Managing Currency Risk in the ETF Space
Date: Monday, May 19, 2014 - Tuesday, May 20, 2014
New York Athletic Club, 180 Central Park South
New York, NY 10019
Join GIC as we explore ETFs as an asset class and the effect of market volatility — especially FX/currency volatility — on ETFs.
Presentations
VideosEvent Detail
Managing Currency Risk in the ETF Space
This program will explore ETFs as an asset class and the effect of market volatility — especially FX/currency volatility — on ETFs.
The Institute of Certified Bankers (ICB), a subsidiary of the American Bankers Association, is dedicated to promoting the highest standards of performance and ethics within the financial services industry. “Managing Currency Risk in the ETF Space” has been approved for 4.75 CTFA credits. CTFA credits should be distributed as follows: 4.75 INV. This statement should not be viewed as an endorsement of this program or its sponsor.
AGENDA
8 a.m. | Registration and Coffee
8:30 a.m. | Welcoming Remarks
- Jason Trennert, Chairman and CEO, Strategas Research Partners
- Emcee: David Kotok, CIO of Cumberland Advisors and GIC Vice Chair of Central Banking Series
8:45 a.m. | Session I – Volatility in FX Markets
Has it increased since global central banks went to ZIRP or near-ZIRP
- Dino Kos, Head of Regulatory Affairs, CLS Bank International
- Kathleen Stephansen, Chief Economist and Senior Managing Director at AIG and GIC Board Member
- Moderator: Don Rissmiller, Founding Partner of Strategas Research Partners and GIC Board Member
9:45 a.m. | Session II – The ETF Sponsors
How they design products that have currency hedges
- Jeremy Schwartz, Director of Research, WisdomTree
- Joseph Nelesen, Director, iShares Product Management & Consulting
- Moderator: Rhonda Schaffler, Multimedia Video Reporter and Anchor, Reuters Insider
10:45 a.m. | Coffee Break
11 a.m. | Session III – The Market Makers/Creation Unit Providers
How they deal with currency exchange as they do their daily business. Is the market pricing efficiently?
- Mohit Bajaj, Director, ETF & Portfolio Trading Services at WallachBeth Capital
- Nicholas Colas, Managing Director and Chief Market Strategist, ConvergEx Group
- Dan Macklowitz, Senior Member of the ETF Sales and Trading Team, Jane Street
- Moderator: Vito Racanelli, Senior Editor of Barron’s
12 p.m. | Session IV – Determinants of Emerging Market FX Rates: Good, Bad and Ugly
- Catherine Mann, Barbara ’54 and Richard M. Rosenberg Chair in Global Finance at the International Business School, Brandeis University and GIC Board Member
- Moderator: David Kotok, CIO of Cumberland Advisors and GIC Vice Chair of Central Banking Series
12:45 p.m. | Concluding Remarks
- David Kotok, CIO of Cumberland Advisors and GIC Vice Chair of Central Banking Series
Event Location
Speakers
Mohit Bajaj
Director, ETF & Portfolio Trading Services at WallachBeth CapitalA 10 plus year ETF trading market veteran, Mohit Bajaj is fluent in the broad assortment of exchange-traded products and provides institutional clients with distinctive insight to the implementation of portfolio trading strategies and guidance on navigating the increasingly complex and evolving ETF landscape.
Nicholas Colas
Co-Founder, DATATREK ResearchNick is a 30+ year veteran of Wall Street with experience in equity research, money management and investment banking.
Dino Kos
Head of Regulatory Affairs, CLS Bank InternationalDino Kos joined CLS Bank International as head of regulatory affairs in February 2013. He has more than 25 years of industry and regulatory experience, including over 20 years at the Federal Reserve Bank of New York (FRBNY) in a variety of regulatory and market capacities.
David Kotok
Chief Investment Officer of Cumberland AdvisorsDavid Kotok co-founded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. David’s articles and financial market commentaries have appeared in the New York Times, the Wall Street Journal, Barron’s, and other publications. He is a frequent contributor to Bloomberg TV and Bloomberg Radio, Yahoo Finance TV, and other media.
Dan Macklowitz
Senior Member of the ETF Sales and Trading Team, Jane StreetDan Macklowitz is a senior member of Jane Street’s ETF sales and trading team. Mr. Macklowitz joined the firm in 2002 in which his current responsibilities include managing and cultivating relationships with ETF issuers, continuing the expansion of the firm’s lead market making business and the development of relationships within the advisor and broker-dealer communities.
Catherine L. Mann, Ph.D.
Member of the Monetary Policy Committee, Bank of EnglandDr Catherine L Mann joined the Monetary Policy Committee of the Bank of England on 1 September 2021. She is a member of the Council on Foreign Relations and the American Economic Association, among others. Previously she was Chair of the Economic Advisory Committee of the American Bankers Association.
Joseph Nelesen, Ph.D.
Director, iShares Product Management & ConsultingJoseph Nelesen, Ph.D., director, is head of the institutional product management & consulting team for U.S. iShares. He is responsible for research and delivering product expertise to global iShares clients and partners.
Vito Racanelli
Senior Editor, Barron'sVito Racanelli writes the Trader markets column for Barron’s, the Dow Jones business and financial Weekly. He has appeared on Fox Business News, CNBC, Wall Street Journal Week and various U.S. and European television and radio news organizations, including the BBC and ABC News, among others.
Donald Rissmiller
Founding Partner and Chief Economist of StrategasMr. Rissmiller is a founding Partner of Strategas and has directed the Firm's macroeconomic research efforts since 2006. He oversees Strategas' thematic research as well as high-frequency econometric forecasting.
Rhonda Schaffler
Multimedia Video Reporter and Anchor, Reuters InsiderRhonda Schaffler is a multimedia video reporter and anchor for Reuters Insider, a global online, on-demand video service for Reuters’ financial clients.
Jeremy Schwartz
Global Chief Investment Officer, WisdomTreeJeremy Schwartz has served as our Global Chief Investment Officer since November 2021 and leads WisdomTree’s investment strategy team in the construction of WisdomTree’s equity indexes, quantitative active strategies and multi-asset model portfolios.
Kathleen Stephansen
GIC Chair Emerita, Senior Economist for Haver Analytics and Trustee of EQAT Trust FundsKathleen Stephansen is GIC Chair Emerita, Senior Economist for Haver Analytics and Trustee of EQAT Trust Funds. She is the former Chief Economist of Huawei Technologies, Chief Economist of the American International Group (AIG) and AIG Asset Management’s Senior Strategist and Global Head of Sovereign Research. Prior to joining AIG in 2010, Kathleen was Chief Economist at Aladdin Capital Holdings, Credit Suisse’s Head of Global Economic Research, and Donaldson, Lufkin and Jenrette Securities Corporation’s co-head of Fixed Income economic research and Chief International Economist.
Jason DeSena Trennert
Managing Partner and Chief Investment Strategist of Strategas Research Partners LLCJason DeSena Trennert is the managing partner and chief investment strategist of Strategas Research Partners LLC and the chairman and chief executive officer of the firm's broker-dealer subsidiary, Strategas Securities, LLC.
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