17 - 19 September, 2019
The Westin, Singapore
65 6722 9455
Day 2 - Thursday, September 19th 2019
8:00 am - 8:50 am Registration and Breakfast
8:50 am - 8:55 am Welcome Remarks
Suhana Begum, Conference Director, Fixed Income Leaders Summit
8:55 am - 9:00 am Chairperson’s Opening RemarksBrad Bailey - Capital Markets Research Director, Celent
Adapting To A New Market Paradigm
9:00 am - 9:20 am Opening Keynote Presentation: FX as an asset class – Why should currencies be an integral part of the alternative components of any portfolio?Andreas Konig - Head of Global FX Portfolio Management, Amundi Asset Management
- What are the drivers in other asset classes that are making FX look like an interesting alpha source?
- In an environment with low returns how do asset allocators view the alpha opportunity presented to them by FX?
- What concerns do asset allocators have about including FX as an asset class?
Andreas KonigHead of Global FX Portfolio Management
Amundi Asset Management
9:20 am - 10:00 am Keynote Panel: Entering into a challenging and uncertain climate - In times of structural transformations, how can you best position your investment portfolio and how will investment strategies need to be adjusted?Eric Delomier - MD Investments, Payden and Rygel Erwin Sanft - MD & Senior Portfolio Manager, E Fund Management Pankaj Nagrath - MD & Head, UHNW Advisory, Fixed Income & FX, Bank of Singapore
Fixed income markets have undergone significant structural change since the 2008 financial crisis. These seismic shifts are forcing investors to adapt to a new market paradigm that will challenge not only how they trade fixed income, but what types of products they use to build bond portfolios and manage risk.
In this Session, our speakers will examine the evolution of the bond market through three interconnected lenses: the liquidity environment, market structure and product preferences. All three are changing in the post-crisis era with implications for the shape of the future bond market and investors.
- How can you invest in the current market conditions and what are the risks and trading opportunities in times of structural transformations?
- Is the current market volatility conducive for investors to take a lot of risks?
- What do all these mean for the broad dollar trend and will dollar appreciation continue?
- With rate hikes affecting bond portfolios negatively, how can you better safe guard your portfolios and returns?
- Has quantitative easing ruined the investor landscape and will there be a further tightening of monetary policy by central banks?
Eric DelomierMD Investments
Payden and Rygel
Erwin SanftMD & Senior Portfolio Manager
E Fund Management
10:00 am - 10:20 am Keynote: How is the role of non-bank liquidity providers evolving and how can they better work with traditional asset managers?
- How are non-bank liquidity providers playing a vital role in improving access to liquidity?
- What impact does working with non-traditional liquidity providers have on your traditional relationships and how can you maintain these?
- Non-traditional market makers - who are the alternative providers of liquidity in swaps and what does the emergence of these mean for the traditional market structure?
- How should you re-structure your desk on the back of increased electronification and the emergence of non-traditional liquidity providers?
- Expanding your list of counterparties- How can you be comfortable dealing with non-bank liquidity providers and how can you get this past your investment teams?
- Debate- with liquidity becoming de-centralised around a wider community of banks and NBLP, is this positive for the industry with more equality or does it lead to too much liquidity fragmentation?
Cracking China's Debt Conundrum
10:20 am - 10:50 am Keynote Panel: The playoff between onshore and offshore Chinese bonds – With the gradual appreciation of the renminbi, how can you trade the onshore market while allocating to the offshore market strategically?Alexandre Bouchardy - Managing Director, Head of Fixed Income Asia and AM Singapore, Credit Suisse Asset Management Eric Liu - Fixed Income Portfolio Manager, BlackRock Ken Hui - Chief Operating Officer, Fullgoal Asset Management Ricco Zhang - Director, Asia Pacific, International Capital Market Association (ICMA)
With China now being fully accounted in the Global Aggregate Index and the local currency Chinese bonds being the fourth largest currency component following the US dollar, euro and Japanese yen, what are the opportunities that lay ahead for foreign investors? Our speakers here will shed light on:
- What are the key factors and drivers of both the offshore and onshore markets?
