Programme

Programme

2020 Programme

Join us on March 31, 2020 in Melbourne.

08:0008:55

Registration

08:00 - 08:55

08:5509:00

Chair’s opening remarks

08:55 - 09:00

Mark McCarthy

Director, Markets, Australian Financial Markets Association

AFMA

Mark McCarthy is a Director of Markets & Policy at AFMA and is responsible for managing various technical market and policy committees to promote efficiency and address regulatory issues in Australia’s financial markets. Prior to joining AFMA, Mark had twenty five years’ experience as a dealer and investment banker, trading and managing risk across many asset classes including foreign exchange, precious metals, interest rates and debt and credit markets. He has also worked as an international money broker and as an originator in debt capital markets and complemented this practical experience with a Master’s degree in Applied Finance and an MBA. Mark established his own consultancy in 2009 and worked as a consultant in providing banking, markets and financial services to clients in Australia, Asia and Eastern Europe. He joined AFMA in 2015.

09:0009:30

Keynote address

09:00 - 09:30

Guy Debelle

Deputy Governor

Reserve Bank of Australia

Dr Guy Debelle commenced as Deputy Governor of the Reserve Bank of Australia on 18 September 2016. He is Deputy Chair of the Reserve Bank Board and Chair of the Reserve Bank's Risk Management Committee. Prior to his current role, Dr Debelle was the Assistant Governor (Financial Markets).

In May 2019, Dr Debelle was appointed Chair of the Global Foreign Exchange Committee (GFXC). Prior to this, he was Chair of the BIS Foreign Exchange Working Group responsible for the development of the Global Code of Conduct for the Foreign Exchange Market as well as Chair of the Australian Foreign Exchange Committee.

Dr Debelle worked at the International Monetary Fund, Bank for International Settlements, Australian Treasury and as a visiting professor in economics at the Massachusetts Institute of Technology (MIT). He graduated from the University of Adelaide with an honours degree in economics and gained his PhD in economics at MIT under Stanley Fischer and Rudi Dornbusch.

Dr Debelle is a signatory to The Banking and Finance Oath.

09:3010:10

Overview of benchmark reforms and the impact on clearing

09:30 - 10:10

  • Paradigm shift in FX benchmarking: the death of LIBOR
  • Assessing the impact on clearing from new benchmarks (RFR)
  • Key priorities regulators will be assessing and what it means for market participants
Ross Allen

Managing Director Data Strategy

IHS Markit

Ross is a Managing Director in Strategy within the Financial Services division and with specific focus on changes to market structure, regulation and new technology.  Ross is a member of the global benchmark reform program at IHS Markit and is also Global Head of Term Risk Free Rates (TRFR).

Previously, Ross served as Head of Financial Markets APAC and was responsible for leading and growing the IHS Markit Financial Markets business across Asia-Pacific.  Ross has an accounting and OTC derivatives background and has worked extensively on regulatory impact to develop innovative products to meet regulatory change.  Ross has over 20 years experience in the financial services industry covering cash, derivatives and alternative assets markets across a variety of roles.  Ross has worked in London, Singapore and currently based in Sydney and spent the last decade focusing on Asia-Pacific market development.

Brett Elvish

Deputy chair

ASFA Investment & Economics Council

10:1010:50

Evaluating quality of FX liquidity amid the rise of eFX and compressed margin environment

10:10 - 10:50

  • Latest trends, breakthroughs and innovation in eFX
  • Finding alternative sources of liquidity through electronification of FX – how is liquidity quality different across various sources?
  • New metrics in searching and evaluating new e-FX liquidity providers
  • How institutions should use analytics to understand the quality of liquidity they aggregate and optimise liquidity provider selection
Wai Kin Chan

Head of Asia Pacific

Bid FX

Tom Keegan

Portfolio manager

Macquarie Investment Management

Richard Kerr

Executive director

IFM Investors

Richard has overall responsibility for the Treasury Services business within Debt Investments. He offers strategic advice, tactical portfolio ideas, product development and implementation guidance over cash, FI, FX and derivative portfolios.

