The foreign exchange (FX) market is the largest financial market in the world by trading volume, with average daily turnover of approximately $7.5 trillion, according to the BIS’s latest Triennial Survey. The structure of the FX market has evolved extensively over time, undergoing important shifts in the types of market participants, the jurisdictions in which they transact, and the mix of instruments traded, all within an ecosystem that has become increasingly complex. The substantial increase in the number and types of trading venues and the growth in algorithmic execution are just some of the factors that have contributed to reshaping the landscape. While these changes introduce new benefits to the market, they may also create new challenges and risks. As the FX market plays a critical role in supporting international trade, investment, and finance, developments in this space merit analysis and monitoring.
Given this important area of focus, the Federal Reserve Bank of New York hosted the FX Market Structure Conference on November 19, 2024. The conference featured a keynote address by Michelle Neal, head of the New York Fed's Markets Group, panel discussions, and a moderated discussion regarding the FX Global Code.
Topics included:
- Evolution of FX spot and derivatives markets
- Key trends in FX market liquidity and price discovery
- Analysis of the current FX settlement landscape, including recent changes and areas of potential risk
- Update on recent developments regarding the FX Global Code
- Innovation and the future of the FX market
See the agenda below for timing of specific conference segments.
November 19, 2024
8:00am-5:00pm
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
In-person attendance was by invitation only. The event was also streamed, with a live webcast available on this page starting the morning of the conference. A recording of the event will be available soon after.
This event was on the record and open to media. For media who have questions, please contact Betsy Bourassa at the New York Fed at Betsy.Bourassa@ny.frb.org.
| 8:00am-8:55am | Check-In and Continental Breakfast |
| 8:55am-9:00am | Welcome Remarks (00:00:08) Lisa Chung, Federal Reserve Bank of New York |
| 9:00am-9:15am | Keynote Address (00:02:07) Michelle Neal, Federal Reserve Bank of New York | Remarks |
| 9:15am-10:15am | Panel: Evolution of the Spot Market (00:15:23) Moderator: Lisa Chung, Federal Reserve Bank of New York Benjamin Anderegg, Raiffeisen Switzerland Asif Razaq, BNP Paribas Vlad Sushko, Bank for International Settlements Inderjit Takk, Industrial Alliance |
| 10:15am-10:30am | Break |
| 10:30am-11:15am | Panel: Key Trends in Price Discovery and Liquidity (01:16:13) Moderator: Alain Chaboud, Federal Reserve Board of Governors Paul Houston, EBS/CME Ben Klixbull, XTX Markets Roel Oomen, Deutsche Bank Petra Wikstrom, Capitolis |
| 11:15am-11:45am | Moderated Discussion on FX Global Code with Gerardo Garcia of Banco de Mexico (02:00:47) Moderator: Anna Nordstrom, Federal Reserve Bank of New York |
| 12:00pm-1:30pm | Networking Lunch |
| 12:30pm-12:45pm | Remarks: The U.S. Cross-Border Payments Agenda (02:29:15) Brent Neiman, U.S. Department of the Treasury | Remarks |
| 1:45pm-2:45pm | Panel: FX Swap Market Dynamics (02:58:36) Moderator: Fabiola Ravazzolo, Federal Reserve Bank of New York Mark Cabana, Bank of America Yudhveer Chaudhry, Blackrock Lim Hui Wen, Monetary Authority of Singapore Philippe Lintern, Bank of England Castruccio Nardi, LMR Partners |
| 2:45pm-3:30pm | Panel: FX Settlement Landscape (04:00:54) Moderator: Dan Reichgott, Federal Reserve Bank of New York Zareera Bukhari, Federal Reserve Bank of New York Lisa Danino-Lewis, CLS Natalie Lovell, Bank of England Yan Pu, Vanguard |
| 3:30pm-3:45pm | Break |
| 3:45pm-4:30pm | Panel: Innovation and the Future of the FX Market (04:41:21) Moderator: Per von Zelowitz, Federal Reserve Bank of New York Morten Bech, Bank for International Settlements Umar Farooq, JP Morgan Gordon Liao, Circle |
| 4:30pm-4:35pm | Closing Remarks (05:24:27) Anna Nordstrom, Federal Reserve Bank of New York |
| 5:00pm-6:00pm | Reception |
Read bios for the speakers listed below.
