Registration and Breakfast

Welcome address

Saima Farooqi, Editor, FX Week

Keynote address: Review of the recent developments in the FX market
Paul Fisher, Head, Foreign Exchange Division and Reserves Management, Bank of England

Panel: Overview of the new environment for liquidity in FX - Panel Sponsor TraderTools

• Impact of credit crisis on liquidity
• Estimating whether liquidity will continue to hold
• New environment for liquidity, and the comparison to the model from the 90s
• Increase of liquidity in emerging markets

Moderator: Justyn Trenner, Chief Executive Officer, ClientKnowledge
Mark Warms, Managing Director , e-FX trading platform, FXall
Yaacov Heidingsfeld, Chief Operating Officer, TraderTools, LLC
Andrew Durrant, Director, FX Products, CME GROUP
Jonathan Wykes, Director, European Head of AES™ Sales for FX, Credit Suisse Securities

Morning break

STREAM ONE
Emerging markets and
currency management

STREAM TWO
Cross-asset class correlations and
innovative technology

Chairperson’s opening remarks:
Michael Metcalfe, Global Head of Macro Strategy, State Street Global Markets

Chairperson’s opening remarks:
Jessica James, Managing Director, Global Head of Quantitative Investor Solutions, Citi

Presentation: New emerging currency frontiers in FX space

• New emerging currencies on radar
• Right strategy in uncertain environment for emerging currency trading
• Risk appetite settings: Which currencies will outperform
  
• Legal constrains, evaluation and execution of strategy

Benoit Anne, EMEA FX and Local Markets Strategist, Global Securities Research and Economics, Merrill Lynch

Presentation: Interrelationships between currency performance, commodity prices and monetary policy.

• High oil prices and a weak USD: The inevitable outcome of seven years of loose US monetary policy?
• Has the US changed its stance this year? Does it matter?
• Have high commodity prices led to a major split in the performance of emerging market currencies?
• The threat for 2009: Deflation?

Simon Derrick, Head of Currency Strategy, Bank of New York Mellon

Presentation: Assessing the impact of sovereign wealth funds (SWFs) on the currency markets

• Global trends in currency regimes and FX reserves
• FX reserves management
• SWFs: Purposes and approaches
• SWFs: Impact on capital markets
• FX market implications

Riccardo Barbieri, Head of EMEA Strategy Global Rates, Currencies and Commodities, Bank of America

Presentation: Statistical features of G10 exchange rate and implication for currency managers

• Investment styles sensitivity to market features
• Statistical features and market regimes
• Impact on currency alpha generation
• Implications for currency managers

Pierre Lequeux, Chief Investment Officer, Currency Management, Fortis Investment

PANEL: Reducing foreign exchange settlement risk

• Operational constraints and CLS: Are current practices adding systemic risk
• Meeting the growing demand for bilateral netting
• Exploring issues for the FX industry: Information services, liquidity management and straight-through processing (STP)
• Prime brokers and the use of on-us settlement model
• Electronic trade execution: The operations impact
• Trade date affirmation outside of the electronic trade confirmation space
• Confirmation standardisation: Options, NDF

Moderator: David Poole, Chief Operating Officer, CLIENTKNOWLEDGE
Jonathan Butterfield, Executive Vice President, Marketing and Communication, CLS BANK INTERNATIONAL
Leigh Meyer, Global Head of FX Operations, CITI
William Boss, Global Head FX Operations, UBS

Further speakers to be confirmed

Lunch and opportunity to network

Panel: Adding alpha through active management of FX carry

• Defining the utility function for a carry trade
• High frequency trading strategies
• Two options strategies that allow FX carry to profit from volatility spikes and periods of financial distress
• Designing an FX carry program to have a fat right tail, truncated left tail, and get long or neutral FX volatility
• Portfolio construction: Adding meaningful diversification and increasing the number of principal components through emerging markets

Moderator: Lucio Sarno, Professor, Warwick Business School
Jason Shell, Managing Director, Global Head of FX Sales, Deutsche Bank
Erik Postnieks, Founder, Chief Investment Officer, Wooster Asset Management
Daniel Szor, Managing Director, FX Concepts (UK) Ltd.
Emmanuel Acar, Chief Executive Officer, Directional Trading Limited
Kristjan Kasikov, Quantitative Analyst, Vice President, CitiFX Quantitative Investor Solutions

Presentation: Can currency managers beat the benchmark?

• What is the right benchmark?
• Are the recent years more challenging?
• Are alpha and beta persistent?

Momtchil Pojarliev, Head of Currency Management, Hermes Pension Management

Presentation: Cross-asset class electronic trading

• Why is the market so underdeveloped in cross-asset class solutions?
• Cross-asset - best of breed or compromise product?
• Use of correlated products in risk management

Jeremy Smart, Global Head of e-FX Sales, Morgan Stanley

Presentation: Currency hedging of investors' portfolios

• Should investors hedge currency risk or is currency exposure part of the diversification benefit of investing overseas?
• How much should they hedge?
• What instruments are used to hedge?
• Active vs. passive hedging

James Binny, FX Analytics and Risk Advisory, ABN Amro

Presentation: The role of Application Programming Interface (APIs) in the evolution of global FX

• The growth and maturation of algorithmic trading in the professional FX market
• An analysis of the impact of volatile markets on API trading
• Algorithmic trading patterns for individual currency pairs and crosses

Steve Toland, Head of FX Sales EMEA, ICAP

Afternoon Break

Panel: Latest developments in algorithmic trading
• Managing electronic trading across multiple liquidity pools
• Trends towards algorithmic and quantitative processes - execution techniques for the sell and buy side
• Can the next generation of liquidity seeking algos live up to the hype?
Moderator: Axel Pierron, Senior Vice President, CELENT
Steve Toland, Head of FX Sales EMEA, ICAP
Marco Pelizzoli, Global co-Head of Global Foreign Exchange eSolutions, BANK OF AMERICA

Further speakers to be confirmed

Panel: Retail FX revolution continues: Is retail FX living up to its potential?

• Challenges presented by the boom in retail FX
• Retail FX, from individuals to instividuals
• What costs are associated with becoming a successful white label partner?
• Are banks making as much of an impact as originally envisaged in this space?
• What is the future of the banks vs. brokers in the retail space? Will they attract different client segments?
• Do we expect all major FX banks to have an offering in the next three years?
• Have the bid-ask spreads peaked (narrowed) or do we expect narrower spreads?

Peter D'Amario, Managing Director, Greenwich Associates
Paul Friel, Associate Director, Head of International Product Development, Barclays Wealth
Sanjay Madgavkar, Global Head, Retail FX Trading, Citi Markets and Banking, Citi
Sarah Stingelin, Head of Private Client FX, Global Markets, Deutsche Bank

Closing remarks

FX Week Best Banks Awards
Cocktail Reception - Sponsored by CME

FX Week Best Banks Awards