The 3rd Annual Asia Forex Forum - Euromoney Conferences

The 2 nd Annual Forex Forum USA
9 November 2005
The Hilton, New York
08:00 – 09:00 Registration and Coffee
08:15 – 08:55 Breakfast Session: The Whole Story: Pre-Trade Analytics and FX Liquidity
Hosted by Bloomberg
Speaker: Philip Brittan, Global Business Manager, FX, Bloomberg
09:00 – 09:10 Opening Remarks: Helen Wyles, Deputy Director, Euromoney Conferences
09:10 – 09:30 Opening Keynote Address: Politics, Policy and the Foreign Exchange Markets
The Hon. Dr Philippa Malmgren, President, Canonbury Group
09:30 – 10:20 Panel 1: The US Trade Deficit and Global Imbalances. China’s Currency Not the Real
Problem
Hosted by Morgan Stanley
• If China is not the answer what is?
• What other options does the US have to reduce its current account and budget
deficit?
• Is the US trade deficit a false alarm?
• What about protectionism in the US?
• Does the current account matter?
• Do interest rates matter?
• What does it mean to have a basket peg? What will be the next moves?
• Revaluation of the Renminbi the answer to the problems facing the US economy and
the weakening dollar? Or is focusing on China’s currency a distraction to the real
problems
Moderator: Gregory Ip, Senior Special Writer, Wall Street Journal
Speakers: Yudhveer Chaudhry, Director, BlackRock
Stephen Jen, Managing Director and Global Head of Currency Research, Morgan Stanley
Adam Posen, Senior Fellow, Institute for International Economics
Mark Sobel, Deputy Assistant Secretary for International Monetary and Financial Policy,
United States Department of the Treasury
10:20 – 10:40 Coffee
10:40 – 11:30 Panel 2: The Evolving/Changing Structure of Risk in FX Markets
Hosted by The Royal Bank of Scotland
• Has the sell side become more than just liquidity providers?
• Have hedge funds become the new banks?
• How are real money investors reshaping their forex strategies to cope with the effects
of hedge fund strategies?
• Are central banks protectors of national wealth or yield maximising asset managers?
Is there a contradiction?
• Are the governments fiscally challenged?
• Have multilaterals been marginalised after Argentina?
• Are derivatives risk mitigators or financial weapons of mass destruction?
Moderator: David Simmonds, Global Head of Currency Research, The Royal Bank of
Scotland
Speakers: Gene Frieda, Head of Global Emerging Markets Strategy and Research, The
Royal Bank of Scotland
Howard Kurz, Chairman, Founder and Chief Investment Officer, Lily Pond Capital
Management
Howard Tai, Equity Derivatives and FX Specialist, American Century Investment
Management
John Watts, Chairman, Fischer Francis Trees & Watts
11:30 –12:20 Panel 3: Managing FX Risk
If You've Bet on a Sure Thing - HEDGE
Hosted by State Street Global Markets
• How do you prepare for periods of turbulence in the global financial markets?
• What two things are preventing you from sleeping at night?
• Is the FX world any riskier now that the Chinese Renminbi is partially floating?
• How can you identify skilful managers that are adding value?
• If currency returns wash out over the long run, should we even attempt to control for
interim volatility?
Moderator: Jeremy Armitage, Managing Director and Global Head of Research, State Street
Associates, State Street Corporation
Speakers: Jordan Alexiev, Senior Associate, State Street Associates, Cambridge
Mark B. Fitzsimmons, Senior Vice President, Millburn Ridgefield Corporation and The
Millburn Corporation
Chris Harris, Partner, NorOdin Investment Management
Dori Levanoni, Director, Co-Director of Global Derivatives, First Quadrant
Thomas Murphy, Portfolio Manager, AnCar Investments

12:20 – 14:00 Lunch
14:00 – 14:50 Panel 4: Emerging Markets as a Source of Alpha
Hosted by Bank of America
• Global liquidity, commodity prices and prospects for total return in emerging markets
• How will BRICs (Brazil, Russia, India, and China) re-shape the world economy and
financial markets
• Evolution of different currency regimes
• How will the move to flexibility in the Renminbi impact volatility and will Asia become a
Renminbi bloc?
• Prospects for further EU convergence
• Options and derivatives as a source of alpha
• Liquidity
• Hot picks, favourite currencies and why
Moderator: Lawrence Goodman, Managing Director, Global Head of Emerging Markets
Currency Strategy, Bank of America
Speakers: James Barrineau, Senior Vice President, Alliance Capital
Joseph Portera, Jr. Managing Director, and Global Sovereign Manager, MacKay Shields
LLC
Matias Silvani, Vice President and Senior Economist, JPMorgan Asset Management
Peter Willett, Senior Currency Portfolio Manager, State Street Global Advisors
14:50 – 15:40 Panel 5: Making Money in FX
Hosted by Goldman Sachs
• Do technicals work in making money in FX?
• Do fundamentals correlate to FX movements?
• Will FX markets continue to distinguish between G20 and other markets?
• What correlations matter most to FX markets? Rates? Equities Commodities?
Inflation?
Moderator: Paul Young, Managing Director, Head of Foreign Exchange Strategy, Goldman
Sachs
Speakers: Felix Adam, Founder and Chairman, ACT Currency Partner
Ron DiRusso, Portfolio Manager, Hyman Beck & Co
Michael Huttman, Chief Investment Officer, Millennium Global Investments
Arun Muralidhar, Chairman, Mcube Investment Technologies and Managing Director, FX
Concepts
Robert Savage, Managing Director, Foreign Exchange, Goldman Sachs
Howard Spector, FX Strategist, Tudor Investment Corp
15:40 – 16:00 Coffee
16:00 – 16:50 Panel 6: Commodities and Currencies: Diversifying Risk Across Markets
Hosted by JPMorgan
• Are commodity and currency markets merging in the new era of rising inflation?
• Where are the next big risks for oil, and which way are they biased?
• How has the relation between energy prices and growth changed since the 1970s and
1980s shocks?
• How should we analyze pass-through from oil prices to FX?
• Will gold turn into the "currency" of choice in the post-Greenspan era?
Moderator: Rebecca Patterson Vice President and Senior Global Currency Strategist,
JPMorgan
Speakers: Adnan Akant, Managing Director and Head of FX, Fischer Francis Trees & Watts
Dennis Gartman, Editor, The Gartman Letter
Katherine Spector, Vice President and Global Head of Energy Strategy, JPMorgan
Maxime Tessier, Vice President, Currency Management, TAL Asset Management
16:50 – 17:15 Head to Head Debate: Safe as Houses: Can US Consumers Continue to Bribe the World
Economy? A Debate as to Whether the Housing Lead US Consumer Boom will End in a
Hard or Soft Landing.
Moderator: Dennis Gartman, Editor, The Gartman Letter
Speakers: Adam Posen, Senior Fellow, Institute for International Economics
John R. Taylor, Jr, Chairman & CEO, FX Concepts
17:15 – 17:20 Closing Remarks: Helen Wyles, Deputy Director, Euromoney Conferences
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