FX Invest Europe 2012 Agenda

8:20 Registration and breakfast

08:45 Welcome address:

Joel Clark, Editor, FX WEEK

08.50 Chairperson's opening remarks:

Lynnelle Jones, Director, HATHERSAGE CAPITAL MANAGEMENT

09:00 Keynote address: Update on how central banks have influenced the FX landscape

Martin Schlegel, Head of Foreign Exchange & Gold, SWISS NATIONAL BANK

09:25 Executive address: Navigating currency markets and moves with a vision to build for the future

Jonas Granholm, Group Head Global Pensions, SKANSKA

09:45 Panel discussion: Examining the macro shifts in the FX environment

Currency wars? Assessing monetary policy and central bank behaviour- Actions by the European Central Bank
Concerns regarding the Euro and USD: Are the weaknesses in developed markets stunting the growth of developing markets?
Has the growth of systematic trading strategies brought systematic risk to the FX markets?
Have currency markets become more efficient: Is the case for active management still valid?
Does the current macro environment impact the opportunities for active management?

Moderator: Michael Shilling, Chief Executive Officer, PARETO INVESTMENT MANAGEMENT
Holger Neuhaus, Head of Front Office, DG Market Operations, EUROPEAN CENTRAL BANK
Adrian Lee, President & Chief Investment Officer, ADRIAN LEE & PARTNERS
Beat Siegenthaler, Executive Director of FX Strategy, UBS INVESTMENT BANK
Paul Robson, Senior FX Strategist, RBS GLOBAL BANKING & MARKETS

10:30 Morning break

11:00 Presentation: Currency risk issues for institutional investors

Investment and portfolio management in today's context
Impact of long term secular decline in USD
Domestic vs. cross border investments
Implications for strategic asset allocation
Portfolio rebalancing and currency rebalancing
Currency risk attribution

Guan Seng Khoo, PhD, Vice President, Head, Enterprise Risk Management, ALBERTA INVESTMENT MANAGEMENT CORP

11:30 Presentation: Conscious Currency-Rethinking currency risk and return in asset management

The traditional approach to describing and managing currency risk
Some anomalies, and the problems they cause
A deeper look identifies structural questions with broad implications
A proposed new approach and next steps

Ian Toner, CFA, Director, Research and Communications, RUSSELL INVESTMENTS

12:00 Panel discussion: Exploring the latest trends in electronic trading- Benefits for the buy-side and institutional investors

Will OTC derivatives regulatory reforms lead to a boom in algorithmic trading?: Implications for FX pre and post trading tools
Evaluating multi- bank FX portals as a key component to achieve best practice in FX risk management
Eliminating settlement risk in the FX market: Using trading technology to enhance operational efficiency and reduce costs
As investors explore wider currencies, what are the opportunities for electronic trading outside the BRIC currencies?
The growth of FX high frequency trading: Striking the balance between manual and automated processes

Moderator: Joel Clark, Editor, FX WEEK
Jonathan Wykes, Global Head of AES FX Sales, CREDIT SUISSE
Vikas Srivastava, Managing Director and Head of Business Development, INTEGRAL DEVELOPMENT CORP.

12:40 Lunch and opportunity to network

13:40 Presentation: Is currency management really special?

Currency alpha: How does it compare to other asset classes and expectations?
Are currency manager's returns really "Lumpy"?
Diversification argument myth or truth?
Systematic vs fundamentals: Which is best?
Track record: Does it matter anymore?

Pierre Lequeux, Head of Currency Management, AVIVA INVESTORS

14:10 Panel discussion: Introspection of currency management today- How to improve performance

Why did currency managers face a difficult year?: Outlining the contributing factors
Currency management strategies weathering the storm: Comparing the impact on systematic vs. discretionary, technical vs. fundamental, G10 vs. EM, alpha vs. beta dependence, blended approaches
Generating alpha going forward: Has the currency world changed? If it has, which trading strategies will work in this new currency environment?
Reviewing manager fees in light of lower risks being taken and disappointing performance

Moderator: Malcolm Leigh, Global Macro Lead Researcher, MERCER
Giovanni Pozzi, Chief Executive Officer, JW PARTNERS
Patrik Safvenblad, Investment Partner, HARMONIC CAPITAL PARTNERS
Mikkel Thorup, Founding Partner & Chief Investment Officer, CAPRICORN CURRENCY MANAGEMENT
Monica Fan, Head of Business Development, MILLENNIUM GLOBAL
Bijoy Kar, CFA, Strategist, MIG BANK

15:00 Presentation: Implementation of currency management strategies in the current environment

Adapting your currency investment strategy to respond to the present challenges facing return generation
- Influence of governmental involvement on exchange rate
- Affect of the risk on risk off approach on currency values
- Market liquidity and volatility developments

Paul Chappell, Chief Investment Officer, C-VIEW

15:20 Afternoon Break

15:50 Presentation: Presentation: Emerging market currencies - The new safe havens

Majors v EM in the post crisis world
Relative value in a heterogeneous universe
Currency wars or guerrilla warfare?

Thanos Papasavvas, Strategist, Fixed Income & Currencies, INVESTEC ASSET MANAGEMENT

16:20 Presentation: Will Asian currencies continue to outperform?

Review of historical real exchange rates
Cyclical economic outlook
Future monetary policy
Investment risks and opportunities

Jonathan Davies, CFA, Head of Currency, Global Investment Solutions, UBS GLOBAL ASSET MANAGEMENT

16:50 Panel Discussion: Global outlook for investing in an uncertain world

The outlook for the Euro and USD
Possible impact of global inflation on the FX market: The role of fiscal policy
If volatility continues to increase what will be the impact on liquidity?
Reviewing counterparty risk: Implications of new central counterparty proposals for OTC derivatives on FX markets
Where do the investment opportunities lie over the next 5 years?

Moderator: Jonas Granholm, Group Head Global Pensions, SKANSKA
Frederic Feve, Head of Portfolio Management, BAINBRIDGE PARTNERS
Daniel Murray, CFA, PhD, Global Head of Research, EFG ASSET MANAGEMENT
Christopher Cruden, Chief Executive Officer, INSCH CAPITAL MANAGEMENT
Björn Armfelt, President, APOTEKET Abs PENSION FOUNDATION

17:30 Chairman's closing remarks: