Fixed Income & FX Leader Summit APAC 2019

17 - 19 September, 2019

The Westin, Singapore

65 6722 9455

Day 1 - Wednesday 18th September 2019

8:00 am - 8:40 am Conference Registration & Networking Breakfast

8:40 am - 8:45 am Welcome Address

Danny Levy, General Manager, Worldwide Business Research

8:45 am - 8:50 am Welcome Remarks

Suhana Begum, Conference Director, Fixed Income Leaders Summit

8:50 am - 9:00 am Chairperson’s Opening Remarks

Brad Bailey - Capital Markets Research Director, Celent
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Brad Bailey

Capital Markets Research Director
Celent

Survival Of The Fittest: The Global View

9:00 am - 9:20 am Economist Keynote: Decoding geopoliticals and economic realities – In the new investment universe of rising interest rates, Brexit negotiations, trade wars and the political divide in the US, how can you adapt to thrive in 2020 and beyond?

Alex Joiner - Chief Economist, IFM Investors
The geo-economic issues that investors need to keep an eye on haven’t changed much in the last couple of years. America First, Brexit, China’s re-balancing, and a slowdown in global economic growth, all continue to dominate the agenda in the financial market.
Alex Joiner has more than a decade of experience across Australian, New Zealand and Asian economies, with a focus on financial markets, risk, investment and quantitative research. He comes with more than 14 years of experience leading  economic roles at some of the top banks like Bank of America Merrill Lynch, ANZ and acted in a consultative role on numerous macro-economic models, including two years focused on Asian economies before working as a senior macro economist focused on the property sector. In his opening keynote Alex will address:
-          Year of Politics – How is Brexit going to reshape the wider European capital markets landscape and what impact will this have on your firm?
-          Trade wars, geo-politics and central bank intervention- What are the economic fundamentals that will impact currency movements in 2019/20?
-          What does the US-China tariff conflict mean for debt and global trade?
-          Trump’s tax reform plan – What does this mean for liquidity in the bond market across Asia given the amount of US corporate capital that is located in Asia?
-          Does uncertainty in US policy, fiscal and monetary, affect Asia fixed-income investing? And what can investors expect with respect to fed balance sheet drawdown and what are the implications for investors?
-          Global slowdown: Will 2020 witness another recession? How will central banks react and will the tools of the last recession be as effective?
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Alex Joiner

Chief Economist
IFM Investors

Setting The Scene: The Asian View

9:20 am - 9:40 am Opening Keynote Interview: The development of the Asian bond and currency market and the creation of wealth in the region - As the global “hunt for income” continues, are Asian bonds an essential part of the investment solution?

Brad Bailey - Capital Markets Research Director, Celent Patrick Leung - Head of Fixed Income Trading, APAC, BlackRock Alexandre Bouchardy - Managing Director, Head of Fixed Income Asia and AM Singapore, Credit Suisse Asset Management
The financial crisis that affected Asia in the 1990s scarred both the region and its governments, prompting politicians and policymakers to learn from their mistakes. With structural reforms, tighter regulations and improved capital requirements, their efforts have paid off, and it is becoming abundantly clear that Asia’s economy looks very different than it did just 20 years ago. This is having a profoundly positive impact on the outlook for Asian fixed income.
Patrick Leung is head of Fixed Income and FX trading for APAC within BlackRock’s Trading and Liquidity Strategies Group overseeing fixed income and FX trading activity in the region. Mr. Leung's service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009.  Alexandre Bouchardy is Head of Fixed Income Asia and Head of Asset Management Singapore. In addition, he is the Chairman of the Emerging Markets Fixed Income Investment Group. Alexandre joined Credit Suisse Asset Management in 2002 as a Global Fixed Income Portfolio Manager for institutional clients. From 2005 to 2012, he was responsible for inflation-linked solutions and won several Lipper Fund Awards in various European countries. In this interview both Patrick and Alex will share their views on:
-          What's fuelling the growing appetite for Asian bonds and how are investors viewing fixed income?
-          How much wealth is being created in this space and where is it being invested?
-          How are Asian bonds offering the potential to improve returns and reduce risk?
-          China’s “One Belt, One Road” programme – How is this promoting the regional development of infrastructure?
-          Asian currencies appear undervalued – Will this promote more investors to pursue undervalued opportunities in regions with better fiscal fundamentals?
-          As corporate bonds become increasingly expensive, are investors considering reducing credit risk? And what asset classes should investors focus on?
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Brad Bailey

Capital Markets Research Director
Celent

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Patrick Leung

Head of Fixed Income Trading, APAC
BlackRock

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Alexandre Bouchardy

Managing Director, Head of Fixed Income Asia and AM Singapore
Credit Suisse Asset Management

Preparing For The New Market Order

9:40 am - 10:00 am Keynote Interview: What are the critical success factors for building a ‘best in class’ multi-asset trading business that not only survives but thrives in the new market order?

