Programme

Tuesday 28 May 2013

8:00am

Registration & Coffee

8:50am

Welcome address

9:00am

Opening keynote address: How is China preparing for currency wars

9:30am

Executive Speech: Investor perspective: Investment opportunities onshore v/s offshore

Speaker: Brian Baker, CEO and Director, PIMCO ASIA

10:00am

Panel discussion: Regulation and reform in China’s FX markets

  • Policy issues: Is it the right time for China’s policy makers to open up China’s capital account and if so how quickly can this be expected?
  • Would releasing capital controls on overseas participation disrupt the economy?
  • How are regulatory changes affecting the FX business model: Capital requirements, changes in execution, mandatory clearing, risk mitigation processes and trade reporting requirements?
  • Impact on the FX trading landscape post Dodd-Frank
  • Post QDII and QFII: What’s next?
  • How truly international is the RMB from the capital account perspective?
  • Interest rate liberalisation: Implication on volatility of interest rate trading

Speakers:
Gao Xu, Chief Economist, CHINA EVERBRIGHT SECURITIES
David Ngai, Managing Director, Global FX Division - Asia Pacific, GFMA
Dariusz Kowalczyk, Senior Economist, CREDIT AGRICOLE

10:45am

Coffee break

11:15am

Panel discussion: Opportunities in China’s FX trading environment

  • What are the latest developments in China’s trading environment?
  • How will China’s FX markets respond to the increase in E-trading?
  • Transaction cost management with E-trading
  • Challenges in the HFT environment
  • Will algo trading be allowed onshore and what impact will this have on market volatility?

12:00pm

Presentation: Using technical analysis in the FX market to increase performance and consistency

  • Factors Leading to the Market Turbulence that Began in December 2007 and Lessons Learned
  • Recent regulatory standards for liquid risk exposures of banking organizations
  • Impact of recent liquidity standards on banking organizations

Speaker: James Brodie, CIO, THE SHERPA FUNDS

12:30pm

Lunch

FX Onshore/Offshore market masterclass

1:30pm

(I) Industry Focus:

  • Will diverse products and regulatory transparency of offshore markets continue drawing issuers and investors to dim sum bonds and away from the mainland? 
  • Will developments in the onshore spot market exert an influence on the offshore spot market
  • Is Taiwan set to become the new major offshore hub with the direct yuan clearing system between Beijing and Taipei? What does this bring on board in terms of new products and
    opportunities offered?
  • What does this mean for the development of the offshore markets? 
  • Should China take guidelines from the offshore FX options markets as to what is to be done onshore?

Moderator: Brian Baker, CEO and Director, PIMCO ASIA
Speakers:
Wu Qiong, Fixed Income Research , BOCI SECURITIES
Chang Shu, Senior Economist, BANK FOR INTERNATIONAL SETTLEMENTS
Beng Hong Lee, Head of FICC Trading and Structuring China, DEUTSCHE BANK

 2:15pm

(II) Workshop: offshore RMB markets - what the future holds:

  • Summary of regulatory reforms and offshore RMB market developments
  • Offshore RMB potential and challenges to globalization
  • What are some possible solutions?
  • The use of CNH futures

Speaker: Mok Wing Chew, Senior Director, Research & Product Development, Asia, CME GROUP

2:45pm

(III) Presentation: Betting on the RMB - should investors switch from NDFs to CNH?

  • How fast will the RMB rise?
  • Which offshore instrument provides cheaper and more accurate exposure to the RMB?
  • Hedging RMB exposure: advantages and disadvantages of CNY NDFs and CNH DFs

Speaker: Dariusz Kowalczyk, Senior Economist, CREDIT AGRICOLE

3:05pm

Coffee break

3:25pm

Executive address: Cross border RMB trade settlements – Direct trading between RMB and JPY on the interbank forex market

4:00pm

Panel discussion: Is China ready for RMB globalization – achieving full RMB convertibility

  • When will China allow flexibility and full convertibility with the currency and what is going to drive the currency appreciation?
  • What are the major challenges to make the Yuan a global currency? 
  • The next stage of RMB Internationalisation
  • Prospects of RMB in the context of global rebalancing. Where do we see the onshore currency moving?
  • Intergration of China traders in the global system

Moderator: Thomas Cheong, Vice President, China Asset Management, MANULIFE FINANCIAL
Speakers:
Jianping Ding, Director, Research Center for Modern Finance, SHANGHAI UNIVERSITY
Gerrard Katz, Head of FX, Global Markets Asia, BBVA
Zhongming Zhao, Assistant General Manager, Department of Trading Treasury, SHANGHAI
PUDONG DEVELOPMENT BANK

4:45pm

Closing Remarks

4:50pm

Close of conference

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