FX Market Structure Conference – FEDERAL RESERVE BANK of NEW YORK
The overseas alternate (FX) market is the most important monetary market on the earth by buying and selling quantity, with common day by day turnover of roughly $7.5 trillion, in response to the BIS’s latest Triennial Survey. The construction of the FX market has advanced extensively over time, present process essential shifts within the varieties of market contributors, the jurisdictions wherein they transact, and the combo of devices traded, all inside an ecosystem that has turn into more and more complicated. The substantial improve within the quantity and varieties of buying and selling venues and the expansion in algorithmic execution are simply a few of the elements which have contributed to reshaping the panorama. Whereas these modifications introduce new advantages to the market, they might additionally create new challenges and dangers. Because the FX market performs a essential function in supporting worldwide commerce, funding, and finance, developments on this area benefit evaluation and monitoring.
Given this essential space of focus, the Federal Reserve Financial institution of New York hosted the FX Market Construction Convention on November 19, 2024. The convention featured a keynote tackle by Michelle Neal, head of the New York Fed’s Markets Group, panel discussions, and a moderated dialogue concerning the FX World Code.
Matters included:
- Evolution of FX spot and derivatives markets
- Key developments in FX market liquidity and value discovery
- Evaluation of the present FX settlement panorama, together with latest modifications and areas of potential danger
- Replace on latest developments concerning the FX World Code
- Innovation and the way forward for the FX market
Watch the Convention
See the agenda under for timing of particular convention segments.
Occasion Particulars
8:00am-5:00pm
33 Liberty Avenue
New York, NY
| 8:00am-8:55am | Examine-In and Continental Breakfast |
| 8:55am-9:00am | Welcome Remarks (00:00:08)Lisa Chung, Federal Reserve Financial institution of New York |
| 9:00am-9:15am | Keynote Tackle (00:02:07)Michelle Neal, Federal Reserve Financial institution of New York | Remarks |
| 9:15am-10:15am | Panel: Evolution of the Spot Market (00:15:23)Moderator: Lisa Chung, Federal Reserve Financial institution of New York Benjamin Anderegg, Raiffeisen Switzerland Asif Razaq, BNP Paribas Vlad Sushko, Financial institution for Worldwide Settlements Inderjit Takk, Industrial Alliance |
| 10:15am-10:30am | Break |
| 10:30am-11:15am | Panel: Key Traits in Worth Discovery and Liquidity (01:16:13)Moderator: Alain Chaboud, Federal Reserve Board of Governors Paul Houston, EBS/CME Ben Klixbull, XTX Markets Roel Oomen, Deutsche Financial institution Petra Wikstrom, Capitolis |
| 11:15am-11:45am | Moderated Dialogue on FX World Code with Gerardo Garcia of Banco de Mexico (02:00:47)Moderator: Anna Nordstrom, Federal Reserve Financial institution of New York |
| 12:00pm-1:30pm | Networking Lunch |
| 12:30pm-12:45pm | Remarks: The U.S. Cross-Border Funds Agenda (02:29:15)Brent Neiman, U.S. Division of the Treasury | Remarks |
| 1:45pm-2:45pm | Panel: FX Swap Market Dynamics (02:58:36)Moderator: Fabiola Ravazzolo, Federal Reserve Financial institution of New York Mark Cabana, Financial institution of America Yudhveer Chaudhry, Blackrock Lim Hui Wen, Financial Authority of Singapore Philippe Lintern, Financial institution of England Castruccio Nardi, LMR Companions |
| 2:45pm-3:30pm | Panel: FX Settlement Panorama (04:00:54)Moderator: Dan Reichgott, Federal Reserve Financial institution of New York Zareera Bukhari, Federal Reserve Financial institution of New York Lisa Danino-Lewis, CLS Natalie Lovell, Financial institution of England Yan Pu, Vanguard |
| 3:30pm-3:45pm | Break |
| 3:45pm-4:30pm | Panel: Innovation and the Way forward for the FX Market (04:41:21) Moderator: Per von Zelowitz, Federal Reserve Financial institution of New York Morten Bech, Financial institution for Worldwide Settlements Umar Farooq, JP Morgan Gordon Liao, Circle |
| 4:30pm-4:35pm | Closing Remarks (05:24:27)Anna Nordstrom, Federal Reserve Financial institution of New York |
| 5:00pm-6:00pm | Reception |
Audio system
Read bios for the speakers listed below.
Benjamin Anderegg
Head of Buying and selling
Raiffeisen Switzerland
Head of BIS Innovation Hub Centre – Switzerland
Financial institution for Worldwide Settlements
Zareera Bukhari
Coverage, Technique, and Analytics Affiliate
Federal Reserve Financial institution of New York
Mark Cabana
Managing Director and Head of U.S. Charges Technique
Financial institution of America
Senior Financial Challenge Supervisor
Federal Reserve Board of Governors
Yudhveer Chaudhry
Managing Director and World Head of Rising Market, International Trade, Commodities, & Digital Property Buying and selling
BlackRock World Buying and selling Group
Lisa Chung
Director, International Trade and World Charges
Federal Reserve Financial institution of New York
Chief Progress Officer
CLS
Umar Farooq
Co-Head of World Funds
JP Morgan
Gerardo García
Common Director of Central Banking Operations
Banco de México
Paul Houston
Managing Director, World Head of FX Merchandise
CME Group
Benjamin Klixbull
Head of Distribution and Liquidity Administration
XTX Markets
Gordon Liao
Chief Economist
Circle Worldwide Monetary
Philippe Lintern
Head of International Trade Division
Financial institution of England
Natalie Lovell
Senior Supervisor, International Trade Division
Financial institution of England
Castruccio Nardi
Senior Portfolio Supervisor
LMR Companions
Head of Markets Group
Federal Reserve Financial institution of New York
Deputy Below Secretary for Worldwide Finance
U.S Division of the Treasury
Anna Nordstrom
Head of Home and Worldwide Markets
Federal Reserve Financial institution of New York
Roel Oomen
Head of Quantitative R&D Lab for Gross sales and Buying and selling
Deutsche Financial institution
Yan Pu
Principal and World Head of International Trade
Vanguard
Fabiola Ravazzolo
Coverage Advisor, Worldwide Markets
Federal Reserve Financial institution of New York
Asif Razaq
World Head of Automated Shopper Execution
BNP Paribas
Dan Reichgott
Capital Markets Buying and selling Principal
Federal Reserve Financial institution of New York
Senior Economist
Financial institution for Worldwide Settlements
Vice President and Head of World Buying and selling
Industrial Alliance
Director of the New York Innovation Heart
Federal Reserve Financial institution of New York
Lim Hui Wen
Lead Portfolio Supervisor
Financial Authority of Singapore
Petra Wikstrom
Director of Strategic Accounts
Capitolis
