Federal Reserve Bank of New York
11/19/2024 | News release | Distributed by Public on 11/18/2024 01:54
FX Market Structure Conference
The foreign exchange (FX) market is the largest financial market in the world by trading volume, with average daily turnover of approximately $7.5 trillion, according to the BIS's latest Triennial Survey. The structure of the FX market has evolved extensively over time, undergoing important shifts in the types of market participants, the jurisdictions in which they transact, and the mix of instruments traded, all within an ecosystem that has become increasingly complex. The substantial increase in the number and types of trading venues and the growth in algorithmic execution are just some of the factors that have contributed to reshaping the landscape. While these changes introduce new benefits to the market, they may also create new challenges and risks. As the FX market plays a critical role in supporting international trade, investment, and finance, developments in this space merit analysis and monitoring.
Given this important area of focus, the Federal Reserve Bank of New York is pleased to host the FX Market Structure Conference on November 19, 2024. The conference will feature a keynote address by Michelle Neal, head of the New York Fed's Markets Group, panel discussions, and a moderated discussion regarding the FX Global Code.
Topics will include:
- Evolution of FX spot and derivatives markets
- Key trends in FX market liquidity and price discovery
- Analysis of the current FX settlement landscape, including recent changes and areas of potential risk
- Update on recent developments regarding the FX Global Code
- Innovation and the future of the FX market
Event Details
Date & Time
November 19, 2024
8:00am-5:00pm
Location
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
Audience
In-person attendance will be by invitation only. The event will also be streamed, with a live webcast available on this page starting the morning of the conference. A recording of the event will be available soon after.
Media
This event is on the record and open to media. Space for media to attend in-person is limited. For media who wish to attend or have questions, please contact Betsy Bourassa at the New York Fed at [email protected].
| 8:00am-8:55am | Check-In and Continental Breakfast |
| 8:55am-9:00am |
Welcome Remarks
Lisa Chung, Federal Reserve Bank of New York |
| 9:00am-9:15am |
Keynote Address
Michelle Neal, Federal Reserve Bank of New York |
| 9:15am-10:15am |
Panel: Evolution of the Spot Market
Moderator: Lisa Chung, Federal Reserve Bank of New York Benjamin Anderegg, Raiffeisen Switzerland Asif Razaq, BNP Paribas Vlad Sushko, Bank for International Settlements Inderjit Takk, Industrial Alliance |
| 10:15am-10:30am | Break |
| 10:30am-11:15am |
Panel: Key Trends in Price Discovery and Liquidity
Moderator: Alain Chaboud, Federal Reserve Board of Governors Paul Houston, EBS/CME Ben Klixbull, XTX Markets Roel Oomen, Deutsche Bank Petra Wikstrom, Capitolis |
| 11:15am-11:45am |
Moderated Discussion on FX Global Code with Gerardo Garcia of Banco de Mexico
Moderator: Anna Nordstrom, Federal Reserve Bank of New York |
| 12:00pm-1:30pm | Networking Lunch |
| 12:30pm-12:45pm |
Remarks
Brent Neiman, U.S. Department of the Treasury |
| 1:45pm-2:45pm |
Panel: FX Swap Market Dynamics
Moderator: Fabiola Ravazzolo, Federal Reserve Bank of New York Mark Cabana, Bank of America Yudhveer Chaudhry, Blackrock Lim Hui Wen, Monetary Authority of Singapore Philippe Lintern, Bank of England Castruccio Nardi, LMR Partners |
| 2:45pm-3:30pm |
Panel: FX Settlement Landscape
Moderator: Dan Reichgott, Federal Reserve Bank of New York Zareera Bukhari, Federal Reserve Bank of New York Lisa Danino-Lewis, CLS Natalie Lovell, Bank of England Yan Pu, Vanguard |
| 3:30pm-3:45pm | Break |
| 3:45pm-4:30pm |
Panel: Innovation and the Future of the FX Market
Moderator: Per von Zelowitz, Federal Reserve Bank of New York Morten Bech, Bank for International Settlements Umar Farooq, JP Morgan Gordon Liao, Circle |
| 4:30pm-4:35pm |
Closing Remarks
Anna Nordstrom, Federal Reserve Bank of New York |
| 5:00pm-6:00pm | Reception |
Speakers
Read bios for the speakers listed below.
Benjamin Anderegg
Head of Trading
Raiffeisen Switzerland
Head of BIS Innovation Hub Centre - Switzerland
Bank for International Settlements
Zareera Bukhari
Policy, Strategy, and Analytics Associate
Federal Reserve Bank of New York
Mark Cabana
Managing Director and Head of U.S. Rates Strategy
Bank of America
Senior Economic Project Manager
Federal Reserve Board of Governors
Yudhveer Chaudhry
Managing Director and Global Head of Emerging Market, Foreign Exchange, Commodities, & Digital Assets Trading
BlackRock Global Trading Group
Lisa Chung
Director, Foreign Exchange and Global Rates
Federal Reserve Bank of New York
Chief Growth Officer
CLS
Umar Farooq
Co-Head of Global Payments
JP Morgan
Gerardo García
General Director of Central Banking Operations
Banco de México
Paul Houston
Managing Director, Global Head of FX Products
CME Group
Benjamin Klixbull
Head of Distribution and Liquidity Management
XTX Markets
Gordon Liao
Chief Economist
Circle International Financial
Philippe Lintern
Head of Foreign Exchange Division
Bank of England
Natalie Lovell
Senior Manager, Foreign Exchange Division
Bank of England
Castruccio Nardi
Senior Portfolio Manager
LMR Partners
Head of Markets Group
Federal Reserve Bank of New York
Deputy Under Secretary for International Finance
U.S Department of the Treasury
Anna Nordstrom
Head of Domestic and International Markets
Federal Reserve Bank of New York
Roel Oomen
Head of Quantitative R&D Lab for Sales and Trading
Deutsche Bank
Yan Pu
Principal and Global Head of Foreign Exchange
Vanguard
Fabiola Ravazzolo
Policy Advisor, International Markets
Federal Reserve Bank of New York
Asif Razaq
Global Head of Automated Client Execution
BNP Paribas
Dan Reichgott
Capital Markets Trading Principal
Federal Reserve Bank of New York
Senior Economist
Bank for International Settlements
Vice President and Head of Global Trading
Industrial Alliance
Director of the New York Innovation Center
Federal Reserve Bank of New York
Lim Hui Wen
Lead Portfolio Manager
Monetary Authority of Singapore
Petra Wikstrom
Director of Strategic Accounts
Capitolis