Profit & Loss Events 2012 Yearbook

PROFIT & LOSS EVENTS2012

SINGAPORE • BOGOTA • MEXICO CITYLONDON • NEW YORK • CHICAGOSANTIAGO • SAO PAOLO • TORONTO

YEAR

BOOK

Profit & Loss is pleased to present the 2012 Forex Network and FX Growth Markets year-book. Profit & Loss began hosting industry conferences in January 2000 with a standingroom only series in London and New York that looked at “What is e-FX?” and featured a“whoʼs who” of e-FX in those early days.

Over the past decade, our conference roster has grown to a dozen annual conferences,afternoon seminars and specialised workshops. In 2012, our annual Forex Network conferences in London, New York and Chicago drew record crowds, while our FX GrowthMarkets series drew growing participation across Latin America. Additional events in Singapore and Toronto were also very well received, and we look forward to adding newvenues 2013, including a Scandinavian event in Copenhagen.

Nearly 3,000 senior industry peers have joined us at conferences in Europe, Asia, Northand South America throughout 2012.

Profit & Loss Forex Network Chicago in particular has gone from strength to strength, andis currently the largest annual event for the wholesale FX industry globally, drawing nearly600 people to our September conference.

We hope you enjoy this roundup of the year, and will join us in 2013 for what promises tobe another year of challenges and opportunities in the FX industry.

Visit our website at www.profit-loss.com for programme, sponsorship and registration information for our 2013 events calendar.

PROFIT & LOSS EVENTS 2012 YEARBOOK

1www.profit-loss.com


CLOCKWISE FROM TOP:

Standing room only at FXN New York 2012: Anotherfull house for the business sessions in New York City

FXN Chicago 2012: Conference Moderator ColinLambert leads the discussion from the floor duringa business session in Chicago

Networking at FXN London 2012: Coffee break in the Exhibition Hall


2 www.profit-loss.com

FOREX NETWORK PLATINUM SPONSORS

FOREX NETWORK GOLD SPONSORS

FOREX NETWORK SILVER SPONSORS

FOREX NETWORK SUPPORTING EXHIBITORS

THANKS TO OUR ANNUAL FOREX NETWORK 2012 SPONSORS:



THANKS TO OUR 2012 EVENT SPONSORS & PARTNERS:



contents:

Profit & Loss Asia 2012Singapore, February 16 . . . . . . . . . . . . . . . . . . . . . . . . 8

Profit & Loss Workshop: Trading the FX Asset Class - What You Need to KnowNew York, March 22 . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Forex Network FX Growth Markets Colombia 2012Bogota, March 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Forex Network FX Growth Markets Mexico 2012Mexico City, March 29 . . . . . . . . . . . . . . . . . . . . . . . . 13

Forex Network London 2012 London, April 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

P&L Digital FX Awards Dinner

London, April 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Forex Network New York 2012 New York, May 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

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P&L Readersʼ Choice Digital Markets Awards DinnerNew York, May 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Profit & Loss FX Workshop:Trading in the $5 Trillion/Day MarketChicago, June 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Forex Network Chicago 2012Chicago, September 27-28. . . . . . . . . . . . . . . . . . . . . 26

Forex Network FX Growth Markets Chile 2012Santiago, October 23 . . . . . . . . . . . . . . . . . . . . . . . . . 29

Forex Network FX Growth Markets Brazil 2012Sao Paolo, October 25 . . . . . . . . . . . . . . . . . . . . . . . . 30

Profit & Loss Canada 2012Toronto, November 15 . . . . . . . . . . . . . . . . . . . . . . . . 31

Profit & Loss Webinars: FX Aggregation without the Aggravation, May 30. . . . 32

The Future of FX Options, November 19 . . . . . . . . . . 32

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PROFIT & LOSS FOREX NETWORK

ASIA 2012SINGAPORE, FEBRUARY 16, 2012

Breakfast Session: A Focus on PlatformsKeynote address: Yeo Lian Sim, Chief Regulatory Officer, Singapore Exchange

Panel 3: Regulation & The Future of OTC FX Jim Giery, Director, APAC Global Client Solutions, Deutsche Bank; Nick Solinger, CMO, TraianaInc; Robin Poynder, Head of Regulation, Marketplaces, Thomson Reuters

Panel 1: Smart Money: Rick Lloyd, FX Analyst, Thomson Reuters; Olivier Desbarres,Director, Head of FX Strategy, Asia Pacific ex-Japan, Barclays Capital

China and the Asia StoryBank of Singaporeʼs currency strategist Moh Siong Sim

noted that the China story has important implications for therest of Asia over the next decade.

The cyclical question facing China is whether it should further cutrates – should it do so now in response to the slowdown, or

should it hold back to get a soft landing and perhaps deflate someof the property bubble to prevent it becoming a problem later on?On a more structural level, the discussions looked at the rebal-

ancing of global growth, as well as the rebalancing in Chinaʼsdevelopment model from an investment led model to one that is

consumption based.

The Future of OTC FXCould US markets be the big loser when it comes to regulation?That was one of the questions posed to panellists at a session onthe future of FX at Profit & Loss Forex Network Asia.The dangers of rulemaking, by the very definition of thatprocess, start narrowing down what is available, agreed the pan-ellists. The market has a number of different venues which existfor good reasons otherwise they wouldnʼt be there commercially.So naturally, there should be a number of different models andthey reflect the different needs from different areas of commerce.Concerns about regulatory overreach were voiced, noting thatwhile some parts of the proposed legislation could be useful tothe market, after drilling down into the CFTCʼs rulemakingprocess, many of the new rules appear counterintuitive.

Spotlight Presentation: Peter Slater, DeputyCEO and COO, CLS Group Holdings

Panel 2: China & The Asia Story: Cindy Mok,Lead Policy Analyst, Prudential Policy Depart-ment, Monetary Authority of Singapore

Where is Asiaʼs Smart Money Heading Next?At Profit & Loss Forex Network Asia in Singapore, panellists shared theirviews on where the next opportunities are likely to be found. All were unani-mous that “emerging markets somewhere” is where prospects are best,particularly as ratings are under pressure elsewhere.Emerging markets is the place to be, the panellists noted, as evidenced byrecord equity inflows into Asia in recent years.Whether European banks would take money out of Asia as a result ofdeleveraging, the consensus was that they would continue to be supportiveof the region as a reflection of the resilience of Asia generally.