Sam Ahmed - Managing Director and Head of Asia Pacific, Deriv Asia Rachana Mehta - Co-Head of Regional Investments Fixed Income & FX, Maybank Asset Management Singapore
-          What are the three biggest drivers influencing the buy side desk and how can you embrace these to improve performance?
-          Navigating the new norm - How can you incorporate innovative ways of working to address the fragmented product, liquidity, and platform conundrum?
-          What strategies can you exploit to ensure you are tapping into the best liquidity pools at the right times?
-          Trading and regulations - What were the biggest lessons learned from MiFID II and how has this affected your trading desks so far?
-          The introduction of mandatory clearing and trading for CAT 3 and CAT 4 firms – Are we expected to see further investments in derivatives trading, as well as automated execution mechanisms?
-          How should you monitor political risk in 2019 and how can you integrate this into your investment decisions?
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Sam Ahmed

Managing Director and Head of Asia Pacific
Deriv Asia

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Rachana Mehta

Co-Head of Regional Investments Fixed Income & FX
Maybank Asset Management Singapore

10:00 am - 10:30 am Morning Refreshment Break 1

Bond Connect – The Story Continues

Market participation in Bond Connect has been growing steadily, with average daily volumes reaching RMB6.55 billion in June 2018, more than double the daily average volumes in the first quarter of the year. And with recent announcement of the exemption of income tax and the full implementation of delivery-versus-payment for settlement, how has bond connect contributed to the increase in the number of approved overseas institutional investors? In this panel, our expert speakers will address:
-          What is required of the RMB to support the growth in international investment, including via Bond Connect?
-          Bloomberg Barclays index inclusion - What will the new index inclusions mean for the Chinese bond market and will it promote greater participation and awareness and lead to further demand for more investment products?
-          With multiple bond market access schemes now available, how can foreign investors navigate them?
-          QFII and RQFII trading volumes are quite small - How much of this volume has gone to the Connect schemes?
-          Have improvements to access schemes affected the listing arbitrage opportunities that used to exist?
-          Bond Connects full Implementation of RDVP - How has this attracted more foreign investors to seek investment opportunities in China’s interbank bond market?
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Ricco Zhang

Director, Asia Pacific
International Capital Market Association (ICMA)

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Manu George

Senior Investment Director, Fixed Income
Schroders Investment Management

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Kheng Siang Ng

Head of Fixed Income, Asia Pacific
State Street Global Advisors

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Derek Mok

Chief Investment Officer
Fubon Convoy Asset Management

Victoria Tam

Senior Trader Fixed Income
Allianz Global Investor

Moving Towards Optimal Execution

11:00 am - 11:20 am Keynote: Streamlining the supervisory process of critical trading functions - How to monitor and measure execution quality while fulfilling best execution obligations

In today’s rapidly changing regulatory environment, cutting-edge quantitative analytics are critical to success. Market participants need a partner that understands the increasing complexities of the trade execution process and its impact on compliance reporting. Our speaker from IHS Markit will dive deep into how you can better measure best execution, based on how orders compare to the state of the market before, during and after execution.

Reserved for IHS Markit 

11:20 am - 12:00 pm Keynote Panel: Generating alpha through smart execution - As the role of the buy side continues to evolve and demand for performance increases, how can you calibrate best execution for enhanced liquidity and transparency?

Sam Ahmed - Managing Director and Head of Asia Pacific Deriv Asia Wong Sok Mun - Head of Fixed Income & FX Trading, Asia, Schroders Investment Management Pierre-Emmanuel Charlier - Head of Fixed Income Trading, Asia, Pictet Asset Management Ambarish Ray - Fixed Income Trader, Rates & FX Asia, T Rowe Price
-          Challenges of trading in the new market order: Liquidity, transaction costs and regulations – How can the buy side better capture the post trade, margining and custody costs that impact them?
-          Alpha generation – How can you empower your trading desk to shift the primary focus from cost savings to alpha generation?
-          What steps you can take to establish the best trading protocol to meet your liquidity needs?
-          Where are the investments in new technology going and what capabilities are needed on the buy side to actually achieve best execution for clients?
-          How can you evolve your best execution processes beyond RFQ with TCA and liquidity transparency?
-          The continued drive for innovation and decisions based on meaningful data – How can you make best execution a reality in 2019/20?
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Sam Ahmed

Managing Director and Head of Asia Pacific
Deriv Asia

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Wong Sok Mun

Head of Fixed Income & FX Trading, Asia
Schroders Investment Management

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Pierre-Emmanuel Charlier

Head of Fixed Income Trading, Asia
Pictet Asset Management

Ambarish Ray

Fixed Income Trader, Rates & FX Asia
T Rowe Price

12:00 pm - 12:20 pm Keynote Interview: Reality vs rhetoric: Shining a light on FX execution costs in Asia – How are FX traders actively seeking to manage cost outcomes?

