: David Poole, Chief Operating Officer and Principal, CLIENTKNOWLEDGE
Jonathan Butterfield, Executive Vice President, Marketing and Communication, CLS BANK
Daniel A. Sullivan, Global Operations Development, JP MORGAN ASSET MANAGEMENT
Will Patrick, Associate Director, FX Products, EMEA, CME GROUP
Daniel Haid, Global Head FX&MM Operations, UBS
Gavin Wells, Head of Business Development, LCH.CLEARNET

16:30 Panel discussion: Delivering value in a crowded prime brokerage market

Is the demand for prime brokerage growing?
Leveraging of fee levels
Effect of prime brokerage on operational/client risk – concentration versus simplification
Concerns of asset owners on choices of prime brokerage and effect on due diligence for account opening
Emergence of introducing brokers (prime of prime) and managed accounts
The future business model for FX prime brokerage

Moderator: Peter D'Amario, Managing Director, GREENWICH ASSOCIATES
Peter Klein, Global Head of FX Prime Brokerage, JP MORGAN
Mark Mcdonnell, Head of FX Prime Brokerage, SEB MERCHANT BANK
Andrew Gibson, Sales Manager, FX Products, FORTIS BANK
Andrew Coyne, Global Head of FX Prime Brokerage, CITI
Gil Mandelzis, Co-Founder, Chief Executive Officer, TRAIANA

17:20 Cocktail Reception Sponsored by CME GROUP

19:15 FX Week Best Banks Awards