HFT in Asia – Are the costs too high?It is no surprise that high frequency trading has yet to really take off in manyemerging markets for a variety of reasons. But one key reason people point to isthat transaction costs are still too high to attract HFT to these markets in a big way.So what, if anything, might help improve high frequency trading activity to these re-gions?The key, says one high frequency trader based in Asia, is not so much to trade theemerging markets, but more about trading the G10 spot FX markets, as well assome CME FX futures. “Thereʼs nothing especially Asian about what we trade,”says the trader. “The only really Asian strategy we currently pursue is providing liq-uidity to a couple of regional brokers.“But there are other factors beyond what makes sense to trade with high frequency,and there is little that can be done to circumvent an exchange that wonʼt allowtraders to trade. Another trader says the Tokyo Financial Exchange (TFX) flat outrefused the firmʼs business – either as a liquidity provider or taker. “We were toldthat they only allow major global banks and local players,” says the trader.“We brought some strategies in Asian equities and futures to the point of proof-of-concept, but didnʼt find them lucrative enough to continue pursuing,” thetrader continues. “High per-ticket costs is one annoying factor (as is a relativelysmall market), but the deal-killer was the lack of easy DMA [direct market ac-cess] in this region.”This trader says that up to a point, he can cope with high per-trade costs by just trad-ing less, but that the exchanges seem to favour large banks and large local brokers –

making it difficult, if not impossible, for small funds to connect quickly and easily. “Unlike the CME where I can easily write to their FIX API and trade directly on alevel playing field, most Asian exchanges require small funds to connect via a bro-ker whose API can add significant latency,” the trader says. “Naturally, fast brokerscharge a premium for their services. Either way, my orders are behind the majorplayers and for a higher cost. I have no interest in playing that game.“



The Liquidity Mirage: Alive & Well?Is bank liquidity actually being abused? That was the opening question posed atthe above-named panel at Profit & Loss Forex Network Asia in Singapore.The first place liquidity disappears is on the anonymous venues, noted GauravMalhotra, head of FX eTrading APAC at UBS, because there is no end-to-end rela-tionship with the client. “Thatʼs why we consider bank liquidity more robust,” hesaid.Stamos Fokianos, MD, global head of FX e-Trading at RBC Capital Markets,added that today, there are secondary ECNs that have liquidity that you canʼt findon primary platforms. “Itʼs crazy, but itʼs true,” he said. “I think the reason for that isthat you have clients who are being prime brokered, that are now putting up someinterest that doesnʼt appear on the other platforms.

Panel 4: The HFT-Bank Relationship: Counterparties or Competitors?Simon Winn, Head eFX Sales Asia, CommerzbankDavid Wallis, Head of FX Prime Brokerage (Asia), Morgan Stanley

Panel 5: The Liquidity Mirage – Alive & Well? : Stamos Fokianos, ManagingDirector, Global Head of FX e-Trading, RBC Capital Markets; John Miesner,Managing Director, Global Head of Sales, Knight Hotspot FX

Exhibition & Technology Trade Show



Robert Savage, CEO, Track.com • Tom Rogers, Community Manager, Americas Treasury, Thomson Reuters • Robert McKeon, Senior Vice President, Markets and Liq-uidity, FXDD • David Gilmore, Partner, Foreign Exchange Analytics

Robert Savage, CEO, Track.com • Craig LeVeille, Director, FX Products, CME Group • Dave Reid, Director, FX Prime Brokerage, Citi • John Lloyd, Director of ProductMarketing, Traiana

Best Execution

Robert Savage, CEO, Track.com • Andrés Choussy, Executive Director FX Prime Brokerage and Clearing, J.P.Morgan • Hayden Melton, Quantitative Trading Develop-ment Manager, Thomson Reuters • Joe Conlan, Global Head of Sales, FC Stone LLC

Regulatory Update

Connectivity & Rules of Engagement

PROFIT & LOSS WORKSHOP: TRADING THE FX ASSET CLASS:WHAT YOU NEED TO KNOWNEW YORK, MARCH 22, 2012



PROFIT & LOSS FX GROWTH MARKETS

COLOMBIA 2012BOGOTA, MARCH 27

Panel 1: Global Currencies Outlook

Exhibition & Trade Show

Keynote Address:Sandra Benítez, Director of Operations and Market Development, Central Bank of Colombia

More from Colombia on p.12 >

Panel 1: Global Currencies OutlookDaniel Niño, Director of Eco-

nomic Research and Strategies,Bancolombia Group

Camilo Pérez Álvarez, Head ofEconomic Research, Banco de

BogotáCarmen Gloria Silva, FSR Edi-tor, Senior Economist, Central

Bank of ChileGreg Anderson, North AmericaHead of G10 FX Strategy, Citi

David Clark, chairman, TheWholesale Markets Brokersʼ As-

sociation



Panel 2: Regulation & Changing Market Structure

Panel 3: The Future of Execution

Panel 2: Regulation & Changing

Market StructureMatt OʼHara, Senior Vice President -

Head of Marketplaces – Americas,Thomson Reuters

Bradley Seelig,VP, Head of FX,Deutsche Bank

Cesar Figueroa, Executive of Superin-tendent of Securities, Superintendencia

Del Mercado De ValoresFelipe Trujillo, Head of Derivatives,

Colombia Stock ExchangeDavid Clark, chairman, The Wholesale

Markets Brokersʼ Association

Panel 3: The Future of ExecutionMatt OʼHara, Senior Vice President -Head of Marketplaces – Americas,Thomson ReutersAndrés Macaya, Business Manager ofSET FX – Spot Local Platform, Colom-bian Stock ExchangeEdmundo Lizarzaburu, GFI Peru, Gen-eral Manager, GFI GroupSandra M. Gaspar, Director - dbClear -Global Client Clearing Sales, DeutscheBankDave Reid, Director, FX Prime Broker-age, Citi

> Colombia continued from p.11




MEXICO 2012MEXICO CITY, MARCH 29

Keynote Address: Jaime Cortina, Director of Operations, Banco de México

Panel 1: Mexico’s Role on the Global Stage

Panel 2: The FX Asset Class

Panel 1: Mexicoʼs Role on theGlobal StageConference Chairman: DavidClark, Chairman, The WholesaleMarkets Brokersʼ Association;Greg Anderson, North AmericaHead of G10 FX Strategy, Citi;Gabriel Casillas, Executive Di-rector, Chief Mexico Economist,J.P. Morgan;Alejandro Cuadrado, Head of FXLatAm Strategy, BBVA

Panel 2: The FX Asset ClassSegundo Tascón Newton, LatinAmerica Benefits Director, Tow-ers Watson Mexico;Robert Savage, CEO,Track.com; Sergio Méndez, Portfolio Man-ager, Afore XXI Banorte

Panel 3: Regulation &

Changing MarketStructure

Bradley Seelig, VP, Headof FX, Deutsche Bank

Philip Harris , CEO,360Trading Networks, IncMatt OʼHara, Senior VicePresident - Head of Mar-

ketplaces - Americas,Thomson Reuters

Panel 3: Regulation & Changing Market Structure

More from Mexico on p.14 >



Panel 4: High Frequency Trading

Panel 5: The Future of Execution

Spotlight PresentationMark Sandomeno, Broker, Head of Mexican Interest Rates, GFI Group

Panel 4: High Frequency TradingGuillermo Camou, Director, MexDer, Scotiabank Global Banking and MarketsAlfredo Guillén, Trading Director, Mexican Stock ExchangeDanielle Tierney, Analyst, Aite Group

Panel 5: The Future of ExecutionMichael Bernal, Sales Director,Latin America, FXall;Sandra-M. Gaspar, Director -dbClear - Global Client ClearingSales, Deutsche Bank;Jack Linker, Head of LiquiditySales, Marketplaces , ThomsonReuters;Dave Reid, Director, FX PrimeBrokerage, Citi

Exhibition & Trade Show, GFI Cocktail Reception

> Mexico continued from p.13



The Profit & Loss Discussion with (l-r) Colin Lambert, Profit & Loss; Luke Kolter, DealHuband Andres Choussy, JP Morgan

(L-R): James Taylor, global head of FX e-commerce distribution, JP Morgan; David Hol-combe, trading and markets principal, Rule Financial; Paul Caplin, CEO, Caplin Systems;and David Bullen, independent consultant, fixed income e-trading.


