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Profit and Loss Forex Network in New York, May 28th 2015

All types of FX market participants face dramatic change throughout the FX market. Banks, active trading firms, hedge funds, real money, corporates and brokers need to consider how their business models need to evolve in order for them to remain compliant and viable in the new regulatory landscape.

NASDAQ is platinum sponsor of the Profit and Loss Forex Network in New York on May 28th. Come along to meet our FX team at our stand in the exhibition hall, and find out how the NASDAQ FX toolkit can help you survive and thrive in the new FX landscape.

 

Listen to David Holcombe, Nasdaq's Head of FX

David will be on the Dimensions of Risk panel at this event to discuss how CCP clearing is being adopted by the FX market, and the consequential challenges and opportunities this presents the FX industry.

Agenda

 

 

8:00-9:00

Breakfast & Registration

9:00-10:00

Panel One: Shaping the Future of the FX Market
A combination of evolving regulatory and market conditions has led to serious questions being raised about the viability of the current FX market structure. What does the FX market of tomorrow look like and who are the winners and losers in this potentially changed trading landscape?

This panel will discuss:

  • The changing price of credit: how are the cost pressures for FXPBs changing, how are they responding and what impact will this have on the wider market?
  • Last look: an out-dated legacy of an older FX market structure or a useful tool to protect market makers and provide better pricing for clients?
  • Why does the popularity of dark pools appear to be growing at a time when everyone is trying to promote transparency in FX?

Conference Moderator:
Colin Lambert, Managing Editor, Profit & Loss

Speakers:
Chris Concannon, President & CEO, BATS Global Markets
Joe Conlan, INTL FCStone Inc.
Sanjay Madgavkar, Global Head of FX Prime Brokerage, Citi
Jamil Nazarali, Head of Citadel Execution Services, Citadel Securities

10:00-10:30

Coffee Break - Sponsored By ParFX

10:30-10:45

P&L Interview with David Mercer, CEO, LMAX Exchange

10:45-11:45

The P&L Debate: Do We Need Fix Alternatives?
While some market players have rushed to provide alternative solutions to the London 4pm Fix, WMR has changed its methodology for calculating the benchmark based on the FX Benchmark Group’s recommendations. Have the changes to the Fix restored clients’ confidence in it as a benchmark? How has trading behaviour around the 4pm Fix changed? What has the adoption of Fix alternatives been like and has the industry solved the tricky issue of residual balances?

This panel will discuss:

  • Algos
  • Peer matching
  • Additional matching sessions
  • Liquidity auctions

Speakers:
Chip Lowry, CFA, Senior Managing Director, Agency FX Services, State Street Global Markets
Mike O’Brien, Global Head of Trading, Eaton Vance
Andrew Maack, Head of FX Trading, Vanguard

12:00-12:45

Lunch

13:00-14:00

Panel Two: The Technology Food Chain
One of the long-running debates in the FX market has been whether the “equification” of the industry continues, and if so, to what extent FX may eventually look like the equities market. But are we now seeing fixed income borrowing technologies from FX and will this change how firms run their FIC/C businesses?

This panel will discuss:

  • Will we increasingly see FX tech borrowed for the electronification of fixed income businesses?
  • Which FX technologies are applicable to the fixed income, and which will remain unique to FX?
  • What is the role of FX within FICC businesses?
  • What is the future of the single-dealer platform?

Speakers:
Christopher DeWinter, Managing Director, Managing Director, Head of Strategic Investments, Nomura International
Gil Mandelzis, Chief Executive Officer, EBS-BrokerTec
John Shay, Partner - Transaction and Technology Services, Virtu Financial, LLC

14:00-14:30

Coffee Break - Sponsored By ParFX

14:30-15:15

Panel Three: What Next For Swap Execution Facilities?
SEFs are only 18 months old and already there is significant debate about what they should look like and how they should function, with one CFTC Commissioner advocating full-scale reform of a number of the SEF rules. How is the trading activity on these platforms likely to change in the future based on the structural debates being had right now?

This panel will discuss:

  • Is more activity likely to move from RFQ to central limit order books?
  • Will the buy side actually trade on SEFs if anonymous trading is enforced?
  • Are firms being offered impartial access?
  • Are there any lessons from the experience of IRS and CDS on SEF that are applicable to the NDF market?

Moderator:
Galen Stops, Markets Editor, Profit & Loss

Speakers:
Paul Hamill, Global Head of FICC, Citadel Institutional Solutions
Mike Du Plessis, Global Head of FX, Rates & Credit Execution Services, UBS

15:15-15:30

Coffee Break - sponsored by ParFX

15:30-16:15

Panel Four: Disruptive Tech - Sponsored by FXSpotStream
As volumes continued to grow in the second half of 2014, the multi-participant platform industry continues to seek new and more efficient ways of operating to coincide with the industry need to control and reduce their cost base in 2015. From multi-strata models through to new technologies and different pricing plans, what is driving customer and bank decisions in 2015 and what role does the ever-present exchange model have to play in the industry's future?

Speakers:
Dmitri Galinov, CEO, FastMatch
Bapi Maitra, Global Head of FX Bank Sales & FX Institutional e-Sales, Citi
Vincent Sangiovanni, Chief Operating Officer GTX, GAIN Capital
Alan Schwarz, CEO, FXSpotStream

16:15-16:30

Coffee Break - Sponsored By ParFX

16:30-17:15

Panel Five: Dimensions of Risk
As the post-financial crisis regulatory regime continues to push more trading activity into central counterparty clearing (CCP) houses, questions are increasingly being asked about how these institutions will function in stressed market conditions. If the unthinkable happens, and two major clearing members default, could the market really withstand the shock?

This panel will discuss:

  • When are non-defaulting clearing member funds at risk?
  • How are interconnected markets changing how we view risk?
  • Where to look for liquidity in times of crisis

Speakers:
David Holcombe, Head of FX Product, NASDAQ
Patrick Philpott, President, Americas, DealHub

17:30-18:45

Cocktail Reception - Sponsored By GFI Group

19:00-21:30
 

The 2015 Readers’ Choice Awards & Hall of Fame Ceremony Dinner

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