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.

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
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.

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.

Philip Naylor

Principal consultant

Frontier Advisors

12:4013:40

Networking lunch

12:40 - 13:40

13:4014:30

Outlook for global FX markets in a dynamic geopolitical landscape

13:40 - 14:30

  • 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

14:3015:10

Panel discussion: FX clearing - market drivers and developments

14:30 - 15:10

  • 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

15:1015:40

Afternoon break

15:10 - 15:40

15:4016:50

Exploring corporate hedging strategies in a heightened risk environment

15:40 - 16:50

16:5017:30

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

16:50 - 17:30

  • 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?
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.

17:3018:00

Craft beer industry roundtable

17:30 - 18:00

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

18:0018:20

Craft beer Industry roundtables - quick fire summary

18:00 - 18:20

18:2018:25

Chair’s closing remarks

18:20 - 18:25

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.