e-Forex-Nov-23

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Takeaways from TradeTech FX in Paris September 2023 and moderator Roderick Ngotho (Independent) was focused on East Asia. Jen, noted how Mexican exports to USA had passed those from China as a result of reshoring. There was still substantial financial exposure to China, Mederios said, from the vast majority of stocks that Americans own. Indeed, we only need to look at the recent price action in Apple as anecdotal evidence, of how China can impact US companies. RECENT EVENT ACTIVE CURRENCY STRATEGIES I was also on a panel on active currency strategies panel, alongside Andreas Koenig (Amundi Asset Management), Frederick Fischer (Allianz Global Investors), Achim Walde (Metzler Currency Management) and Roderick Ngotho (Independent). It also included some thoughts on the dollar, where most of the panellists were bullish, I was the odd one out, suggesting some downside, citing that on a relative basis that our inflation forecasts suggested more downside in the US versus the other major economies, which would likely be bearish USD. We also discussed how currency strategies fitting in broadly, in terms of investing. Walde made the point that FX risk was a big component of your returns, citing an example with US stocks over the past few years, where returns for a local investor would have been 300% versus 400% for a Eurozone denominated investor. Whereas FX is often seen as an afterthought, managing it can make a big difference! For CHF the situation was trickier, it was low yielding, and has steadily appreciated, and has had its currency account surplus recycled. There was also the factor that FX was a monetary policy tool in Switzerland. The topic of the dollar as a reserve currency also came up, although the consensus was that it was difficult to replace. One important point was that the liquidity in financial sector is what counts for a reserve currency, given that the proportion of financial transactions is 50x the real trade. A later panel also with Stephen Jen (Eurizon), alongside Bridgette Le Bris (Ostium), Gustavo Mederios (Ashmore) LIQUIDITY & MARKET STRUCTURE As mentioned earlier the topic of execution was also a key part of discussions at the event. There was an enlightening panel on liquidity and market structure, featuring Tgetg Roethlin (UBS), Jay Moore (FX HedgePool), Jeremy Smart (XTX Markets), Simon Osterberg (SEB), 16 NOVEMBER 2023 e-FOREX
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Page 1 and 2: transforming global foreign exchang
Page 3 and 4: Welcome to e-FOREX transforming glo
Page 5 and 6: Turning Payment Flows into Revenue
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Page 9 and 10: NOVEMBER 2023 e-FOREX 9
Page 11 and 12: Evolving with the Market Added Func
Page 13 and 14: Accelerate time-to-trade with LPs &
Page 15: RECENT EVENT give a few more takeaw
Page 21 and 22: TRADING OPERATIONS market risk back
Page 23 and 24: Welcome to the next generation of b
Page 25 and 26: Forward FX interpolation… …sti
Page 31 and 32: TRADING OPERATIONS robust, standard
Page 33 and 34: REGIONAL E-FX PERSPECTIVE The MENA
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Page 41 and 42: THE e-FOREX INTERVIEW Eric, you hav
Page 43 and 44: THE e-FOREX INTERVIEW Fred Allatt (
Page 45 and 46: THE e-FOREX INTERVIEW OUR SINGAPORE
Page 47 and 48: THE e-FOREX INTERVIEW (From left to
Page 49 and 50: FX ON EXCHANGES There are two clear
Page 51 and 52: YOUR PIONEERING PARTNER IN INSTITUT
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NETWORKS, HOSTING & CONNECTIVITY cl
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TRADERS WORKSHOP NOVEMBER 2023 e-FO
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Next level financial markets A new
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TRADERS WORKSHOP “Rapidly changin
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e-Forex-Nov-23

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