- What are the issuers and investors looking for in each market?
- China On shore bonds: Does index inclusion support them in terms of where we are given all the problems?
- China bid has gone to China offer - As China's new bond issuance last year has struggled and are we going to see a continuation of this trend and will China bid come back?
- How much is the China bid worth in terms of the pricing?
- Are we going to see some increase in offshore China issuance - How is that expected moving forward and should we invest in more onshore in China Vs offshore?
Alexandre BouchardyManaging Director, Head of Fixed Income Asia and AM Singapore
Credit Suisse Asset Management
Eric LiuFixed Income Portfolio Manager
Ken HuiChief Operating Officer
Fullgoal Asset Management
Ricco ZhangDirector, Asia Pacific
International Capital Market Association (ICMA)
10:50 am - 11:20 am Morning Refreshment Break
The Evolution of Benchmarks
11:20 am - 11:40 am Industry perspective: Navigating the London Interbank Offered Rate (Libor) – Assessing the world of new indices and alternative benchmarks to LIBORTariq Dennison - Investment Adviser, Portfolio Manager, ETF Expert, GFM Asset Management Mushtaq Kapasi - Chief Representative, Asia Pacific, International Capital Market Association Gareth Nicholson - Head Fixed Income, Bank of Singapore
- As these rates are utilised in virtually every corner of the financial markets worldwide, how should market participants prepare?
- The practicalities of benchmark reform - How have regulators handled this and what are the timelines for change?
- Assessing the new benchmarks for key geographical locations - How are you going to transition to these new benchmarks?
- How do reference rates differ from each other and how do the respective policies differ across jurisdictions?
- The implications of moving to an alternative benchmark - What will this mean for legacy contracts?
- What are the impacts of moving away from LIBOR on market pricing and risk management models?
- What are the drawbacks with alternative rates and the potential longevity of Libor once a mainstream alternative has been adopted?
- What are the key challenges associated with moving from Libor to alternative benchmarks and what types of risk will investors face once Libor is discontinued?
Tariq DennisonInvestment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management
Mushtaq KapasiChief Representative, Asia Pacific
International Capital Market Association
Gareth NicholsonHead Fixed Income
Bank of Singapore
12:10 pm - 12:30 pm 360°Perspective: Disruptive technologies - What are the next big breakthroughs you should expect from the FINTECH world and how can they help to inject liquidity into the world of fixed-income and FX?Sam Ahmed - Managing Director and Head of Asia Pacific Deriv Asia Pankaj Nagrath - MD & Head, UHNW Advisory, Fixed Income & FX, Bank of Singapore
- Can FINTECH help “backward” bond market catch up?
- How has Fintech’s reach into bond markets enabled more transparency and efficiency?
- Enabling price transparency – How can FINTECH induce deal flow, foster new relationships and create more transparency around price.
- What is happening in AI, robotics, peer-to-peer platforms and cloud technology and how will these impact investments and trading in the next 5 years?
- Processing enormous amount of market data in a low latency environment – How can technology solve this for you?
Sam AhmedManaging Director and Head of Asia Pacific
12:30 pm - 12:50 pm Out of the Box Keynote: Magic of the mind - Witness the impossible, as Tom plants thoughts in the head of unsuspecting audience members or predicts the outcome of decisions made entirely at random
Sometimes also called Mentalism or Magic of the Mind, this style of magic will leave you amazed how the mind reader can possibly know such things. Predictions of the future and seemingly random decisions pre-determined are just some of what you can expect.
No thought is safe!
Using a combination of psychology and suggestions techniques, combined with conjuring methods, Tom will tell you things he CAN'T POSSIBLY KNOW! But don't worry, Tom would never share his secrets, so he won't share your's either. Witness the impossible, as Tom plants thoughts in the head of unsuspecting audience members or predicts the outcome of decisions made entirely at random. Tom's half-hour stage show is like nothing you've ever seen before! There are no dancing show girls or appearing doves. This show will leave you questioning "Is it real, or is it all in my mind?"