He has 33 years of broad senior portfolio management and financial markets experience including bank liquidity management at NAB, fixed income trading at County Natwest and JP Morgan, Proprietary trading at Dresdner Bank NY, Head of Currency Management at Macquarie Funds Group, managing passive and dynamic FX hedging portfolios as well as managing the Macquarie “Global Active Currency Fund.” Other positions include Head of FX Risk for Consolidated Press Holdings, and Executive Director, Institutional Currency at Morgan Stanley, focusing on quantitative FX overlays and research for Institutions.

Richard holds a Bachelor of Economics from Monash University.

Alison Towers

Director, global liquid markets trading

QIC

Alison joined QIC in 2007 and has more than 16 years’ financial markets experience. Overseeing trading across all of QIC’s global liquid market asset classes, her key roles include leading QIC’s global liquid markets trading team to achieve ‘best execution’ and ensure all trading activity is accurate and compliant.

QIC’s global liquid markets trading team is recognised for their deep understanding of global liquid markets and how to effectively implement a very broad range of financial instruments across interest rates, credit, inflation, FX, cash, liquid alternatives, equities and commodities. 

Alison has held a number of roles across QIC, including portfolio management roles for both FX and asset rebalancing overlays. Before joining QIC, Alison worked at Suncorp in a range of roles including trading, portfolio management and risk management. 

Alison holds a Bachelor of Science majoring in mathematics from the Queensland University of Technology and a post graduate diploma in applied finance and investments from FINSIA.

10:5011:20

Morning networking break

10:50 - 11:20

11:2012:00

FX Post Trade, Blockchain, Distributed ledger Technology and FX Settlements

11:20 - 12:00

  • Examining the global trends in the post trade FX market
  • The role and potential of blockchain from a post trade point of view – initiatives, working groups, POCs
  • Is an enhancement of the current infrastructure the answer? Effects on settlement times and costs
  • What the superannuation industry is telling us

12:0012:40

Asset owner think tank: Investing and FX in a low interest rate world

12:00 - 12:40

  • How are superannuation funds diversifying their holdings and boost returns in the low interest rate environment?
  • Why are some funds increasing their offshore holdings but hedging less of their FX exposure?
  • How is the increased investments in private capital markets going to affect funds’ overall FX exposure control?
  • Active approach to currency management: alpha generating or risk mitigating?
  • Using target foreign currency exposure vs. traditional hedging ratios
Mark Aarons

Head of investment risk

VFMC

Mark joined VFMC in April 2018 as Head of Investment Risk.  He is also currently an Adjunct Associate Professor in the Centre for Quantitative Finance and Investment Strategies at Monash University.   Prior to his current role, Mark was Head of FICC Structuring at the National Australia Bank from 2010 to 2017, where he built a leading securitisation swap business in both Australia and the UK.  From 2004 to 2010 Mark held various roles at NAB in both Front Office and Market Risk.

Mark holds Bachelor degrees in Law and Science (both with Honours) from Monash University and a PhD in Mathematics jointly from the Max Planck Institute for Gravitational Physics and the Free University of Berlin, Germany.  Mark is also the co-author of a recent book on securitisation swaps which was published by Wiley Finance in March 2019.

Joris Hillmann

Head of Capital Markets

AustralianSuper

Justin Lo

Portfolio manager

Sunsuper

Justin is an investment manager within the fixed income and currency team at Sunsuper. Justin joined Sunsuper in October 2013 and has over 11 years of industry experience. Prior to joining the firm, Justin worked at Legal & General Investment Management (London), J.P. Morgan (Sydney) and State Street (Sydney). Justin holds a Bachelor of Commerce (Finance) at Macquarie University, Masters of Financial Analysis at the University of New South Wales, is a CFA Charterholder, Certified FRM and Chartered Alternative Investments Analyst.