Brett Elvish - Director, Financial Viewpoint Elbert Iswara - Executive Director, Head of FX Execution & Money Markets, Bank of Singapore
-          What are the drivers behind cost differentials, and how are they changing?
-          How are the buy-side working with platforms and other technology to reduce costs and achieve better outcomes?
-          What are the market trading costs and how are traders seeking to reduce execution costs?
-          Assessing regulatory costs in FX trading – What are the various regulatory regimes and how can you optimise the cost structure in FX trading?
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Brett Elvish

Director
Financial Viewpoint

Elbert Iswara

Executive Director, Head of FX Execution & Money Markets
Bank of Singapore

Big Idea Guest Speaker

12:20 pm - 12:40 pm Out of the Box Keynote: The future is now- How to embrace deep learning and AI for enhanced alpha generation and improved workflow efficiencies

Edgar Perez - AI, Deep Learning, Quantum Computing, Cybersecurity & Finance Speaker & Advisor
-          Enhancing your intelligence through automation – What aspects of the trader workflow lend themselves to automation and where do you need to retain the human touch?
-          How can the combination of automation and enhanced data sets provide access to more liquidity
-          Smart learning, machine learning, obtaining data, and feeding this into your investment decisions- How can this be achieved?
-          The 5 year view – How is automation going to transform the trading and investment process for fixed income?
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Edgar Perez

AI, Deep Learning, Quantum Computing
Cybersecurity & Finance Speaker & Advisor

12:40 pm - 1:40 pm Networking Lunch

Track A: Achieving A Seamless And Efficient Workflow

1:40 pm - 2:20 pm All Star Panel: Navigating liquidity fragmentation - How can you build a strong network of diversified liquidity to maximise returns?
Kheng Siang Ng - Head of Fixed Income, Asia Pacific, State Street Global Advisors Pierre-Emmanuel Charlier - Head of Fixed Income Trading, Asia, Pictet Asset Management Mikael Bjorkman - Fixed Income Execution Trader, UBS Wealth Management
-          What are currently the most commonly used trading protocols and how can you incorporate and utilise different workflows on the desk?
-          Bringing different worlds together- How can you use technology to drive efficiency and leverage individual strengths of specialized pools and protocols?
-          RIE, MTF, OTF, SI, Voice- Analysing the spectrum of trade paths, different types of venues and the interrelationship between each of these
-          Establishing the best path to trade- How do each of the available protocols differ and what is best suited to different types of trade?
-          New methods of finding liquidity- How are platforms and new entrants innovating to continue to offer new avenues of liquidity for the buy side?
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Kheng Siang Ng

Head of Fixed Income, Asia Pacific
State Street Global Advisors

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Pierre-Emmanuel Charlier

Head of Fixed Income Trading, Asia
Pictet Asset Management

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Mikael Bjorkman

Fixed Income Execution Trader
UBS Wealth Management

Track A: Achieving A Seamless And Efficient Workflow

2:20 pm - 2:40 pm Presentation: All-to-all trading: The corporate bond market revolution – How to use centralised platforms to clear through exchanges and not other counterparties involved to enhance transparency and liquidity
-          Will all-to-all bond venues emerge as the winners in the shift to electronic trading, especially for liquid, easily-priced instruments?
-          Change management – How to get the buy side or asset managers to embrace all to all trading
-          How can all to all trading platforms provide additional liquidity in the market?
-          How have electronic trading platforms and fixed income dark pools fared in Asia?
-          The inability to cancel a trade when you make an error – how to improve this to attract more investors to migrate to all-to-all platforms
-          How to use algorithmic trading to change the dynamics of the markets and in particular liquidity
 
 
Reserved for Commercial partner

Track A: Achieving A Seamless And Efficient Workflow

2:40 pm - 3:10 pm Fire-side chat: Standardising price discovery for investors – How can you achieve more transparent price discovery and what rules can be implemented to promote a two way market?
-          Enabling price discovery through block chain – How can block chain simplify and standardise price mechanisms across the various platforms
-          Transparency on pricing - How do liquidity providers price their services and to what extent are capital charges a key driver of these charges?
-          Market pricing disruption – What regulations can be put in place to force the market makers to show credible prices?
-          If we look at the overall bond ecosystem, what needs to change to achieve better pricing and liquidity?

