As the largest financial market worldwide, the foreign exchange (FX) market is critical to supporting international trade, investment, and finance. Given its critical role, it is important to deeply understand and analyze developments in the market.
In this context, the Federal Reserve Bank of New York will host its second annual FX Market Structure Conference on December 17, 2025.
This event will build on the themes of last year’s conference, which included the evolution of the types of market participants and mix of instruments traded, continued decentralization of trading venues, and increased usage of automation. It will also delve into the most current developments in the FX market landscape like the macro environment’s impact on trading activity, FX Global Code updates, derivative instrument pricing, and innovations in execution and settlement speed.
The event will feature opening remarks from President John Williams, a keynote address by Head of the Markets Group Anna Nordstrom, and several panel discussions.
Topics will include:
- The macro environment's impact on FX trading activity
- Key trends in FX market liquidity and price discovery
- FX Global Code adherence across buyside market participants
- Structural dynamics in FX swaps and other derivatives markets
- Current challenges in FX settlement
- Innovation and the future of the FX market
December 17, 2025
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
In-person attendance is by invitation only. The event will also be streamed. Register to access the stream here or using the Register button above. A recording of the event will be available soon after the conference.
This event is on the record and open to media. For media who have questions, please contact Shelley Pitterson at the New York Fed at Shelley.Pitterson@ny.frb.org.
- Lisa Chung, Federal Reserve Bank of New York
- Subrina Lashenko, Federal Reserve Bank of New York
- Martin Prusinowski, Federal Reserve Bank of New York
- Fabiola Ravazzolo, Federal Reserve Bank of New York
- Dan Reichgott, Federal Reserve Bank of New York
| 8:00am-9:00am | Check-In and Continental Breakfast |
| 9:00am-9:05am | Welcome Remarks Lisa Chung, Federal Reserve Bank of New York |
| 9:05am-9:15am | Opening Remarks John Williams, Federal Reserve Bank of New York |
| 9:15am-9:30am | Keynote Address Anna Nordstrom, Federal Reserve Bank of New York |
| 9:30am-10:15am | Panel 1: Current Macro Environment’s Impact on FX Trading Activity Moderator: Lisa Chung, Federal Reserve Bank of New York Panelists: Adrian Boehler, UBS Chris Pizzotti, State Street Dagmara Fijalkowski, RBC GAM Gerardo Garcia, Banco de Mexico |
| 10:15am-10:30am | Break |
| 10:30am-11:15am | Panel 2: Key Trends in FX Liquidity and Price Discovery Moderator: Dan Reichgott, Federal Reserve Bank of New York Panelists: Blaise Sheppard, OneChronos Christopher Chattaway, Goldman Sachs Jeremy Smart, XTX Markets Simon Jones, LSEG |
| 11:15am-12:00pm | Panel 3: FX Global Code Adherence: Buyside Perspectives Moderator: Gerardo Garcia, Banco de Mexico Panelists: Ankit Sahni, Element Capital Tom Gentile, Crabel Capital Management Tyler Wellensiek, BlackRock |
| 12:00pm-1:30pm | Networking Lunch |
| 1:45pm-2:30pm | Panel 4: Structural Dynamics in FX Swaps and Other Derivatives Markets Moderator: Fabiola Ravazzolo, Federal Reserve Bank of New York Panelists: Gregory Emmanuelidis, JP Morgan Matthew O’Hara, 360T Victor Casana, Amazon Yan Pu, Vanguard |
| 2:30pm-3:15pm | Panel 5: Current Developments in FX Settlement Risk Moderator: John Rutigliano, Federal Reserve Bank of New York Panelists: Janet Dawson, GFMA Deborah Hrvatin, CLS Thomas Smejkal, Federal Reserve Bank of New York |
| 3:15pm-3:30pm | Break |
| 3:30pm-4:15pm | Panel 6: Innovation and the Future of the FX Market Moderator: Per von Zelowitz, Federal Reserve Bank of New York Panelists: Harsh Sinha, Wise Sunil Sharma, Circle Thomas Zschach, Swift William Artingstall, Citi |
| 4:15pm-4:20pm | Closing Remarks Lisa Chung, Federal Reserve Bank of New York |
| 4:30pm-6:00pm | Reception |
Read bios for the speakers listed below.