LONDON 2012LONDON, APRIL 18

E-commerce in a Cleared WorldProfit & Loss held a special breakfast session, sponsored by CaplinSystems, at Forex Network London 2012, that looked at e-commercein a cleared world. David Holcombe, trading and markets principal atRule Financial, discussed the three stages of evolution of the single-dealer platform, while James Taylor, global head of FX e-commercedistribution at JP Morgan compared the e-commerce businesses offixed income and FX.The panellists were asked how second tier banks would compete withtop tier banks, with Paul Caplin, CEO of Caplin Systems, saying thatsecond tier banks have learnt technically how to aggregate liquidity,make prices and manage risks in a reliable way that previously onlythe top tier banks were able to do. When asked if the experience ofthe end client is improving, Caplin said that as costs are beingsqueezed, banks have had to find ways of making client relationshipmanagement more efficient. Banks are competing more imaginativelyand aggressively in how they serve clients, he noted.

The Profit & Loss DiscussionAndres Choussy (far right), global head of FX clearing, JP Mor-

gan, and Luke Kolter (middle), commercial director for EMEA,DealHub, discussed how prepared the FX industry is for manda-tory clearing of certain products at Forex Network London 2012.

Choussy noted that the FX industry has significantly benefittedfrom the work done in other asset classes including prepara-

tions around trade flows, risk management principles and mem-bership requirements of clearing houses. This has allowed FX

to have a much shorter time to market with clearing but, hewarned, this shortened time frame could introduce a level of risk

to the industry.

The backbone of discussions at Profit & Loss Forex Network Lon-don focused on issues concerning how we, as an industry, areready and able to meet the challenges of a new world, both from aregulatory and market perspective.Throughout the full day event, 300 market participants joined in thelively Q&A debates, which included views from the industry’s leadingexperts from platforms, banks and the buy side about the latest devel-opments in the evolution of the FX industry, the changing landscapeof the FX market and the likely impact of those changes on the busi-ness.The conference kicked off with a breakfast session sponsored by CaplinSystems that focused on “E-Commerce in a Cleared World”. Not manymonths ago, industry commentators were suggesting that a raft ofnew regulation would mean the end of the single dealer platform, butcontrary to those suggestions global banks, and many smaller ones,are investing heavily in e-commerce infrastructure and front-end tech-nology. The panel discussed why this is the case and identified what itis that those who are investing in the space have seen that the doom-sayers have not.Panellists included Paul Caplin, CEO, Caplin Systems; David Holcombe,trading and markets principal, Rule Financial; James Taylor, global headof FX e-commerce distribution, JP Morgan; and David Bullen, inde-

pendent consultant with a focus on fixed income e-trading.“The challenges with regulations in the US and Europe caused peopleto pause in developing cross-asset single dealer platforms, but whatwe’re seeing is all of the tier one banks and some of the tier two banksinvesting heavily again in their platforms,” said Caplin. “This is partlybecause some of the top tier banks have come out and said they in-tend to be SEF aggregators. They expect the market to fragment, theyexpect liquidity to be increasingly widespread and they think there willbe a role for them in an agency brokerage-type capacity, aggregatingliquidity from multiple SEFs and providing smart order routing tothose.”Other topics under the spotlight included divergence in regulationand regulatory arbitrage, key relationship staff being able to reachmore clients through technology, e-commerce in a cleared world andthe associated experience for real economy end users. The first panel of the day – ‘The Fireside Chat’ with David Clark, chair-man of the Wholesale Markets Brokers’ Association – examined the keychallenges of making FX markets safer.David Thomas, programme manager of the Depository Trust and Clear-ing Corp’s FX Trade Repository gave a presentation on where the differ-ent regulatory regimes are up to in terms of trade reporting rules andgave an overview of DTCC’s trade information warehouses, which elec-

Regulation Top of Discussions at P&L Forex Network LondonMore than 300 attended Forex Network London to examine, discuss and debate the most pressing issues affecting theFX industry and to network with peers at P&L’s accompanying technology trade exhibition.

More from London >



tronically store the details of various types of derivatives traded over-the-counter. He was joined on stage by Robin Poynder, head of regula-tion, Marketplaces at Thomson Reuters and Gavin Wells, CEO,ForexClear at LCH.Clearnet for a lively discussion and question and an-swer session.The panellists discussed, among other topics, the costs of clearing,how the data that trade repositories receive will be shared and howquickly FX options are likely to be cleared. Poynder said he could notsee FX options being cleared within the next couple of years becauseof their cash settled nature and also due to delta hedge management. Wells said: “I think it comes down to whether the CFTC backtracks andtakes options out or whether the central banks who oversee CLS de-cide that there is an appropriate way to allow CCPs to access CLS. Ifthere is, and we might hear at the end of the year, then I think FX op-tions could be cleared by the end of 2013.”‘The Profit & Loss Discussion’, sponsored by DealHub, and featuringpanellists Andrés Choussy, global head of FX clearing, JP Morgan, andLuke Kolter, commercial director for EMEA at DealHub, examined thechallenges facing post-trade providers and how they are building effi-ciency into the infrastructure to meet those challenges.The second panel of the day – ‘The Sea Change’, sponsored by Traiana –featured a stellar line up of panellists who discussed, among manythings, whether banks have lost some ownership of the market mak-ing function, the real market impact of internationalisation andwhether internalisation of flows by banks has been a reaction to highfrequency traders or a natural advance in risk management tech-niques. Also under the spotlight were fifth decimal pricing and agencyand principal products and services.Panellists included Mark Meredith, head of e-FX quantitative analytics,UBS; Ed Mount, head of technology-based trading, Royal Bank of Scot-land; Nick Solinger, chief marketing officer at Traiana; and LCH.Clear-

