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Day One: Wednesday 27 June 2007
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| 08.00 | Registration & Coffee
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| 08.50 | Chairman’s opening remarks
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| | David Clark, Honorary President, The Financial Market Association (ACI)
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| THE MACRO PICTURE |
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| 09.00 | KEYNOTE ADDRESS: The macro economic outlook and implications of currency fluctuations
- Analysing current macroeconomic change that affects the FX market
- Evaluating geopolitical risks, business climates and other behavioural factors that influence and drive currencies
- Assessing Asia’s prospects by tracing historical economic performances globally and comparing it to the current situation
- Identify the currency market opportunities to look out for in the next 12 months
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| 09.30 | KEYNOTE ADDRESS: An overview of the global currency markets in today’s booming FX industry
- Assessing key drivers of currency developments in today’s booming FX market
- Analysing how Asia’s gaining economic importance will attract more investors into its currency market
- Comparison of USD, EUR, RMB, YEN, HKD and evaluate how5 developed and liquid the Asian currencies are
- Reviewing the relative impact US interest rate has on YEN and when can we expect YEN to rebound
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| 10.00 | SPECIAL ADDRESS: Using quantitative techniques in active currency management
- Understanding quantitative management as applied to currencies and reviewing the misconceptions about quantitative management
- Identifying the usefulness of quantitative techniques particularly in currency management
- Assessing the advantages and potential pitfalls of using quantitative techniques
- Evaluating the advantages to clients in selecting a quantitative currency manager
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| | Andrew Dales, Group Head of Currency Management, AXA Investment Managers
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| 10.30 | Coffee & Networking Reception
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| ASIA’S DEVELOPED MARKETS ROUNDTABLE |
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| 11.00 | PANEL DISCUSSION: The role and growth of FX in Asia’s developed markets
- With a slow economic recovery in Japan, identify the key factors influencing the value of YEN
- Comparing Singapore to Hong Kong, which is the hub for NDF and NDS trading and the stance of the Chinese authorities in respect to ND products
- Looking into HKD and assess its pegging system
- Analysing the opportunities that derivatives bring to your portfolio
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| | Confirmed: Callum Henderson, Global Head of FX Strategy, Standard Chartered Bank Confirmed: Philip Wee, Senior Currency Economist, DBS Group Confirmed: Jan Lambregts, Head of Asia Pacific Research, Rabo Bank Confirmed: Tetsuya Inoue, Director General - Financial Markets Department, Bank of Japan Moderator: Mark Cutis, Chief Investment Officer, Shinsei Bank, Limited
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| 11.40 | PANEL DISCUSSION: Reasons and outlook for past diminishing volatility in developed markets
- Identifying the opportunities available and how to generate alpha in low volatility environment
- Analyse how volatility affects carry trades
- Evaluating prospects for Asian currencies and how they can add "alpha" to a bond only or equity only portfolio or hedge fund
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| | Confirmed: Monica Fan, Managing Director, Head of Global FX Strategies, RBC Capital Market Confirmed: Leslie Phang, Head of Investments, Asia, Commonwealth Bank of Australia Confirmed: Jimmy Koh, Head of Treasury Research, UOB Confirmed: Claudio Piron, Head of Asian Currency Research, JPMorgan Chase Bank Confirmed: Mark Cutis, Chief Investment Officer, Shinsei Bank, Limited Moderator: Collin Crownover, Global Head of Currency Management, State Street Global Advisors
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| 12.20 | Why should you invest in currency managers if currency is a zero-sum game?
- Examining the main arguments against investing in currency
- An analysis of the tools available to evaluate currency managers
- Demonstrating where the Alpha lies in real manager returns
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| | Seppo Leskinen, Global Head of Hedge Fund Services, SEB Merchant Banking
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| 12.50 | Lunch & Networking Break
sponsored by  |
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| DEVELOPING WINNING STRATEGIES IN ASIA’S EMERGING MARKETS |
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| 13.50 | The Chinese Yuan and rebalancing
- With the tightening of policy, how far can China grow and how will it affect the FX market
- Implications of ‘hot’ money inflows and outflows in the Chinese currency
- Analysing China’s growing FX reserves and when will it hit its max and the effects on yuan
- Assessing how to cope with a strengthened RMB
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| 14.20 | Examining the growing importance of FX in India
- Evolution of policy on exchange rate, control, management and attraction of foreign investment
- Comparing India to China, which will fare better and why
- The rating upgrade of Indian investment grade and the prospects of Indian economy
- Is the Indian rupee being overvalued?
- With a strong legal and banking infrastructure, how far is it for India to join the larger world of currency?
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| 14.50 | The benefits of adding FX in emerging markets into your portfolio
- Assessing the opportunities emerging markets bring to your portfolio
- Looking into the future of 3Rs – Rupiah, Rupee, Renminbi
- With a high-level of risk, identify types of risk and how to mitigate risk and understand why the return is often worth the risk
- Global growth recovery will bring new hopes to Korea and Taiwan?
- Evaluating political environment and risks in relative value trade in Indonesia and Malaysia
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| 15.20 | TRADING PLATFORM PANEL DISCUSSION - Analysing latest developments in trading platforms to enhance your investments
- With the use of cutting edge technology, how can investors achieve best performance while maintaining low cost
- Comparing the adoption of e-trading in Asia with USA and Europe
- Enhancing your FX investments through algorithmic trading and assess its challenges
- With so many different platforms available, are they reliable?
- Where is voice trading heading in the midst of efficient e-trading platforms?
