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

Date & TimeNovember 19, 2024
8:00am-5:00pm

LocationFederal Reserve Financial institution of New York
33 Liberty Avenue
New York, NY

ViewersIn-person attendance was by invitation solely. The occasion was additionally streamed, with a dwell webcast out there on this web page beginning the morning of the convention. A recording of the occasion will probably be out there quickly after.

MediaThis occasion was on the file and open to media.

8:00am-8:55amExamine-In and Continental Breakfast
8:55am-9:00amWelcome Remarks (00:00:08)Lisa Chung, Federal Reserve Financial institution of New York
9:00am-9:15amKeynote Tackle (00:02:07)Michelle Neal, Federal Reserve Financial institution of New York | Remarks
9:15am-10:15amPanel: 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-10:30amBreak
10:30am-11:15amPanel: 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-11:45amModerated 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-1:30pmNetworking Lunch
12:30pm-12:45pmRemarks: The U.S. Cross-Border Funds Agenda (02:29:15)Brent Neiman, U.S. Division of the Treasury | Remarks
1:45pm-2:45pmPanel: 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-3:30pmPanel: 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-3:45pmBreak
3:45pm-4:30pmPanel: 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-4:35pmClosing Remarks (05:24:27)Anna Nordstrom, Federal Reserve Financial institution of New York
5:00pm-6:00pmReception

Audio system

Read bios for the speakers listed below.

Benjamin Anderegg, Head of Trading, Raiffeisen Switzerland

Benjamin Anderegg

Head of Buying and selling

Raiffeisen Switzerland

Morten Linnemann Bech, Head of BIS Innovation Hub Centre - Switzerland, Bank for International Settlements

Head of BIS Innovation Hub Centre – Switzerland

Financial institution for Worldwide Settlements

Zareera Bukhari, Policy, Strategy, and Analytics Associate, Federal Reserve Bank of New York

Zareera Bukhari

Coverage, Technique, and Analytics Affiliate

Federal Reserve Financial institution of New York

Mark Cabana, Managing Director and Head of U.S. Rates Strategy, Bank of America

Mark Cabana

Managing Director and Head of U.S. Charges Technique

Financial institution of America

Alain Chaboud, Senior Economic Project Manager, Federal Reserve Board of Governors

Senior Financial Challenge Supervisor

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

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, Foreign Exchange and Global Rates, Federal Reserve Bank of New York

Lisa Chung

Director, International Trade and World Charges

Federal Reserve Financial institution of New York

Lisa Danino-Lewis, Chief Growth Officer, CLS

Chief Progress Officer

CLS

Umar Farooq, Co-Head of Global Payments, JP Morgan

Umar Farooq

Co-Head of World Funds

JP Morgan

Gerardo García, General Director of Central Banking Operations, Banco de México

Gerardo García

Common Director of Central Banking Operations

Banco de México

Paul Houston, Managing Director, Global Head of FX Products, CME Group

Paul Houston

Managing Director, World Head of FX Merchandise

CME Group

Benjamin Klixbull, Head of Distribution and Liquidity Management, XTX Markets

Benjamin Klixbull

Head of Distribution and Liquidity Administration

XTX Markets

Gordon Liao, Chief Economist, Circle International Financial

Gordon Liao

Chief Economist

Circle Worldwide Monetary

Philippe Lintern, Head of Foreign Exchange Division, Bank of England

Philippe Lintern

Head of International Trade Division

Financial institution of England

Natalie Lovell, Senior Manager, Foreign Exchange Division, Bank of England

Natalie Lovell

Senior Supervisor, International Trade Division

Financial institution of England

Castruccio Nardi, Senior Portfolio Manager, LMR Partners

Castruccio Nardi

Senior Portfolio Supervisor

LMR Companions

Michelle Neal, Head of Markets Group, Federal Reserve Bank of New York

Head of Markets Group

Federal Reserve Financial institution of New York

Brent Neiman, Deputy Under Secretary for International Finance, U.S Department of the Treasury

Deputy Below Secretary for Worldwide Finance

U.S Division of the Treasury

Anna Nordstrom, Head of Domestic and International Markets, Federal Reserve Bank of New York

Anna Nordstrom

Head of Home and Worldwide Markets

Federal Reserve Financial institution of New York

Roel Oomen, Head of Quantitative R&D Lab for Sales and Trading, Deutsche Bank

Roel Oomen

Head of Quantitative R&D Lab for Gross sales and Buying and selling

Deutsche Financial institution

Yan Pu, Principal and Global Head of Foreign Exchange, Vanguard

Yan Pu

Principal and World Head of International Trade

Vanguard

Fabiola Ravazzolo, Policy Advisor, International Markets, Federal Reserve Bank of New York

Fabiola Ravazzolo

Coverage Advisor, Worldwide Markets

Federal Reserve Financial institution of New York

Asif Razaq, Global Head of Automated Client Execution, BNP Paribas

Asif Razaq

World Head of Automated Shopper Execution

BNP Paribas

Dan Reichgott, Capital Markets Trading Principal, Federal Reserve Bank of New York

Dan Reichgott

Capital Markets Buying and selling Principal

Federal Reserve Financial institution of New York

Vladyslav Sushko, Senior Economist, Bank for International Settlements

Senior Economist

Financial institution for Worldwide Settlements

Inderjit Takk, Vice President and Head of Global Trading, Industrial Alliance

Vice President and Head of World Buying and selling

Industrial Alliance

Per von Zelowitz, Director of the New York Innovation Center, Federal Reserve Bank of New York

Director of the New York Innovation Heart

Federal Reserve Financial institution of New York

Lim Hui Wen, Lead Portfolio Manager, Monetary Authority of Singapore

Lim Hui Wen

Lead Portfolio Supervisor

Financial Authority of Singapore

Petra Wikstrom, Director of Strategic Accounts, Capitolis

Petra Wikstrom

Director of Strategic Accounts

Capitolis

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