net’s Wells, CEO, ForexClear.As the industry braces itself for regulation, the third panel discussion,entitled ‘The Road Ahead’, examined the future of FX options throughthe eyes of those leading innovation in the space. Panellists includingRoger Rutherford, managing director, FX products, CME Group; JoergSchmuecker, fixed income derivatives e-commerce product head atCredit Suisse; Mark Suter, founder and CEO, Digital Vega; and Paul Mill-ward, head of FX technology, GFI Group, discussed the specific require-ments of a SEF in FX options, how an FX options SEF looks comparedto the current models and how banks are leveraging their proprietaryFX options offerings.The penultimate panel, ‘Surviving the Perfect Storm – ECNs, SEFs and aNew Platform Market’ – featured a range of speakers who discussedthe key benefits of a SEF, what it takes for a platform to stay competi-tive, whether quality of liquidity has come under pressure in the HFTera, the 15-second rule and “bank ECNs”, among other topics.Panellists included Thomson Reuters’ Poynder; Steve Toland, head ofexchange strategy, LMAX; Jeff Ward, executive vice president andglobal sales manager, Icap; and David Woolcock, senior director, banksales at FXall.In the second P&L Discussion of the day, Colin Lambert and Paul Caplinof Caplin Systems had an in-depth discussion on the pitfalls to watchout for in “Creating a Single Bank Platform”.The conference closed with a live video-streamed panel entitled ‘Build-ing a Single Bank Platform for the Dodd-Frank Era’, sponsored byEquinix. A panel of experts including Liam Hudson, global head of e-FXtrading, Bank of America Merrill Lynch; Lee Oliver, director, CitiFX Wire,Citi; Vince O’Sullivan, director and head of Barx sales, Europe at Bar-clays; Jason Vitale, global head of FX prime brokerage and FX OTCclearing, Deutsche Bank; and Robin Manicom, director of financialservices, EMEA, Equinix, attempted to create the perfect single bank

BUILDING A SINGLE BANK PLATFORM FOR THE DODDFRANK ERA: L-R: Vince O’Sullivan, director, e-FX distribution, Europe, Barclays Cap-ital; Lee Oliver, director, CitiFX Wire, Citi; Liam Hudson, MD, global head of e-trading, Bank of America Merrill Lynch; Jason Vitale, globalhead of FXPB & FX OTC Clearing, Deutsche Bank; Robin Manicom, director of financial services, EMEA, Equinix.

CHALLENGES FACING THE GLOBAL FX MARKET: The P&L Fireside Chat with David Clark, chairman,The Wholesale Markets Brokers’ Association, featuring (L-R): David Thomas, programme manager FXtrade repository, DTCC; Gavin Wells, CEO, ForexClear, LCH.Clearnet; Robin Poynder, head of regulation,Marketplaces, Thomson Reuters.

Challenges Facing the Global MarketRobin Poynder, head of regulation, Market-places, Thomson Reuters, David Thomas, pro-gramme manager, FX Trade Repository, DTCC,and Gavin Wells, CEO, ForexClear, LCH.Clear-net, discussed issues surrounding FX clearingand reporting at Forex Network London 2012.According to Poynder, the mandatory reportingof FX trades will create a huge infrastructurecost that many banks have not yet realised, par-ticularly as the reporting mandate is broaderthan the mandate for clearing instruments. Wellssaid that the technology is there to clear FX op-tions and if the central banks that oversee CLSdecide there is an appropriate way to allowCCPs to access CLS, then FX options could becleared by the end of 2013.

Watch the videos from these panels on the P&L website: www.profit-loss.com/?q=forex/videos



Special Address by the Lord Mayor Rt. Hon., the Lord Mayor of the City of London, Alderman David Wootton

Derivatives: The Road Ahead: L-R: Mark Suter, founder & CEO, Digital Vega; Roger Rutherford, MD, FX products, CME; JoergSchmuecker, FID e-commerce product head derivatives, Credit Suisse; Paul Millward, head of FX technology, GFI Group.

Surviving the Perfect Storm - ECNs, SEFs and a New Platform Market: L-R: David Woolcock, senior director,bank sales, FXall; Robin Poynder, head of regulation, Marketplaces, Thomson Reuters; Steve Toland, head ofexchange strategy, LMAX; Jeff Ward, EVP, global sales manager, Icap.

The Profit & Loss Forex Network Technology Trade Show

More from London >



platform, from pre-trade to post-trade and prime brokerage with allthe pricing and execution tools in-between. The panellists discussed the challenges of silos within banks when po-tentially customers are looking for a more integrated solution acrossmultiple markets that they can map onto their workflow and ways tomake the platform bullet proof for regulation. Profit & Loss was honoured to have the Rt. Hon., the Lord Mayor of theCity of London, Alderman David Wootton address attendees duringthe cocktail reception at the close of the conference. In the name of charity, Forex Network London also played host tosome head-shaving entertainment when Markitserv’s Nick Dyne andKeith Tippell faced the clippers to raise money for the St Baldrick’sFoundation and Cancer Research UK.

P&L Digital FX Awards Winners

The Digital FX Awards Dinner followed the Forex Network event withBarclays winning the Best Platform award for Barx – the fifth time it haswon the top category.Barclays carried away four awards in total including Best Rates Plat-form, Best Emerging Markets Platform and Best Structured ProductsPlatform. After 11 years of awarding banks for excellence in their e-commerce offerings, only three have carried off the top Profit & Lossprize, with UBS the winner in the first four years, followed by DeutscheBank for its Autobahn FX platform.The night was one to remember for Citi, which walked away with threeawards, including Best FX Platform – the second of the ‘Big Two’ awards– for Velocity. In addition, it was awarded Best Corporate Platform and

Best Retail FX Platform for CitiFX Pro.Credit Suisse, Deutsche Bank, JP Morgan, Goldman Sachs, UBS and No-mura received two awards each while Bank of America Merrill Lynch,BNP Paribas, Morgan Stanley and Lloyds Bank were presented with anaward each for their efforts in FX e-commerce.“The first thing to say about this year’s awards is what a difference ayear makes. This time last year we reported on an uncertain regulatoryenvironment that was casting a long shadow over the single bank plat-form industry amid fears that much of its functionality could be as-signed to the scrap heap. Roll forward one year and a much greatersense of optimism is apparent,” says Colin Lambert, editor of Profit &Loss. “This optimism is reflected in more banks rolling out platforms fortheir clients, existing banks making a huge effort to climb the ladder –and those at the top enhancing their products even further.“One thing that has become apparent in this year’s process is it is verydifficult to catch up once you fall behind. While we see early mover ad-vantage existing, the real advantage appears to have been maintain-ing expenditure throughout the financial crisis (and in some cases foryears before that). More than ever, looking across the industry, we canstate with some confidence that an ongoing and aggressive techno-logical program – along with ongoing and aggressive spend – is re-quired. It is very easy to fall behind in this game; it is very difficult tocatch up,” he says.Full details of the winners, their platforms and details of the close con-tenders are available in the April issue of Profit & Loss.Profit & Loss would like to thank all those who donated prizes for theauction and raffle on the evening. More than £2000 was raised for theLord Mayor’s Appeal 2012.



Best Platform Barclays CapitalBest FX Platform CitiP&L’s Innovation Award The Royal Bank

of ScotlandBest FX Options Platform Bank of America

Merrill LynchEditor’s Choice Award Credit SuisseP&L’s One to Watch in 2012 Deutsche BankBest Mobile Platform JP MorganBest Rates Platform Barclays CapitalBest Commodities Platform Goldman Sachs2012 Product of the Year Credit Suisse

CLIENT SEGMENT AWARDSBest Banks Platform Goldman SachsBest Corporate Platform CitiBest Real Money Platform UBSBest Leveraged Sector Platform Deutsche BankBest Traders’ Platform NomuraBest Retail Platform Citi FXProBest Emerging Markets Barclays Capital

SERVICES2012 Post Trade Award UBSBest Execution JP MorganBest Execution Functionality NomuraBest Order Management The Royal Bank

of ScotlandBest Research Portal BNP ParibasBest FX Prime Brokerage Morgan StanleyBest Structured Products Platform Barclays CapitalBest Navigation Lloyds Bank

VIEW MORE PHOTOS FROM THE DIGITAL FX AWARDS DINNER ON THE P&L WEBSITE: http://www.profit-loss.com/?q=events

THE 2012 DIGITAL FX “EYE ON THE CLIENT” AWARDS WINNERS LISTING

THE 2012 P&L DIGITAL FX AWARDS DINNERLONDON, APRIL 18



Breakfast Session: “Evolving Platform Technology & New Markets”Caplin Systems’ sponsored breakfast session featured, (L-R): Raj Iyer, VP, Global Markets Product Management, BNY Mellon Global Markets; ThomasLo, Founder and CEO, Financialogix Group; Jose Cadalzo, US General Manager, Caplin Systems; Moderator: Colin Lambert, Editor, Profit & Loss

“Update from Washington”Mike Gill, Senior Policy Advisor, Crowell & Moring

The Profit & Loss Debate: “Fragmentation and future liquidity”Colin Lambert, Editor, Profit & Loss; James Sinclair, CEO & Co-Founder, MarketFactory, Inc.


NEW YORK 2012NEW YORK, MAY 31

The Profit & Loss Interview: Agency vs Principal ModelsIn an interview with Ray Kamrath, CEO of Faros Trading, and TomParry, FX quant trader at Bank of America Merrill Lynch, at Profit &Loss Forex Network NYC 2012, the pair discussed the future of liquid-ity provision and the crucial role FXPB is likely to play in the future.

The Profit & Loss DebateFragmentation and future liquidity werethe topics for debate between P&Lʼs ownColin Lambert and founding CEO of Mar-ketFactory, James Sinclair, at Profit &Loss Forex Network NYC 2012. Setagainst the backdrop of the FX industryʼslong history of innovation, Lambert andSinclair voiced their opinions about thenew platforms entering the market, aswell as the impact of further fragmenta-tion. Although the pair differed on the fu-ture evolution of the industry, one pointof general agreement was that while reg-ulation could cause changes in trading, itwonʼt stop the marketʼs growth.



Panel 1: Global Positioning: How can the US protect its position in global foreign exchange markets? L-R: Thomas Farley, President, ICE Futures US; Christopher Ferreri, Chairman, The WholesaleMarkets Brokers' Association Americas, and Managing Director, ICAP North America; TomRogers, Community Manager Americas, Marketplaces, Thomson Reuters

Panel 2: Gateway to the “New” WorldNick Dyne, Co-Head MarkitSERV FX, MarkitSERV; Bradley Seelig, Head of FX PB, Americas, DeutscheBank; Nick Solinger, Chief Marketing Officer, Traiana Inc; Gavin Wells, CEO, ForexClear, LCH.Clearnet

Differentiation a Challengein Face of Clearing

Will consolidation around clearingchange which banks dominate in execu-tion? That question was posed to panel-lists at Profit & Loss Forex Network NYC

2012. Brad Seelig of Deutsche Banksuggested the industry will respond withnew services to differentiate themselvesthrough collateral transformation, execu-tion tools and cash management. Fellow

panellist Nick Dyne of MarkitServwarned that many market participants

still donʼt realise how quickly they needto act, claiming there is a complacency

about how much work needs to be done.

Will Dodd-Frank Radically Alter FX?

Five years from now, FX trading could be radically al-tered by Dodd-Frank contended panellist ThomasFarley, senior vice president of financial markets atICE (previously president, ICE Futures US) at Profit& Loss Forex Network NYC 2012. According to Far-ley, spot, forwards and swaps will move to centralclearing; there will be significantly more FX futurestrading than there is today; and the average tenor oftrades will increase significantly, he said.Fellow panellists Chris Ferreri, chairman of theWholesale Markets Brokersʼ Association Americasand Tom Rogers, community manager at ThomsonReuters, disagreed with some of those assumptions,questioning the value of centralising risk into fewerclearing house buckets.


More from New York >




Panel 3: Making Markets in an Electronic WorldL-R: Simon Jones, Global Head of FX eTrading, Citi; Chris Concannon, Partner, Virtu Financial;Peter Atkinson, Head of FX Products Management, smartTrade; Christopher Purves, ManagingDirector – Global Head of FX E-Trading, UBS

Panel 5: SEFs, ECNs and Other AcronymsL-R: Ed Brown, EVP of Business Development & Research, ICAP • Matt O’Hara, Senior Vice Presi-dent, Global Head of Business Operations, Marketplaces, Thomson Reuters • Jim Kwiatkowski,Global Head of Sales, FXall • John Miesner, Managing Director, Knight Hotspot FX

Panel 4: Derivatives: The Road AheadL-R: Mark Schlater, Managing Director, FX & PM Derivatives, UBS Investment Bank;Paul Millward, Head of FX Technology, GFI Group; Craig LeVeille, Executive Director, FXProducts, CME Group

Making Markets in an Electronic WorldIs spread compression the biggest challengethe industry faces? At Profit & Loss ForexNetwork NYC 2012, panellist Chris Concan-non, CEO at Virtu Financial, asked whether,as spreads continue to compress, is the futureof market making about who can makespreads and turn a profit at the same time, oris it a question of making spreads and cus-tomised liquidity?Fellow panellist John Crouch of Credit Suisse,argued that internalisation provided an oppor-tunity, while counterpart Chris Purves of UBSargued that there is a case against consoliat-ing all of a bankʼs liquidity internally.

SEFs, ECNs and Other AcronymsWhat challenges will the increasing number oftrading venues coming into the FX marketpose to existing industry players? Will the fu-ture of the platform world be about scale?Panellists at Profit & Loss Forex NetworkNYC 2012 sought to predict the future of theindustry, as well as the scene if the expectedFX exemption does not materialise.

FX Options – Biggest Area of Fragmentation?

With as many as 17 new venues for the FX options marketcurrently in the works, volume growth for the industry wentunder the microscope at Profit & Loss Forex Network NYC

2012. Increases in speculative flows, smaller mid-tierfunds, corporations increasing hedging activities and regu-

lations will all work to increase volumes in the FX optionsmaket, said Paul Millward at GFI Group. Fellow panellistsall agreed that no matter what the future holds, electroni-

cally traded options will be the big driver for change.

> New York



For the fifth consecutive year, Profit & Loss opened its website in April and May for readers to vote for the bestbank, broker and service provider across 15 key categories in the FX industry. This year, more than 13,000 voteswere registered making it the largest response to date for the awards.

The winners of the 2012 Readers’ Choice Digital Markets Awards, along with the Class of 2012 Hall of Fame in-ductees, were unveiled at a dinner and ceremony on May 31, following Forex Network New York.