Track B: Unlocking Liquidity

1:40 pm - 2:20 pm All Star Panel: Realising your vision – Where do top alpha opportunities reside and how can you best capitalise on them for enhanced liquidity and returns?
Elbert Iswara - Executive Director, Head of FX Execution & Money Markets, Bank of Singapore Tony Bradley - CEO & Portfolio Manager, FX, Hunter Burton Capital Brandon Koh - Senior Vice President FX, Swaen Capital
-          Evaluating the state of liquidity in FX markets today - How can you ensure you have the right capital and access to liquidity to facilitate your mandates?
-          What are the different forms of liquidity available to the buy side and how can you measure the execution quality around these?
-          Establishing the good from the bad- What constitutes good FX liquidity in today’s market?
-          How has increased use of algos and eTrading impacted FX liquidity?
-          What resources and technology are available to give you access to new liquidity pools?
-          How can you ensure you are taking the best possible path to trade which minimizes the bid-offer spread?

Elbert Iswara

Executive Director, Head of FX Execution & Money Markets
Bank of Singapore

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Tony Bradley

CEO & Portfolio Manager, FX
Hunter Burton Capital

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Brandon Koh

Senior Vice President FX
Swaen Capital

Track B: Unlocking Liquidity

2:20 pm - 2:40 pm Presentation: The evolving FX market structure – How to change the way you interact with your sell side, platform and technology counterparts for more liquidity, enhanced returns and lower transaction costs
-          With new counterparties, new trading venues and credit mitigation coming by, how can you continue to upgrade and manage your models dynamically to adjust to the market?
-          How are regulatory developments changing the nature of the players who provide liquidity in FX?
-          How can new systems and intermediaries making it easier for the buy side accounts to deal with multiple counterparties and liquidity pools?
-          Is Hybrid liquidity provision the way forward, particularly if facing a crisis?”
 
 
Reserved for Commercial partner

Track B: Unlocking Liquidity

2:40 pm - 3:10 pm Presentation: The evolving FX market structure – How to change the way you interact with your sell side, platform and technology counterparts for more liquidity, enhanced returns and lower transaction costsFire-side chat: The future of FX derivatives markets – What standardisation benefits can FX clearing bring to your trading desk to fulfil your liquidity needs?
Sam Ahmed - Managing Director and Head of Asia Pacific, Deriv Asia
FX derivatives markets have always been highly customised in terms of product specifications, terms and tenures. Our speakers in this session will share their insights on how liquidity in uncleared FX derivatives has changed over the past three years:
 
-          Recalibrating derivatives regulation- What recommendations are the treasury proposing to improve the state of derivatives markets to promote greater market liquidity and transparency?
-          FX is subject to variable margins - How is the industry readjusting to this requirement and how are regulations controlling secular risks?
-          Higher costs and heavier operation burden – How can you overcome these key challenges imposed by the bilateral margin rules?
-          One margin calculation and one netted payment - Is this the best way to reduce risk, payment volumes and intraday liquidity needs?
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Sam Ahmed

Managing Director and Head of Asia Pacific
Deriv Asia

-          What will be the impact if the US federal reserve continues to increase interest rates?
-          When will global asset markets be released from the stranglehold of high US interest rates and the strong dollar?
-          Turkish Lira freefalling and Indian rupee slipping to a record low against USD in 2018 - Will these trends spark off a currency contagion in emerging markets?
-          Indonesian Rupiah and Indian Rupee coming under pressure in 2018 - Are we going to see a repeat of this next year or will we see a greater stability?
-          It is possible that certain ASEAN member states and ASEAN as a whole might face the danger of a “stroke” in exchange rates?
-          Dollar cycle and opportunities in EM currencies - Where are we in terms of the dollar cycle and what does it mean for the emerging FX markets?
-          How can you overcome the challenge of trading restricted currencies in emerging markets?
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Tariq Dennison

Investment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management

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Brigitte Le Bris

MD & Head of Global rates and FX
Ostrum Asset Management

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Bernd Berg

Global Macro & Foreign Exchange Strategist
Woodman Asset Management

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Manu George

Senior Investment Director, Fixed Income
Schroders Investment Management

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Robert Samson

Senior Portfolio Manager, Fixed Income & FX
Nikko Asset Management

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Jason Chin

Partner
Garlic Capital

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Callum Henderson

Senior Director, Economic Analysis
Caisse de dépôt et placement du Québec (CDPQ)

