Conference Programme

Registration and morning refreshments

Welcome address: Saima Farooqi, Editor, FX WEEK

Keynote address: The emergence of an Asian vehicle currency and regional cohesion: Myth or reality?

• USD as a vehicle currency
• High vulnerability of Asian currency to settlement risk
• Possibility of Asian vehicle currency
• FX controls and regional cohesion

Yosuke Tsuyuguchi, Director, Center for Asia Monetary Cooperation, BANK OF JAPAN

Executive address: Trading FX as an asset class and anatomy of the carry trade

• Understanding trading difference between FX and fixed income
• Overcoming challenges with FX trading within volatile markets
• Carry trade risk and return: what do you need for it to work
• Carry trade going forward: outlook and views

Stephane Monier, Global Head of Fixed Income and Currencies, FORTIS INVESTMENTS and Former Head of Fixed Income, ABU DHABI INVESTMENT AUTHORITY

Executive address: Outlook on global economic environment and FX markets in Asia

• How has the Asia FX trading environment been affected by the turbulence in US markets and the historic moves by the US government and the Federal Reserve? Have new opportunities arisen in Asia from this crisis?
• How has weak demand in the US and elsewhere in the Developed world hit Asian economies? Will the slowdown in Asia only be temporary or prolonged?
• Asian central banks easing policies: How are capital flows and FX being affected by this policy shift?
• Outlook for global economic growth in 2008 and 2009

David Fernandez, Managing Director and Head, Emerging Asia Research, JP MORGAN

Morning break and an opportunity to visit the exhibition

STREAM ONE - Trading FX within volatile markets

STREAM TWO - Future advancements in Asia’s dynamic FX markets

Chairman’s remarks: Jeff Ward, Regional Manager - Asia & Oceania, ICAP ELECTRONIC BROKING

Chairman’s remarks: Mike Rasmussen, Chief Operating Officer, Partner,
CAPRICORN FX INVESTMENTS

Hedging against FX exposure and turbulences

• Challenges to some widely accepted forex risk management concepts
• Case study: Making profits through systematically hedging FX payables and receivables on a gross basis
• Tie-in with accounting standards

Vikram Murarka, Chief Currency Strategist, KSHITIJ CONSULTANCY SERVICE

Implementing operational procedures to avoid hedge fund ‘blow-ups’
• What is the definition of operational Risk
• How the risk negatively exposes your investment
• Preventative measures that can be followed
• Strong operations also reduces financial risk

Mike Rasmussen, Chief Operating Officer, Partner, CAPRICORN FX INVESTMENTS

Lunch and an opportunity to visit the exhibition

Banking crisis: Policy choices for the US and dollar implications

• Central bank intervention and reserve diversification in a slowing growth environment
• Have inflation targeters committed policy error?
• The yen and the outlook for carry in an uncertain environment
• Commodity bloc currencies – is this the end of the commodity super cycle?
• FX portfolio and trading recommendations

Ashley Davies, Currency Strategist, UBS

Current FX Regime in China: challenges and policy response

• Reserve accumulation: reasons behind intervention as well as traditional and innovative concepts of reserve adequacy
• Techniques to immunize domestic economy
• Limits of sterilization and evolving strategies
• Future of the exchange rate regime in China
• Key observations of China’s economy after the Olympics

Luca Silipo, Chief Economist, Asia Pacific, NATIXIS

Optimising FX hedging and investment strategies: Theory and practice

• Assessing benefits and limitations of classic instruments such as options and forwards
• Theory: The “optimal” hedging strategy Practice: The development and use of structured products for FX hedging in Asia
• Going beyond hedging: contrasting products developed for short-term and long-term alpha generating strategies
• Considerations for volatile FX markets
  

Michael Image, Head, FX Solutions Group, STANDARD CHARTERED BANK

Panel discussion: Countries in focus: Korea, Malaysia and Vietnam

• Current economic / political factors of Malaysia, Korea and Vietnam
• Causes behind a declining economic environment: oil, commodity prices, global slowdown
• How financial crisis affects the three countries currencies individually and differently
• Factors behind the Ringgit, Won, Dong volatility and liquidity
  What factors should improve for the region to stabilise the currencies

Moderator: Mike Rasmussen, Chief Operating Officer, Partner, CAPRICORN FX INVESTMENTS
Shahab Jalinoos, Proprietary Trader, Asian Local Markets, ABN AMRO BANK
Enrico Tanuwidjaja, Economist, Treasury Research & Strategy, OCBC BANK
Dr. Sangche Lee, Economist, KOREA INSTITUTE OF FINANCE

Panel discussion: Embracing the next stage of the e-trading evolution in Asia

• Sub prime crisis’s impact to e-FX businesses: opportunities and challenges
• Does market volatility mean volume volatility? How are platform providers dealing with volume changes?
• Too many platforms too little consolidation: are we moving towards a fragmented e-commerce space?
• Clearing and settlement: The role Independent clearing facilities plays in fostering growth of the global OTC markets

Moderator: Sammy Lee, Head, EFX, Asia & Japan, BNP PARIBAS
KC Lam, Director and Head of Asian FX Sales, CME GROUP
Hani Shalabi, Director, AES Sales, CREDIT SUISSE
Asoka Markandu, General Manager, Asia, FXALL
Christopher Soriano, Regional Product Manager- Asia Pacific/J apan, ICAP ELECTRONIC BROKING

Panel discussion: FX business and trading strategies for volatile markets

• Taking advantage of pickup in volatility
• Potential inflexion point in the USD
• Regaining investors’ risk appetite and selling the uncorrelated benefits of FX trading to new investors
• Are banks making as much of an impact as originally envisaged in this space?
• Finding the right trading tactics for your firm: Pros and cons of various trading methodologies

Moderator: David Poole, Partner & COO, CLIENT KNOWLEDGE
Irene Cheung, Asia Local Markets Trading, ABN AMRO BANK
Dr. Hai Xin, Managing Director , Head of Asia Pacific, Overlay Asset Management, BNP PARIBAS
Joseph Trevisani, Chief Market Analyst, FX SOLUTIONS, LLC
Jon Velasquez, Head of FX, SECURITY BANK COPORATION PHILLIPPINES
Mitch Sato, Sales Director, SUPER DERIVATIVES

Editor's closing remarks: Saima Farooqi, Editor, FX WEEK

End of conference and cocktail reception