Sangeeta Venkatesen

Chair

FairVine Super

12:4013:40

Networking lunch

12:40 - 13:40

13:4014:20

Outlook for global FX markets in a dynamic geopolitical landscape

13:40 - 14:20

  • The impact of the US-China trade war, Brexit and other geopolitical events on FX markets
  • FX markets in the 2020 recession: how will central banks and governments respond?
  • Fate of the AUD, RMB and USD in 2020 and beyond
Daniel Been

Head of FX and G3 research

ANZ

Alex Joiner

Chief economist

IFM Investors

Dr Alex Joiner is the Chief Economist at IFM Investors and also sits on its Investment Committee. He is responsible for the firm’s economic, financial market, policy and geopolitical analysis and forecasting that underpin its investment and portfolio management processes. He represents IFM with domestic and global clients as well as with governments, central banks, financial institutions and corporates. He has over 15 years professional experience and prior to joining IFM Investors, Alex was the Chief Economist (Australian & New Zealand) at Bank of America Merrill Lynch, a senior economist at ANZ Bank and an economist at the Victorian Department of Treasury. He holds a First Class honours degree in Economics and a PhD in Econometrics from Monash University. Alex is a committee member of Australian Business Economists and sits on the UN-supported Principles for Responsible Investment Macroeconomic Risks Advisory Group.

Alan Oster

Chief economist

National Australia Bank

George Tharenou

Chief economist

UBS

14:2015:00

Panel discussion: FX clearing - market drivers and developments

14:20 - 15:00

  • Understanding the impact of new capital and margin requirements on FX clearing
  • How regulatory developments around the world are affecting clearing across various product categories
  • What are the drivers motivating institutions to clear their FX?
  • Are buy side firms and regional banks clearing their FX?
  • The role of automated and electronic trading in creating liquidity and greater use of clearing
Kate Birchall

Head of Asia Pacific

LCH

Kate Birchall is Head of Asia Pacific for LCH Ltd. In her role, she is responsible for LCH’s business in the region, including the CCP’s existing OTC derivatives clearing operations in Sydney and Tokyo. 

Prior to joining LCH in October 2018, Kate was Head of Portfolio Optimisation and Collateral at National Australia Bank. She has also held senior roles in Structuring, Portfolio Management and Credit Research in Australia and London. 

Kate holds an EMBA from the London Business School and a BA in Mathematics from the University of Queensland.

Ravi Pandit

Executive director interest rate & FX products

CME GROUP

Ravi Pandit serves as Executive Director, Foreign Exchange and Interest Rate Products, Asia Pacific, for CME Group, based in Singapore. He is responsible for expanding CME Group’s existing FX and interest rate business and developing new opportunities across the region. Pandit joined CME Group in August 2015, and he has 25 years of experience in the financial markets.  Prior to joining CME Group, Pandit was a consultant to Singapore Exchange, where he provided strategic advice and project management for its launch of listed FX futures.  Before that, Pandit worked for 12 years in Dresdner Bank and subsequently Commerzbank post-merger, where he headed up the local markets trading team, and helped build up its Asian presence in interest rate and FX derivatives trading.  Pandit also worked in various trading roles at Barclays Bank, across Hong Kong, Singapore and Tokyo, and in operations & technology at Citibank, across Hong Kong and Mumbai. Pandit holds a Masters degree in Chemical Engineering from Syracuse University and an MBA in Finance from the University of California, Berkeley.

Rohit Verma

APAC head, OTC clearing and FX prime brokerage

Citi

15:0015:30

Afternoon break

15:00 - 15:30

15:3016:10

Exploring corporate hedging strategies in a heightened risk environment

15:30 - 16:10

Vic Jansen

Risk strategy & technology, treasury services

KPMG Australia | Moderator

Daren Csehi

Group funding and risk manager

Treasury Wine Estates

Carol Lydford

Treasurer, head of treasury and investor relations

Toyota Finance Australia

16:1016:50

Future proofing quant and algorithms in FX - driving towards a sustainable future

16:10 - 16:50

  • Current applications of algo trading and quant analysis in institutional portfolios
  • Have buy side utilized algo and quant in maximizing performance driven FX trading?
  • Given the increased amount of FX data, how have institutions benefited from a wider use of data mining and machine learning techniques for useful analysis
  • How should banks supervise their electronic market-making activities to embrace the growing prevalence of algo FX?
John Feeney