Track C: Portfolio Management | Achieving Efficiency

2:20 pm - 2:40 pm Presentation: Your currency management toolkit – How to better understand the risks of currency and its correlation with other assets to improve portfolio efficiency and profit
-          How to analyse the effects of currency movements on portfolio risk and return
-          How to formulate an appropriate currency management program given financial market conditions and portfolio objectives and constraints
-          How to compare active currency trading strategies based on economic fundamentals, technical analysis, carry-trade, and volatility trading
-          How are forward contracts and FX (foreign exchange) swaps used to adjust hedge ratios?
-          How to reduce hedging costs and modify the risk–return characteristics of a foreign-currency portfolio
-          What are the challenges for managing emerging market currency exposures?
 
Reserved for Commercial partner

Track C: Portfolio Management | Achieving Efficiency

2:40 pm - 3:10 pm All Star Panel: Asian Local currency bond market - As Asia’s local currency bond markets enter the next decade of growth, how can you adapt and reposition your portfolios to gain maximum returns from them?
Tariq Dennison - Investment Adviser, Portfolio Manager, ETF Expert GFM Asset Management Lee Dong Chan - Director Fixed Income, Blackrock Shamit Chokshi - Head - Offshore Fund Investments, ICICI Prudential Asset Management Company Arvind Chari - Head of Fixed Income & Alternatives, Quantum Vivek Sharma - Head of Global Asset Management, SEA and Middle East, Edelweiss
As Asia’s bond markets enter the next decade of growth, operating conditions have changed markedly. A region that once struggled out of the debacle of the late 1990s meltdown is now an oasis of economic stability and the driver of global economic growth, especially since the great financial crisis of 2008. China has emerged to become the world’s second largest economy. Its bond market is now the world’s third largest, placed behind the United States and Japan. In this session our speakers will share their insights on:
 
-          Are Asian local currency bonds attractive to global investors? And how can they gain maximum exposure in this market?
-          As the emerging markets go through periods of volatility, is it still recommended to allocate emerging markets in core portfolios?
-          With emerging markets offering less security than majority of international developed markets, what are the risk factors that investors should look out for?
-          The political dynamics in Indonesia Malaysia and India – With the presidential elections happening in 2019, what are the uncertainties these markets will face?
-          The inclusion of Chinese and Indonesian bonds into the global bond indices – How has this improved the overall sentiment towards Asian local currency bonds and has there been a positive impact on performance?
-          Hard Vs. local currency bonds – How can you choose between these to enjoy the full benefits of potential bond market returns?
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Lee Dong Chan

Director Fixed Income
Blackrock

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Tariq Dennison

Investment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management

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Shamit Chokshi

Head - Offshore Fund Investments
ICICI Prudential Asset Management Company

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Arvind Chari

Head of Fixed Income & Alternatives
Quantum

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Vivek Sharma

Head of Global Asset Management, SEA and Middle East
Edelweiss

3:10 pm - 3:30 pm Afternoon Networking Break

Track A: Fixed Income Trading | Thriving in Data Driven Markets

3:30 pm - 4:10 pm All Star Panel: Achieving best execution – How can you use using new pools of data to improve your pre-trade, execution and post-trade capabilities?
Gareth Nicholson - Head Fixed Income Bank of Singapore Ambarish Ray - Fixed Income Trader, Rates & FX Asia, T Rowe Price Mikael Bjorkman - Fixed Income Execution Trader, UBS Wealth Management
In Asia, a region where fragmentation reigns — with a salad of disparate rules, fiscal priorities and benchmarks, plus differing levels of electronic-trading adoption and market maturity — the development of best execution is being driven by more than just compliance considerations. Here we look at the different ways that transaction-cost analysis (TCA), a key component of ensuring best execution, is being applied to help cut costs, retain clients, and streamline workflows across Asia.
 