Profit & Loss unveiled the winners of its 2012 Readers’ ChoiceDigital Markets Awards at a dinner and ceremony on 31 Mayafter Forex Network New York with Barclays and Citi scoop-

ing four awards each.In the bank provider categories, Barclays won Best Multi-Asset

Class Platform, the Digital Markets Innovator Award, Best OptionsTrading Platform and Best Trading Platform for Corporates (it was a

joint winner with Bank of America Merrill Lynch). Citi receivedawards for Best FX Prime Brokerage, Best Retail FX Platform, BestMatching Platform and Best Order Management.

UBS was voted Best Post-Trade Services provider and won theBest Risk Management System award. Deutsche Bank won BestTrading Platform for Hedge Funds and Best Trading Platform forAsset Managers while the Royal Bank of Scotland won Best

2012 Profit & Loss Readers’ Choice

The Profit & Loss Hall of Fame “Class of 2012”In 2009, Profit & Loss celebrated its 10th anniversary by establishing the Profit & Loss Hall of Fame, which recognises those individu-als who have made significant contributions to the growth of the foreign exchange industry. The Class of 2012 continues to reflect thatethos, comprising people who have long been held in great esteem by peers and colleagues, both professionally and personally. It iswith great pleasure that we unveil the next four members of our industry to be honoured in the Profit & Loss Hall of Fame:

Michael deSa David Ogg John Taylor Tony Dalton

Profit & Loss Readers’ Choice Digital Markets Awards 2012

Clockwise from top: Bank of America Merrill Lynch; Dealhub; 360T; Thomson Reuters; Citi; Currenex; GFI



Best Trading Platform for CorporatesBank Providers1=: Barclays1=: Bank of America Merrill Lynch3: CitiNon-Bank Providers1: 360T2: FXall3: Currenex

Best Trading Platform for Hedge FundsBank Providers1: Deutsche Bank2: Citi3: BarclaysNon-Bank Providers1: Currenex2: Hotspot3: FXall

Best Platform for Asset ManagersBank Providers1: Deutsche Bank2: Barclays3: UBS Non-Bank Providers1: FXall2: FX Connect3: Currenex

Best Retail FX PlatformBank Providers1: Citi2: Barclays3: SaxoNon-Bank Providers1: Alpari (UK)2: FXCM3: Pepperstone

Best Matching PlatformBank Providers1: Citi 2: Deutsche Bank3: JP MorganNon-Bank Providers1: EBS2: Thomson Reuters Matching3: Currenex

Best Post-Trade ServicesBank Providers1: UBS2: Citi3: Deutsche BankNon-Bank Providers1: DealHub2: MarkitServ3: FXall

Best Multi-Asset Class PlatformBank Providers1: Barclays2: JP Morgan3: Deutsche BankNon-Bank Providers1: State Street eExchange2: CME3: Bloomberg

The Digital Markets Innovators AwardBank Providers1: Barclays2=: Citi2=: Goldman Sachs Non-Bank Providers1: Gold-i2: Surface Exchange3: Russell

Best Risk Management SystemBank Providers1: UBS2: Citi3: Goldman SachsNon-Bank Providers1: GFI Fenics2: Thomson Reuters3: Currenex

Best Algorithmic Trading SystemBank Providers1: JP Morgan2: Credit Suisse3: CitiNon-Bank Providers1: Progress Apama2: Flextrade3: Thomson Reuters

Best Options Trading PlatformBank Providers1: Barclays2: Deutsche Bank3: UBSNon-Bank Providers1: GFI Forex Match2: Surface Exchange3: Digital Vega

Best Liquidity Aggregation PlatformBank Providers1: The Royal Bank of Scotland2: Citi3: JP MorganNon-Bank Providers1: Thomson Reuters Dealing Aggregator2: SmartTrade3: Integral

Best FX Prime BrokerageBank Providers1: Citi2: UBS3: Morgan StanleyNon-Bank Providers1: FC Stone2: Traiana3: NewEdge

Best Order ManagementBank Providers1: Citi2: Deutsche Bank3: BarclaysNon-Bank Providers1: Barracuda FX2: TraderTools3: Currenex

Best Market Data ServiceNon-Bank Providers1: Thomson Reuters2: Bloomberg3: GFI

DIGITAL MARKETS AWARDS WINNERS 2012

Liquidity Aggregation Platform and JP Morgan received the BestAlgorithmic Trading System award.

DealHub beat off competition to win the Best Post-Trade Servicesaward while Currenex won the Best Trading Platform for HedgeFunds award and 360T received an award for Best Trading Platformfor Corporates. FXall won the Best Trading Platform for AssetManagers.

Other winners on the night included EBS for Best MatchingPlatform; Thomson Reuters for Best Liquidity Aggregation Platformand Best Market Data Platform; GFI Group for Best FX OptionsPlatform and Best Risk Management System; State Street

eExchange for Best Multi-Asset Class Platform; and Alpari (UK),which received an award for Best Retail FX Platform. ProgressApama, FC Stone, Barracuda FX and Gold-i also received awards.

For the fifth consecutive year, Profit & Loss opened its website inApril and May for readers to vote for the best bank, broker andservice provider across 15 key categories. This year, more than13,000 votes were registered making it the largest response to datefor the awards.

Find more photos on P&Lʼs Facebook page:facebook.com/profitandloss

> New York



PROFIT & LOSS FX WORKSHOP:TRADING IN THE $5 TRILLION/DAY MARKETCHICAGO, JUNE 13

“Ensuring your Firm is Properly Set Up and Addressing Growth Plans”James Fischer, Esq, Partner, Drinker Biddle & Reath LLP

Panel 2: “Which FX Venues Best Suit Your Trading Style?”Moderator: Colin Lambert, Editor, Profit & Loss; Craig LeVeille, Executive Director, FX Products, CME Group; John Miesner, Managing Di-rector, Global Head of Sales, Knight Hotspot FX; Tom Rogers, Community Manager Americas, Marketplaces, Thomson Reuters; Dan Torrey,Head of Sales - Americas, ICAP EBS

Panel 1: “Trending Business Issues Guiding Legal Solutions”Moderator: James Fischer, Esq, Partner, Drinker Biddle & Reath LLP; IraKalina, Esq, Drinker Biddle & Reath LLP; Vincent Sangiovanni, Chief Operat-ing Officer, GAIN GTX

“Prime Brokerage and Trading in a Fragmented Market”Moderator: Colin Lambert, Editor, Profit & Loss; James Sinclair, CEO & Co-Founder, MarketFactory, Inc; Dave Reid, Director,FXPB, Citi; Jordan Hamowy, Director of FX Product Marketing, Traiana

Connectivity in a Fragmented WorldIn a discussion between Nick Dyne (far right), MD and co-head of MarkitSERV FX, and Nick Solinger (middle), chief

marketing officer at Traiana, at Profit & Loss Forex NetworkChicago, the pair discussed a range of Dodd-Frank issues,including that pertaining to NDFS. According to Dyne, it is a

great pity the regulators decided to pick on NDFSs assomething to be the vanguard of the changes, because

thereʼs no money in it, thereʼs not enough volume, and notvery much liquidity. It has all the wrong characteristics to

find itself being the instrument type thatʼs the first to do thechange, he added. The real risk, he said, is that unless

they do the mandating soon, people are going to lose inter-est in the problem, because thereʼs no way they are going

to make money in it, because it just becomes a chore.Solinger Challenges Dyne to Sparring Match

At the close of the P&L Discussion, Solinger challengedDyne to a sparring match at the next Profit & Loss event

in 2013. Solingerʼs tactic, he said, would be to run aroundthe ring in an attempt to run down the time, to which Dyneagreed might actually work, since he doesnʼt actually run.


