A windy wet morning in central London in the early morning rush hour would not normally be a cause for excitement so it was with some trepidation I,m sure on the part of the delegates that the Trade Tech FX conference opened up this morning at the Victoria Plaza hotel .The venue itself was very suitable and once registered the event got underway .With a delegate list that comprised both Buy side/Sell side as well Technology vendors with FX institutional trading personnel the conference was a veritable pandoras box for today’s FX market.
The morning session kicked off with an impressive guest panel that comprised some of the leading names of the industry who managed to take us thru the normally less than stellar subject of regulatory reform in the FX markets. As traders and clients have long deliberated it should come as no surprise that the panel view seemed to advocate that the road ahead is a long one and one of constant challenges and pitfalls that regulatory reform means for FX.With volumes expanding in this space however it one that should be watched keenly.
Michael Cross from the Bank of England gave an excellent presentation on the role of central banks in the FX market and managed to do with consumate ease what experienced central bankers do in a room of market participants ie tell us nothing concrete about what the Bank think about various monetary stances …
The most illuminating presentation was from Jim Cochrane from ITG .Jim with his military background in emerging market surveillance gave a very impressive account of the buzz topic of the moment….TCA better known as Transaction Cost Analysis When delving thru various layers of the business from most of the participants TCA remains the best analytical tool in order to frame a business and improve it.The level of investment and resource that has gone into this should not be underestimated as ITG have proved,indeed it left the hall in no doubt that technology would be the driving factor in years to come and that the wheel perhaps can be reinvented .
The first day has certainly whetted the appetite for gaining valuable cutting edge insight into the latest strategies for FX traders and Technology providers alike.