FX Invest West Coast program 2013

8.00 Registration and breakfast

8.45 FX Week welcome address: Joe Rennison, Staff Writer, FX WEEK

8.50 Chairman's opening remarks: Eric Busay, Portfolio Manager, Global Fixed Income and Currency, CALPERS

9.00 Keynote address: An overview of the risks and issues associated with FX trading and settlement

  • Understand the infrastructural changes for PVP settlement
  • Improving risk management in FX transactions through better governance
  • Tackling replacement cost risk
  • Counterparty risk and optimizing collateral management

Jeanmarie Davis, Senior Vice President, FEDERAL RESERVE BANK OF NEW YORK

9.30 Executive address: Currency "Beta"

  • Is there such a thing as "passive investing" for FX?
  • Generic strategies: implementation and measuring exposures
  • Are there useful benchmarks for active currency investing?

Michael Melvin, Head of Currency and Fixed Income Research, BLACKROCK

10.00 Panel discussion: Global monetary policies and macroeconomic developments: How are they shaping fundamental market characteristics?

  • Implications of QE on BRIC currencies: Which currencies should the FX manager long/short?
  • Implications of the debt monetization on real purchasing power of the currency: How institutional investors handle inflation?
  • Currency wars and what trends do they imbed in currency markets?
  • Assessing the impact of the central bank's initiatives on the market volatility
  • How are current ECB and Europe leaders' policies shaping the future of Euro? What are efficient ways to manage the exposure to Euro?
  • Can we anticipate strategically weakened Euro?
  • How can FX markets continue functioning with the persistent global stagnation?
  • Will there be a return to the fundamentals anytime soon?

Moderator: Sean Bill, Investment Program Manager, SANTA CLARA VTA and Trustee, CITY OF SAN JOSE POLICE AND FIRE RETIREMENT PLAN
Luca Avellini, Partner, JCI CAPITAL
Michel Del Buono, Global Investment Strategist, MAKENA CAPITAL MANAGEMENT
Yevgeny Frenkel, Executive Managing Director, Macro Portfolio Manager, CADDO CAPITAL MANAGEMENT
Dori Levanoni, Partner, Co-Director of Global Macro, FIRST QUADRANT

10.40 Morning break

11.10 Panel discussion: Continued evolution of the electronic trading: What can increasingly computerized execution environment offer to FX participants?

  • How to cope with the high levels of fragmentation resulting from the volume of platform offerings?
  • How FX trading technology facilitates new regulations?
  • What Dodd - Frank Act mandates by the use of SEFs and how FX participants can take an advantage of changing e-trading trends
  • What factors will ensure long-term viability of SEFs?
  • How does technology get buyers and sellers together?
  • Liquidity issues and can these be resolved by the right choice of execution technology?
  • The latest pre and post trading tools and what advances the market can expect in the forthcoming year

Moderator: Jason Leinwand, Head of FX Trading and Strategy, METLIFE INVESTMENTS
Lynn Challenger
, Global Head of Trading, MELLON CAPITAL MANAGEMENT
Vikas Srivastava, Managing Director, Business Development, INTEGRAL DEVELOPMENT CORPORATION
Nick Solinger, Chief Marketing Officer, TRAIANA

11.50 Presentation: The INR, world's worst performing currency: Understanding the hard decline of the Indian rupee and why trading infrastructure risk matters

  • The myth of decoupling and the impact of anticipated end of U.S. Monetary Easing on developing markets
  • India's persistent macroeconomic challenges and loss of investor confidence
  • How India's domestic savings in imported gold impairs the rupee
  • Uncommon trading risk when the INR's major local exchange is in crisis
  • Long or Short: Trading the INR in the next 12 months

Seth Freeman, Chief Executive Officer and Chief Investment Officer
EM CAPITAL MANAGEMENT

12.20 Presentation: Currency as an inflation hedge

  • In a world of low yields and financial repression, how do investors best protect their purchasing power going forward?
  • Do traditional safe haven currencies offer adequate protection for a suitable risk/reward?
  • Emerging market currencies offer hard currency attributes, and a yield over and above developed market currencies
  • With adequate risk management, EM Currencies are a natural complement to a diversified, return seeking asset allocation process

Javier Corominas, Portfolio Manager and Head of Research, RECORD CURRENCY MANAGEMENT

12.50 Lunch

1.50 Afternoon keynote address: Currencies: Alternative to bonds

  • Are treasuries safe?
  • Is the dollar safe?
  • Safety in currencies?

Axel Merk, President and Chief Investment Officer, MERK INVESTMENTS

2.20 Panel discussion: Capturing returns in the ‘new normal' era

  • How to generate profitable FX strategies in the market with:

                  - Low volatility
                  - Weak trends
                  - Currency wars
                  - Slow growth

  • Is there a place for the active currency strategies in a diversified portfolio?
  • Are managers moving away from the risk on/risk off environment?
  • How can FX compete with other asset classes?
  • How can alternative money streams be created in order to compensate poor FX performance?
  • Can alpha be generated in the current market conditions?
  • Outlook for 2013: More volatility and stronger market trends?

Moderator: Satish Swamy, Senior Portfolio Manager, BOARD OF REGENTS, UNIVERSITY OF CALIFORNIA
Eric Busay,
Portfolio Manager, Global Fixed Income and Currency, CALPERS
John Bird,
Portfolio Manager, ATLAS CAPITAL ADVISORS
Josh Harlan, Director of New Strategies Development, SUNRISE CAPITAL
Tom Sampson, Formerly Managing Director, WELTON INVESTMENT CORPORATION

3.00  Presentation: Investor's perspective on measuring and managing currency risk in the portfolio

  • Identifying and managing FX exposures
  • Determining the source of the risk and is it diversifiable?
  • Hedging currency exposures

Jason Leinwand, Head of FX Trading and Strategy, METLIFE INVESTMENTS

3.30 Afternoon break

4.00 Presentation: A new look at currency investing

  • The evolution of the currency management mandate
  • Risk-return profiles for common FX strategies
  • Empirical evidence for currency hedge funds

Momtchil Pojarliev, Senior Portfolio Manager, HATHERSAGE CAPITAL MANAGEMENT

4.30 Panel discussion: Searching for investment opportunities in emerging and frontier currency markets

  • Discussing the role of LatAm currencies in portfolio diversification
  • Examining competitiveness of Mexican Peso and Brazilian Real
  • Understanding the regulatory landscape and factors shaping Latin American currency markets
  • Investing in EMEA currencies: Focus on ZAR and RUB
  • Defining the future role of Asian trades: What further movements we can expect in Japan and China? What opportunities are there in India and South Korea?
  • How is EM trading transforming? Discussing the rise of electronic execution in non-traditional currency pairs
  • Forecasting new players in 2014

Moderator: Luca Avellini, Partner, JCI CAPITAL
Michel Del Buono,
Global Investment Strategist, MAKENA CAPITAL MANAGEMENT
Ron DiRusso
, Co-Chief Investment Officer and Director of Research, FX CONCEPTS
Gabriel Sod Hoffs, Analyst, Fixed Income and FX, DODGE & COX
Randolph Wedding, Acting Co-Chief Investment Officer, BOARD OF REGENTS, UNIVERSITY OF CALIFORNIA

5.10 Chairman's closing remarks: Eric Busay, Portfolio Manager, Global Fixed Income and Currency, CALPERS

5.20 Cocktail reception

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