Universal Business School was invited to Chair two sessions at the prestigious FX Week in Singapore on September 10, 2015. Its founder Tarun Anand chaired the sessions on FX Trading – Algorithms v/s Voice Trading and how Regulatory Reform is reshaping Asian FX Markets.

Left to Right: Tarun Anand, Founder, Universal Business School, Mr. David Ngai,  Asia Pacific Head of FX and Swap Dealer Compliance, State Street Bank and Trust Company, Mr. Krishnan Ranganathan, EMIR Program Director and Head – Risk Finance, Nomura India, Mr. Naveen Khanna, Chief Operating Officer, Bank of America Merrill Lynch,  Mr. John Crisp, Director of Products, FENICS

The first Session on the verdict, whether machines would crowd out the voice traders in the FX markets, was discussed by two veterans of the Foreign Exchange Markets. Mr. Chris Knight, Head of eFX Trading (East) from Standard Chartered Bank argued the benefits of Algorithm trading including price transparency, Best Execution and efficient price discovery whilst on the other hand Mr. Gerrard Katz, Managing Director, Head of FX Trading, Scotia Bank argued how when volatility hits the market especially during the sudden devaluation of the Chinese Renminbi currency (RMB), the voice trader is able to provide a quote in sizes above 100 million and provide two way market making quotes. This Session was chaired by Tarun Anand, Founder, Universal Business School who gave his perspectives on how US Hedge Funds were now significantly contributing to market making and were seen as de facto liquidity providers.

The second session was on Regulatory reforms. Mr. Naveen Khanna, Chief Operating Officer, Bank of America Merrill Lynch discussed on how market making was shifting from banks, to buyside institutions and in some cases to real money managers. Mr. David Ngai,  Asia Pacific Head of FX and Swap Dealer Compliance from State Street Bank and Trust Company discussed the sensitive issues of dealer compliance and regulatory oversight in trading. Mr. Krishnan Ranganathan, EMIR Program Director and Head – Risk Finance from Nomura India highlighted the various interpretations of the Regulatory norms and how compliance was a difficult task in this tough environment. Mr. John Crisp, Director of Products at FENICS discussed the issues regarding regulatory reform with respect to FX Options and how Platforms are supporting the banks on Compliance issues.

Left to Right: Tarun Anand, Founder, Universal Business School, Mr. Gerrard Katz, Managing Director, Head of FX Trading, Scotia Bank, Mr. Chris Knight, Head of eFX Trading (East), Standard Chartered Bank

Mr. Tarun Anand highlighted the differences in regulations in American Regulators like CFTC to Banco da Brazil in Brazil, UK Regulator FSA, Bank of Thailand, Bank of Japan, the German Bundesbank, Peoples Bank of China and the Reserve Bank of India.    

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