12:50 pm - 1:50 pm Networking Lunch
Track A: Fixed Income Trading | New Frontiers Trading Technologies1:50 pm - 2:30 pm All Star Panel: Segregating your low touch from your high touch business - How can you embrace the machine learning and AI driven future to improve workflow efficiencies and strategically focus trader resources? Mikael Bjorkman - Fixed Income Execution Trader, UBS Wealth Management
Developed markets have had the benefit of using new technologies like AI and automation to increase liquidity, transparency and the ease and speed of trades over the past few years. During that time, EM has stayed the course with little technological advancement and over 70% of EM trades are still done by voice. This presentation will shed light on where technology is going in EM and what you can do to properly prepare and take advantage.
- The rise of artificial intelligence, smart learning and automation- What is the future of human involvement in the execution process?
- High touch vs. low touch - What can you automate across your fixed income desk and what needs to retain the human touch?
- Managing the intelligence of big data - How are the buy side adopting this to facilitate the rise of automated trading on their desk?
- Smart learning, machine learning, obtaining data, and having the control to do this automatically or not- How can this be achieved?
- Establishing a best execution policy around automation- How can you define a set of criteria for your low touch trading to allow your traders to focus on the high touch business?
- How do you recruit, train & retain the appropriate human talent to handle this challenge and instill the correct behavioral change in a buy side organisation?
Mikael BjorkmanFixed Income Execution Trader
UBS Wealth Management
Track A: Fixed Income Trading | New Frontiers Trading Technologies2:30 pm - 2:50 pm Presentation: Gaining the information edge - How to use data analytics to establish the best path to trade and justify your execution on a regular basis?
Life has become somewhat easier for buy-side firms, with the sheer volume of data now available. While some firms feel like they are using this data well, others feel like they are missing out. This panel will outline opportunities for you to better compile and aggregate your data to improve:
- The evolution of best execution- How are leading buy side heads measuring best execution and what changes have they made to take advantage of electronic markets?
- More than just price- How can you determine the speed, liquidity, likelihood of execution and settlement, size and nature of the trade through your pre-trade analytics?
- How can you implement TCA and analytics when trades are not done electronically and how do you then prove best execution?
- Debate: Do you actually need TCA in fixed income to justify your execution?
Track A: Fixed Income Trading | New Frontiers Trading Technologies2:50 pm - 3:30 pm All Star Panel: With the successful development of Delivery vs. Payment (DVP) capabilities using blockchain by MAS and SGX, how can you simplify your post-trade processes to further shorten settlement cycles? Eric Neo - Venture Partner, Golden Horse Fund Management Ville Oehman - Co-founder and CEO, Davos Custody Sam Ahmed - Managing Director and Head of Asia Pacific, Deriv Asia
- How is blockchain currently being applied to fixed income markets to make trading, clearing and settlement more cost efficient?
- How does this technology work, how can you use it and what potential does it have to affect the current capital markets ecosystem?
- Reducing reliance on the clearing system- What does blockchain offer and how have trades already been settled outside the traditional clearing and settlement structure in a legal manner?
- New frontiers of performance- How can blockchain enable faster, more efficient settlement and how will this reduce settlement risk?
- Establishing the winners and losers- How can market participants embrace the benefits of blockchain technology whilst preserving their role in the capital markets industry?
- Bringing blockchain to the mass market- What are the current deficiencies around scalability and how can they be overcome?
Eric NeoVenture Partner
Golden Horse Fund Management
Ville OehmanCo-founder and CEO
Sam AhmedManaging Director and Head of Asia Pacific
Track B: FX Trading | Capitalising On New Alpha Opportunities1:50 pm - 2:30 pm All Star Panel: With the sell side now leveraging technologies like blockchain, how will this change the way you trade FX and what new alpha opportunities does this bring to your trading desk? Alvin Sim - Structured FX Advisory and Dealing Specialist, BNP Paribas Wealth Management Elbert Iswara - Executive Director, Head of FX Execution & Money Markets, Bank of Singapore Brandon Koh - Senior Vice President FX, Swaen Capital
- How can distributed ledger transform and digitalise the processes in this space?