-          Harvesting data - How can you best collect, store and package data in a way that it is easily accessible for your traders?
-          Pre-trade market data, post trade data and public data- How can you bring this all together to make more informed trading decisions?
-          Audit trails - What data do you need to ensure you are meeting and proving your best execution requirements to regulators?
-          Intelligent execution- How can you utilise new data sources and electronic trading data to decide your best execution path?
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Gareth Nicholson

Head Fixed Income
Bank of Singapore

Ambarish Ray

Fixed Income Trader, Rates & FX Asia
T Rowe Price

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Mikael Bjorkman

Fixed Income Execution Trader
UBS Wealth Management

Track A: Fixed Income Trading | Thriving in Data Driven Markets

4:10 pm - 4:30 pm Presentation: More than a compliance tool - How to ensure you are getting the most out of your TCA beyond just the transaction price
-          How is TCA being used and how are both the buy- and sell-side firms beginning to analyse fixed income execution quality?
-          Engaging with TCA providers- What can the buy side do to ensure they are getting what they want? 
-          With the lack of comprehensive tools available to aggregate data, how can TCA providers provide a credible, transparent and robust multi-asset capability?
-          Knowing your true total cost of trading - How to quickly and easily visualise your trades and review data to get the full picture of your implicit costs
-          Explicit costs - What are the regulatory efforts to reduce excessive market data costs?

Track A: Fixed Income Trading | Thriving in Data Driven Markets

4:30 pm - 5:00 pm Fireside chat: Building the next generation trading team - What skillsets are now essential for a modern-day trader to thrive in the highly data-driven and automation-led landscape?
Pierre-Emmanuel Charlier - Head of Fixed Income Trading, Asia, Pictet Asset Management Gareth Nicholson - Head Fixed Income, Bank of Singapore
What are the critical success factors for hiring and training the best trading talent in emerging markets today? Which skills and traits are essential for a modern-day trader to thrive? In this session, you will  hear more on how to attract top talent and create the best team possible to advance your investment goals:
-          Trader evolution- What does increased electronic trading mean for trader skillsets and the future of their role?
-          Addressing the digital skill gap and the need to innovate- What skills should you now be looking for when hiring for thefuture?
-          Combining technological know-how, trading and risk management skills- What makes a modern-day trader?
-          How has increased use of algorithms and automation affected trading teams and how can you prepare for further eTrading growth?
-          What new roles and job titles need to be developed on the buy side to keep up with the pace of change across fixed income?
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Pierre-Emmanuel Charlier

Head of Fixed Income Trading, Asia
Pictet Asset Management

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Gareth Nicholson

Head Fixed Income
Bank of Singapore

Track B: FX Trading | Mastering Best Execution

3:30 pm - 4:10 pm All Star Panel: How can you get the most out of your pre and post trade TCA capabilities to inform your current and future FX execution?
Patrick Leung - Head of Fixed Income Trading, APAC, BlackRock Shiva Iyer - Senior Global Fixed Income & FX Trader, Eaton Vance Management Chester Liaw - Lead FX and Rates Trader, UOB Asset Management
The growing focus on FX best execution is leading to greater adoption of transaction cost analysis (TCA) tools. How can market participants establish a successful FX TCA program? Our Panel of expert speakers here will share insights on:
-          What are the practical opportunities and insights from FX transaction cost analysis?
-          An asset owner’s viewpoint on FX execution – insights, opportunities and risks in practice
-          FX TCA: Myth busting – what does the data reveal about FX execution costs in practice?
-          Pre-trade - How can you use modern-day to empower traders and help them intelligently establish the most appropriate execution tool and the best venue to do this on?
-          Real time- What are the essential components required for on-going analysis in real-time to enable traders to make more informed decisions for subsequent orders.
-          Post trade- How can you use post-trade analytics to inform and improve current and future order execution?
Addressing the challenges of less liquid currencies - How can you construct your benchmark and TCA for less developed currency pairs to develop accurate execution analysis?
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Patrick Leung

Head of Fixed Income Trading, APAC
BlackRock

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Shiva Iyer

Senior Global Fixed Income & FX Trader
Eaton Vance Management

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Chester Liaw

Lead FX and Rates Trader
UOB Asset Management

Track B: FX Trading | Mastering Best Execution

4:10 pm - 4:30 pm Presentation: The Evolution of FX Algos: From "Nice to Have" to "Need to Have" - How to use algorithms to access multiple liquidity pools, reduce trading costs and improve execution quality
In recent years, FX investors have been turning to algorithms to access multiple liquidity pools, reduce their trading costs and improve execution quality. Once a tool primarily used to execute equities trades, algos are becoming increasingly popular with FX traders from institutions and corporates alike. However, many buy-side traders are still hesitant to opt for an execution method that requires them to pay a “fee.” Our speaker here will address:
 
-          How are traders employing algos and what are the essential steps institutions need to take to start using them?
-          Why use of algo hasn’t grown even more rapidly in FX as compared to equities and what are some of the key barriers to adoption
-          How to determine which algo is right for your trading desk
-          How can AI get behind algos to decide on the market conditions based on the currency pair?
-          Next generation algos – how is algorithmic being improved by the use of AI, machine learning and advanced technology?
-          How are FX algos and ECNs keeping up with the accelerating trend to rigorous, quantitative analysis of liquidity opportunities?