The P&L Discussion: “Connectivity in a Fragmented World” Nick Solinger, Chief Marketing Officer, TraianaNick Dyne, Managing Director and Co-Head, MarkitSERV FX

Keynote Address:Carol Clark, Senior Policy Specialist, The Federal Reserve Bank of Chicago

Is the World Coming to Chicago?Derek Sammann, Senior Managing Director, Interest Rate and Foreign Exchange Products, CME Group



CHICAGO 2012CHICAGO, SEPTEMBER 2728

Keynote: Market Vulnerability and High Speed TradingCarol Clark, senior policy specialist at the Federal Reserve Bank of Chicago, made the open-ing address at Profit & Loss Forex Network Chicago. In her speech, which focussed on MarketVulnerability and High Speed Trading, Clark noted that there is cause for concern because ofthe frequency of market mishaps that are occurring at seemingly reputable firms and focussedon where responsibility lies in setting controls at all levels of the trading lifecycle.One area she highlighted in particular was that high frequency traders apply fewer pre-traderisk strategies in order to reduce latency, and that she hopes the new rules will address thispractice.

The P&L Interview: Is the World Coming to Chicago?

In a one-on-one interview between Profit & Lossʼs editor Colin Lambertand Derek Sammann, senior managing director of interest rate and FXproducts at CME Group, at Profit & Loss Forex Network Chicago, Lam-bert asked whether there is a sense for optimism, despite the changes

facing the industry. Sammann replied that the trends CME is seeingdoes indeed give him a sense of optimism in terms of how people are

pre-positioning themselves ahead of regulations. However, as more riskthan ever before is coming into the CME, Sammann cautioned that

“[regulations] are changing a market structure that has been in placeand worked very well for a good many years in FX”.



Panel 2: “\algblockdefx[<block>]{<start>}{<end>}:Who Owns the Code?”

John Mulcahy, Associate, Finnegan; Thomas Rayski, Counsel, Dechert LLP

Panel 3: “KYC: Keeping Your Customer” L-R: Jorn Sodborg (Luffe), chief dealer, spot FX, Jyske Bank; Takis Spiropoulos, MD, Global Head, e-Com-merce Solutions, CIBC; Harry Gozlan, CEO, smartTrade; Bryan Hunter, MD, eCommerce, Fifth Third Bank

Panel 2: Patents vs Trade SecretsJohn Mulcahy, associate at Finnegan, discussed the differences between patentsand trade secrets at Septemberʼs Profit & Loss Forex Network Chicago. Mulcahy

said the question between the two comes down whether the invention in question ispatentable and wither it can be kept a secret. He also discussed key differences be-

tween European and US laws on when you file for a patent.

Panel 3: “KYC: Keeping Your Customer”In a panel looking at the role of the second tier bank,

speakers at Profit & Loss Forex Network Chicago looked atthe role aggregation has to play in the life of the lower tier

bank operator. Aggregation is very important, said TakisSpiropoulos, managing director and global head, e-Com-

merce Solutions at CIBC World Markets, but arguedagainst co-mingling of different liquidity pools. In dis-

cussing the role of the single dealer platform, Jorn Sod-borg (Luffe), chief dealer, spot FX, at Jyske Bank in

Copenhagen noted that while it formed an important part ofa bankʼs offering in the early days of e-FX, he was unsureabout the benefit going forward in light of increasing regu-

latory and compliance requirements.

Panel 1: Market Makingin an Electronic WorldBank and non-bank marketing mak-ers came together to discuss regula-tion, fragmentation and riskmanagement at Profit & Loss ForexNetwork Chicago, which drew acrowd of nearly 600 to the WindyCity in September.Chris Concannon, partner at VirtuFinancial; Peter Nabicht, executivevice president at Allston Trading;Chris Purves, MD and global headof FX e-trading at UBS InvestmentBank; and Greg Wood, director, algorithmic execution, FX and listed derivativesat Deutsche Bank, started the session looking at the benefits of more regulationto the sector. Fragmentation within the FX market led to discussions on IT risk management,with Purves suggesting that the industry would benefit by defining a commonmechanism for connectivity and therefore avoiding the need to recode every timea platform adds a new feature.

Panel 1: “Market Making in an Electronic World” L-R: Greg Wood, Director, Algorithmic Execution, Foreign Exchange and Listed Derivatives, DeutscheBank; Chris Concannon, Partner, Virtu Financial; Christopher Purves, Managing Director – Global Head ofFX E-Trading, UBS Investment Bank; Peter Nabicht, Executive Vice President, Allston Trading

The P&L Interview: The Evolution of EBSIn an interview with Gil Mandelzis, CEO of EBS and executive chair-man of Traiana, Colin Lambert, editor of Profit & Loss, discussedMandelzisʼ plans for the industryʼs largest spot matching platform. “Itis time for us to start thinking about different microstructures,” he said,noting that EBS will be making announcements to this effect duringthe remainder of this year and next that reflect this philosophy.Mandelzis suggested that the massive fragmentation in the market willsoon be a thing of the past, and went so far as to say that despite thelower FX volumes seen recently, next year or the year following willsee growth again in global trade. “And when the market does comeback, FX will be a great market to be in,” he said, concluding with aprediction that in the next five to 10 years, we are going to see $6 tril-lion/day in daily FX turnover.

The P&L Interview with Gil Mandelzis, CEO, EBS


More from Chicago >



Panel 4: “Growth Markets: Opportunities in LatAm”

Panel 5: “Best Execution: Staying Ahead of the Pack”

Panel 6: “Clearing: What you NEED to Know”

Panel 7: “The Profit & Loss Think Tank: Evolving the Platform Model”

Clearing: What you NEED to Know: Ray McKenzie, VP at Ice US marketingand sales, Ice Futures US, moderated a session at Forex Network Chicagolooking at the role clearing will play in the future of FX trading. In answer to aquestion posed by McKenzie about differentiating between financially andphysically settled products, Ed Pla (far right), MD, FX prime brokerage andclearing at UBS Investment Bank, noted that products have to co-exist. But, headded, Dodd-Frank is going to require just a small subset of FX to be cleared,so as soon as options are cleared, what do people do with their hedge? Tom Hammond, president and COO of Ice Futures US, suggested that thisconcept of trying to take the best of both as a product offering is very inter-esting and appealing and hopefully provides some of the appropriate struc-ture that will avoid the concerns we all have in our markets.McKenzie enquired what the greatest value to your customers in offering acentrally cleared solution? Pla answered with two words: crisis management.In normal market conditions, 99.9% of the time, youʼre just concerned withkeeping the market going, he said, but the regulators are mandating for thosevery, very few instances that it has to work – basically a risk transfer system.