- How can block chain help you to better manage foreign exchange flows within your organisation?
- Vendor management vs. building internally - As more technology comes to FX markets where should you allocate resources and what factors should be considered?
- With ongoing technological innovation how can you keep track of new trends and make continuous investments to ensure you are maintaining a competitive advantage?
Alvin SimStructured FX Advisory and Dealing Specialist
BNP Paribas Wealth Management
Elbert IswaraExecutive Director, Head of FX Execution & Money Markets
Bank of Singapore
Brandon KohSenior Vice President FX
Track B: FX Trading | Capitalising On New Alpha Opportunities2:30 pm - 2:50 pm Presentation: Turning big data into smart data - How to put new and alternative data sources to work and convert these into alpha generation opportunities
The intense competition for FX trading venues may come down to the quality and use of data as a key differentiator. The FX market has witnessed a significant proliferation of trading venues coming to market over the course of the last several years, with expectations of major consolidation soon to come, however the use of data will be instrumental going forward to build and optimise a diverse liquidity network. In this presentation our speaker will address:
- How can superior data sets and methods of extracting information from data give you an advantage in investing?
- What alternative forms of data are the buy side using now to build out their portfolios and come up with new trade ideas?
- How can you integrate new data insights into your existing workflow, with alternative data (satellite information, weather data, foot traffic, etc.) and social media data adoption a growing focus?
- Turning data into alpha- How can you manage and utilize this data to extract new actionable trade ideas?
- Combining AI with big data- How can a data-driven, scientifically based and technologically aware research culture can produce sustainable alpha?
Track B: FX Trading | Capitalising On New Alpha Opportunities2:50 pm - 3:30 pm Fire-side chat: Next generation algos – How is algorithmic trading being improved by the use of AI, machine learning and other advanced technologies? Kevin Gin - Founder & Principal, Executive Director Alpha Capital Chester Liaw - Lead FX and Rates Trader, UOB Asset Management
- Market impact, price, performance, information leakage and risk- How can you establish these factors when incorporating new algos on your desk?
- Evaluating algo performance - What advanced measurements should you incorporate to best understand the success on your trading desk?
- What are the pitfalls you should be aware off when selecting new algos and integrating them in your execution process?
- What considerations go into developers when fine tuning their algos and how are they continuing to push the boundaries of current offerings?
- The future- How will algos further influence FX market over the next 5 years and how can you ensure you are well positioned to take advantage of this?
Kevin GinFounder & Principal, Executive Director
Chester LiawLead FX and Rates Trader
UOB Asset Management
Track C: Portfolio Management | Asset Allocation 20201:50 pm - 2:30 pm All Star Panel: From divergence to convergence - What impact will the move towards quantitative tightening have on volatility and how should you position your portfolio to enhance returns? Vivek Sharma - Head of Global Asset Management, SEA and Middle East Edelweiss Brigitte Le Bris - MD & Head of Global rates and FX, Ostrum Asset Management Eric Delomier - MD Investments, Payden and Rygel Haren Shah - MD & Head of Investments, Taurus Wealth management Shantanu Shukla - VP, Global Markets, State Bank of India Callum Henderson - Senior Director, Economic Analysis, Caisse de dépôt et placement du Québec (CDPQ)
- We are already in the QE tightening phase - when will the tide turn and after all these rate hikes the fed has to come back and reflect how it has impacted the asset markets?
- When does the quantitative tightening end and what are the drivers that will end the quantitative tightening
- What is the portfolio positioning once quantitative tightening ends and how will investors perceive on the duration risks?
- What are the drivers that will encourage fed to make the financial conditions make more easier or accommodative?
- Moving from QE to quantitative tightening - How it impacts and the changing monetary policy environment moving forward and what it means for investments opportunities in the market?