Track B: FX Trading | Mastering Best Execution

4:30 pm - 5:00 pm Fireside chat: Fine tuning best execution – Which next generation eTrading technology can help you achieve best execution on a regular basis?
Xavier Stucki - FX Execution & Portfolio Manager, Rhicon Currency Management Wong Sok Mun - Head of Fixed Income & FX Trading, Asia, Schroders Investment Management

Xavier Stucki

FX Execution & Portfolio Manager
Rhicon Currency Management

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Wong Sok Mun

Head of Fixed Income & FX Trading, Asia
Schroders Investment Management

Track C: Portfolio Management | Mastering The Active & Passive Investment Landscape

3:30 pm - 4:10 pm All Star Panel: With increased political instability and the move away from aggressive QE, how can you use both active and passive investment strategies to enhance returns?
Pankaj Nagrath - MD & Head, UHNW Advisory, Fixed Income & FX, Bank of Singapore Andy Ng - Director & Product Specialist, MultiAsset, Vangaurd Investments
Will 2020 bring more stability, or more uncertainty? There are plenty of hurdles ahead: tighter monetary policy, political change, end of QE and technological disruption, not to mention huge environmental and social challenges. So how should investors react? In this panel, you will hear from our panel of expert speakers on how to best do asset allocation within the fixed income space to generate returns for your investors in an increasingly complex environment:
-          Why have active managers predominantly underperformed in the past and what are the indicators that this trend is set to reverse?
-          With the rise of passive investing and the return of market volatility, how are ETFs and passive strategies changing bond market liquidity and structure of the fixed income markets?
-          Are current market conditions providing a fertile backdrop for active managers to demonstrate their true value or do passive managers still offer the best source of returns?
-          Is the period of outperformance of passive funds vs. active funds set to be reversed with more opportunities arising for active managers around rising rates?
-          With increased market volatility, do passive managers present too much risk should they react to the same event?
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Pankaj Nagrath

MD & Head, UHNW Advisory, Fixed Income & FX
Bank of Singapore

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Andy Ng

Director & Product Specialist, MultiAsset
Vangaurd Investments

Track C: Portfolio Management | Mastering The Active & Passive Investment Landscape

4:10 pm - 4:30 pm Presentation: With increased globalisation of investment portfolios and the large exchange rate movements generated by diverging monetary policies how can you improve on the implementation of a passive currency hedging programme?
With respect to risk monitoring and reporting of FX hedging activities, market players are using more and more hedging analytics tools. This allows them to gain greater control and understanding of the underlying effects of their hedging process on performance, as no hedging policy will completely eliminate the FX risk. In this presentation our speaker will
 
-          How can you use forwards to hedge passively of your multicurrency portfolios, or for share-class hedging?
-          What operational and regulatory challenges do you face?
-          How can you analyze transaction costs for FX forwards, and how does that differ from looking at spot trades?
-          Should buy side desks outsource passive FX hedging?
-          How can you managing hedge ratio and collateralisation?
-          Dynamic hedging strategies – How can you determine when to do full hedging or half hedging?
-          Does it make sense to hedge EM exposures on the currency? – Is it the same in emerging markets vs developed market?

Track C: Portfolio Management | Mastering The Active & Passive Investment Landscape

4:30 pm - 5:00 pm Fire-side chat: With Asia only accounting for 3% of the $5.07trn global ETF market, how can fixed income ETFs gain more momentum in Asia?
Victoria Tam - Senior Trader Fixed Income, Allianz Global Investor
Diversity is really lacking in the Hong Kong ETF space and according to a survey conducted by Brown Brothers Harriman, although a majority of Hong Kong investors plan to increase their ETF investments in the next 12 months, they would like to see more ETF products across different asset classes. 65% of them want to see more global fixed income products and 63% of them want to see more currency-hedged products, as there are only two such ETFs listed in Hong Kong. In this session our panel of speakers from  Vanguard, Goldman Sachs and Lombard Ordier will examine:
 
-          What are the current challenges in estimating the depth of the ETF market amongst institutional investors?
-          What are the main reasons for the lack of ETF popularity among the local investors?
-          How can investors use ETF as a tool to diversify their portfolios, manage volatility and lower transaction costs?
-          The advantages and disadvantages of ETFs and the liquidity in ETFs - how to manage liquidity in the fixed income environment and what are the challenges?
-          Matching your bond world to ETFs - Where should ETFs lie in the trading ecosystem and how can you bring these two worlds together for more diversified trading and execution options?
-          Trading efficiencies in fixed income ETFs - How can you enhance trading efficiencies in fixed income ETFs? And what have been the recent innovations in the Asian ETF market?
-          Evolution of fixed income ETFs - what does the future hold for fixed income ETFs and how is the market forecasted to evolve over the next 3 years?