Best Execution: Staying Ahead of the Pack: Profit & Loss editor ColinLambert opened a session at Forex Network Chicago on best execution by

asking whether there are best practices for best execution. Ray Kamrath(far right), chairman and CEO of Faros Trading, noted that TCA is definitely

a growing segment in FX, so measurement is an important factor in defin-ing best execution. When that develops in FX, perhaps to the level it is in

equities, then price will matter more in FX, he said.Greg Ingrassia, senior FX trader at Buttonwood Group Trading, added that

FX historically has not been a fee-based business, but that now, bid/offerspreads are being looked at as a real cost.

Lambert asked Mike Harris, director of trading at Campbell & Company,whether he thought the market has moved away from the agency versus

principal argument. Harris noted there is an active debate in the algo spacearound three choices – the pure agency model with no internalisation; orone in which you can turn on internalisation (the FX equivalent of a dark

pool, in which you have limited market impact and youʼre not paying a fee);and the third being the bank only principal model, “but even if I wanted to

use it, thatʼs the one I canʼt get it past my best execution committee”.

Growth Markets: Opportunities inLatin America: The NDF market will bethe one to watch in Latin America, asregulations trickle down to markets out-side the US, agreed panellists at ForexNetwork Chicago. Matt OʼHara (centre),SVP and global head of business oper-ations, Marketplaces, at ThomsonReuters, noted that the Latin AmericanNDF market is uniquely different fromelsewhere, such as Asia. With the pushtowards regulation, he said, it will be in-teresting to see how local market partic-ipants operate in the offshore market inorder to gain access to that liquidity,noting that arbitrage opportunities willexist, particularly in Brazil.

Evolving the Platform Model: In the midst of amyriad of new platform announcements, the closing

think-tank panel at Forex Network Chicago looked atthe future prospects for a number of new entrants to

the market. Colin Lambert, editor of Profit & Loss,asked where promises of new liquidity would come

from. Simon Wilson-Taylor (second from right), CEOand co-founder of Molten Markets, said it depends

on where the source of demand for trading is in thefirst place: whereʼs the customer? how does he want

to interact with the market? what kind of trading?and which tools does he need? Liquidity will come

out the other end of that, he said.Lambert noted that many are sceptical about the new

participantsʼ chances for success, but Wilson-Taylorpointed out that as marketplace demands for new exe-

cution tools give rise to an evolutionary process thatnaturally leads to new providers and to new platforms.

> Chicago




CHILE 2012SANTIAGO, OCTOBER 23

Session 1: “What are the real growth prospects for Latin America?”Omar Gutiérrez Ochoa , Deputy Superintendent of Prudential Supervision, Superintendency of Securities Market of Peru; Alejandro Puente, Chile Chief Economist, BBVA Chile; Sebastian Cordova-Moyano, Partner, Cordova Francos Gorbea D’Aiello Abogados, Argentina; Greg Anderson, North America Head of G10 FX Strategy, Citi; with Chairman David Clark

Session 2: “Execution Choice”: Phil Harris, CEO, 360T Americas; Matt O’Hara, SVP, Global Head of Business Operations, Market-places, Thomson Reuters; Dave Reid, Director, FX Prime Brokerage, Citi; Bradley Seelig, Head of FX PB, Americas, Deutsche Bank;Craig LeVeille, Executive Director, FX Products, CME Group

Session 3: “Controlling and Reducing Risk”Enzo Meza Olaya, Fund Manager and Corporate Strategy,Cipreses Capital

Keynote Address: The Chilean Success Story: Balancing Growth withInflation. Kevin L. Cowan, Chief Financial Stability Officer, Central Bank of Chile




BRAZIL 2012SAO PAOLO, OCTOBER 25

Session 1: What are the real growth prospects forLatin America?David Clark, Chairman, WMBAGreg Anderson, North America Head ofG10 FX Strategy, CitiCarlos Areia, Founder & CEO, PhareGlobal MarketsWalter Brandimarte, Senior FX Correspon-dent, Latin America, Thomson ReutersMauro Schneider, Chief Economist, CGDSecurities

Session 2: Execution Choice David Clark, Chairman, WMBA

Craig LeVeille, Executive Director, FX Products,CME Group

Matt OʼHara, SVP, Global Head of Business Opera-tions, Marketplaces, Thomson Reuters

Phil Harris, CEO, 360T AmericasDarryl Hooker, Global Head of Emerging Markets FX

Sales, ICAP Electronic BrokingGreg Wood, Director, Algorithmic Execution, FX and

Listed Derivatives, Deutsche Bank

Session 3: FX Prime Brokerage & Clearing David Clark, Chairman, WMBACarlos Ratto, Executive Director, CetipDave Reid, Director, FX Prime Brokerage, CitiBradley Seelig, Head of FX PB, Americas,Deutsche Bank

Session 4: Controlling and Reducing Risk

David Clark, Chairman, WMBACaio Blasco, Director, e-Commerce and

Trading for Latin America, Deutsche BankRicardo Della Santina Torres, Managing Di-

rector, Norfolk AdvisorsChristian Zimmer, Vice President, Itau

Asset Management and Owner of Blitz Trading



PROFIT & LOSS

CANADA 2012TORONTO, NOVEMBER 15

Session 3: “The Multi-Tiered Market”

Session 2: “Execution Choice”

Session 1: What are the real growth prospects for Canada’s FX market?

Keynote Address: "A Matter of Life and Debt - the Debt Crisis 4 Yearson" Alex Jurshevski, Managing Partner, Recovery Partners

Introduction: David Clark, Chairman, The Wholesale Markets Brokers’ Association; Honorary President, ACI - The Financial Markets Association

Greg Anderson, North AmericaHead of G10 FX Strategy, Citi

Shaun Osborne, Chief FX Strate-gist, Toronto Dominion SecuritiesEmanuella Enenajor, Economist,

CIBC World MarketsBenjamin Reitzes, Senior Econo-mist & Vice-President, EconomicResearch, BMO Capital Markets

Steve Toland, Head of Exchange Strategy,LMAX Exchange

George Dowd, Head of Chicago FX Desk,Newedge

Dan Torrey, Head of North AmericanSales, EBS

Matt O'Hara, Global Head of BusinessOperations, Marketplaces, Thomson

ReutersPaul Millward, Head of FX Technology,

GFI Group

Steve Toland, Head of ExchangeStrategy, LMAX ExchangeTakis Spiropoulos, Head of

e-Solutions Group, CIBC WorldMarkets

Dave Reid, Director, FX PrimeBrokerage, Citi

James Sinclair, CEO & Co-Founder, MarketFactory, Inc



A Profit & Loss Webinar in association with Progress Software

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Colin Lambert, Editor, Profit & Loss

Ben Ernest-Jones, Solutions Architect for Capital Markets, Progress Software

Stamos Fokianos, Global Head of eFX Trading, RBC Capital Markets

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