Vivek SharmaHead of Global Asset Management, SEA and Middle East
Brigitte Le BrisMD & Head of Global rates and FX
Ostrum Asset Management
Eric DelomierMD Investments
Payden and Rygel
Haren ShahMD & Head of Investments
Taurus Wealth management
Shantanu ShuklaVP, Global Markets
State Bank of India
Callum HendersonSenior Director, Economic Analysis
Caisse de dépôt et placement du Québec (CDPQ)
Track C: Portfolio Management | Asset Allocation 20202:30 pm - 2:50 pm Fire-side chat: Reaping the benefits of the ‘Green Wave” with responsible fixed income investing – How to achieve higher return potential with managed risk Cedric Rimaud - Director of Emerging Markets Research Singapore, First Degree Asset Management Ricco Zhang - Director, Asia Pacific, International Capital Market Association (ICMA)
With the recent green bond taxonomy labelling, US$5 billion worth of green bonds being issued and the launch of the 3 year green bond grant scheme in Sep 2018, how will this unveil a long-term stable return for investors? Our speakers here will examine:
- The rise of an asset class - What is
- Asia’s role in the drive to green and sustainable capital markets?
- What are the main reasons for SEA’s luke warm reception to green bonds?
- Much of the growth in Asian green bond issuance is in China - What can the finance industry do to boost green investments in developing nations in SEA?
- How can portfolio managers include ESG in the decision making, how they can achieve this and what kind of standards can they follow?
- The growing importance around these ESG investments both from the supplier and the demand side -How open are issuers to issue green bonds?
- What is the level of compliance costs that goes along with this and how are issuers getting compensated for the costs associated with reporting?
- What initiatives can IFC take to further increase the number of investors for banks in developing countries that issue green bonds?
Cedric RimaudDirector of Emerging Markets Research Singapore
First Degree Asset Management
Ricco ZhangDirector, Asia Pacific
International Capital Market Association (ICMA)
Track C: Portfolio Management | Asset Allocation 20202:50 pm - 3:30 pm Fire-side chat: The rise of leveraged loans as a $1tn asset class - With warnings flagged by IMF about the breakneck pace of leveraged lending, what are the opportunities and risks you should be aware of? Jerry Jarrell - Principal, CEO, Vantage Investment
- Sub-prime risks with this US leveraged loans - How much of a risk does it present to the global credit market?
- What are some of the trends in the leverage loans space in the US in terms of debt service ability?
- Collateralised loan obligations – How big is the CLO space in Asia who are the active buyers?
- What kind of default risk we can expect in this cycle when the credit cycle does turn and what will be the recovery value?
Jerry JarrellPrincipal, CEO
3:30 pm - 4:00 pm Afternoon Networking Break
Mainstreaming Infrastructure Finance
4:00 pm - 4:30 pm Keynote interview: Are infrastructure bonds the next big thing in infrastructure financing?Jerry Jarrell - Principal, CEO, Vantage Investment
- Can project bonds become a major part of Asia’s capital market landscape?
- Will the major opportunities prove to be in the offshore or domestic markets?
- How can local currency bonds serve as an alternative avenue for infrastructure financing in Asia Pacific?
- How can infrastructure bonds fill the region’s infrastructure investment gap?
- Can project bonds be considered as a separate fixed income asset class?
What are the key factors that make local currency bond financing difficult for infrastructure projects in developing Asia?
Jerry JarrellPrincipal, CEO
4:30 pm - 5:00 pm Closing Keynote Panel: Overall Outlook – Conference Wrap Up: What will the next 5 years bring to the Finance industry in APAC?Stephen Fisher - Chairman and CIO, First Degree Global Asset Management Pierre-Emmanuel Charlier - Head of Fixed Income Trading, Asia, Pictet Asset Management Sam Priyadharhsi - Head of Portfolio Risk and Derivatives, Fixed Income, Vangaurd Investments Pankaj Nagrath - MD & Head, UHNW Advisory, Fixed Income & FX, Bank of Singapore
Stephen FisherChairman and CIO
First Degree Global Asset Management
Pierre-Emmanuel CharlierHead of Fixed Income Trading, Asia
Pictet Asset Management
Sam PriyadharhsiHead of Portfolio Risk and Derivatives, Fixed Income