Victoria Tam

Senior Trader Fixed Income
Allianz Global Investor

Track A: Introducing New Asset Classes For Tomorrow’s Markets

5:00 pm - 5:30 pm Keynote panel: The Rise of Private Debt as an Institutional Asset Class – How can you grow your private debt business in 2019 and beyond?
Richard Williamson - Managing Director, CreditEase Wealth Management Reuben Lee - MD & Co-Head of Private Investments & Head of Asia, Adamas Asset Management Binay Chandgothia - MD & Portfolio Manager, Principal Portfolio Strategies, Principal Global Investors
Institutional investors in 2018 are increasing their exposure to private debt strategies at a higher rate than ever before, with many looking to both diversify their private debt portfolios and find less competed opportunities. Beyond the mature and competitive private debt markets in North America and Europe, credit markets in Asia offer a relatively untapped reserve of opportunity, and with the recent increase in investor interest in this area, private debt fund managers have seen increased fundraising success in recent years. This session will cover:
 
-          How can you source the deals in the region given it’s a very nascent market? And how can you  expand your network with non-sponsored borrowers
-          How can you find opportunities on bank balance sheets?  And how can you best partner with banks to develop robust deal pipelines?
-          How can you build investor loyalty through transparency?
-          How do you screen the deals and how do you do the due diligence? And how do you price the market?
-          What are investors looking out for in private credit and do they have enough exposure in this space?
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Richard Williamson

Managing Director
CreditEase Wealth Management

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Reuben Lee

MD & Co-Head of Private Investments & Head of Asia
Adamas Asset Management

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Binay Chandgothia

MD & Portfolio Manager, Principal Portfolio Strategies
Principal Global Investors

Track A: Introducing New Asset Classes For Tomorrow’s Markets

5:30 pm - 6:10 pm Oxford Style Debate: True or False - Cryptocurrencies will become part of mainstream institutional FX portfolios within 5 years
Pankaj Nagrath - MD & Head, UHNW Advisory, Fixed Income & FX Bank of Singapore Henrik Andersson - CIO, Apollo Capital Ville Oehman - Co-founder and CEO, Davos Custody Tariq Dennison - Investment Adviser, Portfolio Manager, ETF Expert, GFM Asset Management
-          Assessing the uptake of cryptocurrencies in FX - Should buy-side FX traders incorporate them into their workflow and investment portfolio?
-          What does the regulatory landscape look like and where is it heading?
-          What are cryptocurrencies and how do they work? Should you take them seriously and are they secure?
-          Which market participants are testing the potential of cryptocurrencies?
-          Will there continue to be flash crashes?
-          What role do cryptocurrencies play in emerging markets?
-          How can we expect cryptocurrencies to develop in the near future?
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Pankaj Nagrath

MD & Head, UHNW Advisory, Fixed Income & FX
Bank of Singapore

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Henrik Andersson

CIO
Apollo Capital

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Ville Oehman

Co-founder and CEO
Davos Custody

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Tariq Dennison

Investment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management

Track B: Synergy Workshop | Mastering Real-Time TCA

5:00 pm - 6:10 pm Synergy Workshop: TCA Deep Dive - How to analyse your time-sensitive data in the moment for efficient operations, regulatory compliance and enhanced customer experience
In an environment of dynamic algorithms, fragmentation, dark pools and SORs, it is no longer possible for you to meet the challenges of analysing real time order performance using traditional TCA methods.So how can you effectively analyse real time order performance? – Come to this in-depth interactive workshop where you will learn:
 
-          In an environment of dynamic algorithms, fragmentation, dark pools and SORs, how to effectively analyse real time order performance
-          How can brokers democratise the access to intraday execution information to differentiate themselves from the competition?
-          How can real time TCA guide you to adjust your actions on the next order or to set algo parameter values during trading on quickly changing market conditions?
-          How can real-time TCA provide you  with timely information on costs, quality and potential market impact at the portfolio and order level to help you make the right decisions at all times?
-          Complex Event Processing (CEP) platforms  to analysing real time streaming data -  what are some of the important points you should be thinking about when you are considering CEP technology?

6:10 pm - 6:15 pm Chairperson’s Closing Remarks

6:15 pm - 7:15 pm Fixed Income and FX Leaders Summit Networking Drinks Reception