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| 16.00 | Afternoon Refreshments & Networking Break
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| CONVERSATIONS WITH THE BUY SIDE |
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| 16.30 | SPECIAL ADDRESS: What should the buy-side of active currency management be concerned about
- Analysing the importance of managing active currency exposures
- Reviewing the risks associated with active currency management
- Determining alpha by adding active currency management into your portfolio
- Assessing the increase demand for institutional currency management
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| | Collin Crownover, Global Head of Currency Management, State Street Global Advisors
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| 17.00 | BUY SIDE INTERVIEW: Investors’ views and ideas on increasing returns by investing in currency
- Reviewing the currency which interests investors in the FX markets
- Analysing the strategies to successfully create alpha for pension funds
- Understanding how corporates mitigate their commercial risks in the FX markets
- Examining the styles available to generate returns
- Evaluating why Asia is only starting to look into currency as an overlay strategy and analyse what is available
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| | Kirby Daley, Head of Sales & Capital Introductions, Fimat Alternative Investment Solutions Andrew Dales, Group Head of Currency Management, AXA Investment Managers Benjamin Seiver, Chief Investment Officer - Japan & Korea, AIG Global Investment Corporation
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| 17.50 | Chairman’s closing remarks
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| 18.00 | Cocktails and networking party
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| 20.00 | Post event party at BRIX
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Day Two: Thursday 28 June 2007
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| 09.00 | Chairman’s opening remarks
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| | David Clark, Honorary President, The Financial Market Association (ACI)
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| SOURCING ALPHA IN ASIA |
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| 09.10 | KEYNOTE ADDRESS: Systematic trading strategies in currency markets
- Understanding systematic trading in today’s currency markets
- Discovering the benefits and drawbacks of implementing systematic trading in FX
- Exploring how to generate absolute returns through systematic trading
- Comparing systematic trading to discretionary trading, which is better and how
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| 09.40 | KEYNOTE ADDRESS: Exploring strategies to effectively generate alpha in the Asian FX market
- Analysing various alpha generation strategies in Asia’s booming FX landscape
- Comparing the adoption of e-trading in Asia with USA and Europe
- Understanding FX option strategies and identify the suitable one for different markets
- How to select the correct crosses and how it generates returns
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| | Michael Bass, Global Head of FX & Rates, Standard Chartered Bank
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| 10.10 | HOT TOPIC: Examining latest developments in active overlay strategies
- Why use overlay and evaluate the reasons to be passive
- Assessing different overlay styles and the reasons to be active
- A fundamental framework to make money in currencies
- Comparing alpha to overlay programme and analyse its similarities and differences
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| | Arne Hassel, Managing Director, Millenium Asset Management
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| 10.40 | Coffee & Networking Reception
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| EXAMINING CURRENCY AS AN ASSET CLASS |
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| 11.10 | The importance of diversified currency management
- Exposing the inefficiencies in FX markets
- Identifying the trading styles which seek to exploit FX market inefficiencies
- Can you pick a winning FX management style?
- Crafting a well-diversified FX management program for robust returns in different market conditions
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| 11.40 | CASE STUDY - The YEN short position as an asset class
- Analysing how controlled currency risk can enhance returns for a yen-benchmarked investor
- Reviewing why shorting the YEN is a bet against the yen forward curve
- Examining the stability of correlations of currencies against YEN and how it provides a basis for efficient portfolio construction
- Understanding why excess returns on currency risk inure as a kind of economic rent to patient, long term, well-capitalised investors
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| | Benjamin Seiver, Chief Investment Officer - Japan & Korea, AIG Global Investment Corporation
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| 12.10 | FX evolution and the drive for efficiency
- Assessing how the market has evolved by increasing efficiency (Prime Brokerage, e-Commerce and CLS) and the result has been significant increases in trading volumes
- Customers want more efficiency and further cost reduction. The next step is trading with a central counterparty, which has finally been launched in the OTC FX Market
- What’s the difference? Why is this happening now? What’s in it for me (A bank? A trader? A hedge fund?)
- What’s going to happen in the future? How big can the FX market grow?
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| 12.40 | Lunch & Networking Break
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| EXAMINING THE ROLE OF HEDGE FUNDS & THE DEVELOPMENT IN PARALLEL MARKETS |
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| 14.00 | HEDGE FUNDS PANEL DISCUSSION: Addressing why hedge funds are actively looking into FX
- Analysing the exposures hedge funds have to regional currencies and how to benefit from the low volatility environment
- Assessing why some hedge funds went wrong and how they can get back on track to generate long term and sustainable alpha, and evaluate the difficulty of finding a good hedge fund trade
- Reviewing various alpha generation styles in FX
- Comparing a multi strategy/multi manager approach to a single manager investment
- Looking into the performance analysis of different strategies and is the carry trade strategy over?
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| | Confirmed: Ka-hay Yip, Chief Investment Officer, PMA Investment Advisors Confirmed: Michael Malakeelis, Head of Investment Process, Tactical Global Management (TGM) Moderator: Kirby Daley, Head of Sales & Capital Introductions, Fimat Alternative Investment Solutions
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| 14.45 | PARALLEL MARKETS PANEL DISCUSSION: Currency in natural resources and the effects on the money market
- Understanding Asia's parallel markets and its correlation with currency
- Evaluating the opportunities parallel markets bring and developing strategies to generate positive returns
- Assessing how Australia, Canada and New Zealand affect the currency market with their huge client base in natural resources
- Analysing the prospect of commodity based currency and reviewing the reasons for trading in power, gas, oil and gold
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| | David Clark, Honorary President, The Financial Market Association (ACI)
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| 15.30 | Chairman’s closing remarks
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| 15.50 | Afternoon Refreshments & Networking Break
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