Partner

Martialis Consulting | Moderator

John Feeney manages Martialis Consulting working on financial markets product and infrastructure. He has been in financial markets for over 30 years in trading and management roles across most asset classes. Prior to joining NAB, Mr. Feeney has worked for Commonwealth Bank in Sydney, Citi in Sydney and London and Macquarie Bank in Sydney. Over this time he has traded and managed interest rate derivative, foreign exchange, traded credit, commodities and funding businesses.

Recently, Mr. Feeney has been an ISDA Board Member and Vice-Chairman and an AFMA Board member.

Mr. Feeney has a PhD and BSc (Hons) from University of Sydney.

Bill Goodbody Jr

Chief operating officer

AE Capital

Bill Goodbody, Jr. is the Chief Operating Officer and advisor to the Board of AE Capital. Bill is responsible for Risk & Compliance, Investor Relations and all day-to-day operations of the business. 

Bill has 25 years of experience in the financial services industry and joined AE Capital in November 2017.

Prior to joining AE Capital, Bill was Senior Vice President & Head of Foreign Exchange at Bats Global Markets, Inc. in New York. Bill joined Bats in March 2015 as part of its acquisition of the Hotspot FX business from KCG Holdings, a business that Bill led since 2008. Before Hotspot, Bill spent more than 15 years in senior leadership roles within the Equities businesses of KCG Holdings, Knight Capital Group and Jefferies & Company.

Bill was a founding member and Secretary of the Foreign Exchange Professionals Association (FXPA), an organisation which represents the interests of FX industry participants. Bill has also previously served as a director on the boards of NSX Holdings, Inc., and the National Stock Exchange, Inc., an electronic stock exchange in the United States.

Bill has a Bachelor of Arts in Government from Georgetown University.

Rob Ma

Executive director - FICC execution solutions

Goldman Sachs

Rob is an executive director and head of FX Algo Products of Asia Pacific at Goldman Sachs. 

He has led various technology teams at Goldman Sachs since 2010 and has been involved in different initiatives in FICC Systematic Market Making. 

He has been most recently involved with FX Algos and with a strong focus on Asian currencies including Asian NDFs.

16:5017:20

Craft beer industry roundtable

16:50 - 17:20

Led by a subject matter expert, each roundtable will provide delegates with an opportunity to delve deeper into the controversial issues that arise throughout the day and that are causing concern throughout the industry at present. A perfect chance to exchange ideas on how your industry peers are overcoming these issues too.

Roundtable 1: The role of FX in your portfolio: alpha generator or risk mitigator?

Roundtable 2: Superannuation industry roundtable

Roundtable 3: Resourcing FX operations: outsource or manage in-house?

Roundtable 4: Benchmark reform and FX

Roundtable 5: Corporate treasurer roundtable

17:2017:30

Craft beer Industry roundtables - quick fire summary

17:20 - 17:30

Leader of each roundtable has 2 minutes to share the 3 key takeaways from their roundtable discussion.

17:3017:35

Chair’s closing remarks

17:30 - 17:35

Mark McCarthy

Director, Markets, Australian Financial Markets Association

AFMA

Mark McCarthy is a Director of Markets & Policy at AFMA and is responsible for managing various technical market and policy committees to promote efficiency and address regulatory issues in Australia’s financial markets. Prior to joining AFMA, Mark had twenty five years’ experience as a dealer and investment banker, trading and managing risk across many asset classes including foreign exchange, precious metals, interest rates and debt and credit markets. He has also worked as an international money broker and as an originator in debt capital markets and complemented this practical experience with a Master’s degree in Applied Finance and an MBA. Mark established his own consultancy in 2009 and worked as a consultant in providing banking, markets and financial services to clients in Australia, Asia and Eastern Europe. He joined AFMA in 2015.

17:3519:00

Cocktail and drinks reception

17:35 - 18:30