Program day 1


Day 1:

New dynamics of financial markets in Latin America and beyond


Registration and breakfast


Chairperson's opening remarks


Global economic outlook: what can we expect in international and domestic markets?

  • Financial markets in changing times - new challenges for an already complex environment
  • Latin America’s financial resilience
  • Increased geo-political risks on the horizon and how best to balance vulnerabilities
  • Economic prospects for 2019 and beyond  

The US economy in 2019: recent policy developments and the longer term challenges

  • Monetary policy developments in the United States and the evolving longer-term challenges
  • How vulnerable is the global economy to a synchronised slowdown from both US and China?
  • What type of policies must countries pursue to build resilience?
  • Assessing the effect of US monetary policy normalization on Latin American economies

Globalisation; US engagement; EU integration – peak, plateau or plunge?

  • Divergences across developed and emerging currency, fixed-income and equity markets
  • Outlook for the combined impact of demographic, technological and structural economic on real economic growth
  • Major challenges and possibilities for the investment industry
  • Asset growth and performance drivers for active management and factor-based, smart-beta strategies

Networking break


The changing investment environment and portfolio implications

  • Is the investment environment in a transition?
  • Do central banks need to reconsider their asset allocation strategies in light of this transition?
  • Is it time to add more alpha strategies?

Strategic asset allocation: peering into the future with the help of market prices

  • Financial markets and the unprecedented challenges faced by reserve managers
  • Banco de México’s reassessment of the priorities of reserve management towards the preservation of capital
  • Rethinking the way to analyse asset class returns and the co-dependence of asset classes
  • The necessary steps to determine SSA

Diversifying reserves portfolios: how to get your portfolio fit in 2019 and beyond

  • Reserves management policies and guidelines review – the diversification drive
  • Why investors should consider a regionally diversified portfolio in 2019
  • Securities lending as a diversifying tool
  • How to manage risk when investing in a diversified portfolio


Asset allocation: evolving and adapting to new demands


Working groups: Identifying good practices in reserve management

Each group will be led by an expert moderator, providing participants with an opportunity to delve deeper into the key questions they are facing.   

  • Current trends and challenges in reserve management 
    - This group will discuss some of the main trends in reserve management practices and will explore some of the challenges ahead
  • Reinventing fixed income markets 
    - How How are fixed income markets changing? What factors are driving change – in different markets and geographies’? Led by an experienced market practitioner, this group will look forward at credit dynamics from the perspective of a reserve manager
  • Factor based investing in times of unconventional central bank policies 
    - This group will explore which factors might be favoured if monetary policy becomes more restrictive and interest rates finally increase?

Session outline to be confirmed 


Networking break


Greening the financial system – the new role of central banks

  • Environmental, Social and Governance (ESG) – the next wave of integration
  • Incorporating ESG factors into the decision-making process
  • How ESG can enhance investment returns over the long term 
  • Green and sustainable bonds – a key part of the ESG toolkit
  • The current difficulties associated and how it demands a multifaceted approach
  • Building climate-related risks into our financial system review process

Portfolio and risk management for central banks

  • Active portfolio management and portfolio construction
  • Diversifying market and default risk in high grade bond portfolios
  • Optimal active portfolio management and relative performance drivers
  • Hedging inflation risk with domestic investment in a developing economy

Chairperson's closing remarks


Close of conference


Depart for gala dinner with dinner speaker (to be confirmed)

Day 2:

Balancing risk and return: the evolution of opportunities 


Registration and breakfast


Chairperson's opening remarks


Modernizing Jamaica’s foreign exchange market: the pivot to inflation targeting - a year on 

  • Jamaica’s economic reform programme and central bank modernisation
  • Fiscal consolidation – from crowding out to crowding in
  • Breaking records off the track – falling inflation, falling interest rates, and a falling current account balance
  • B-FXITT and the making of a modern FX market

A methodology to measure and monitor liquidity risk in reserves portfolios

  • Monitoring liquidity risk: becoming a priority
  • The methodology which allows central banks to measure liquidity
  • Time needed to liquidate and the cost of liquidation
  • How the methodology can also be used to measure portfolio liquidity under stress scenarios
10:15 Session outline to be confirmed 

Networking break


Implementation of the digital fiat currency system

  • Pursuing central bank digital currency as a means to broader market access
  • Project sand dollar: the use of FinTech to enhance financial inclusion
  • Achieving equal, expanded access to modernised digital payments capabilities

Central bank communication in times of non-standard monetary policies

  • Types and uses of non-standard monetary policy measures
  • Communication as a monetary policy tool
  • Role of communication in non-standard times
  • How should central banks position themselves and prepare for these risks?

Bracing for challenges and risks ahead: a continued period of change in 2019 and beyond

  • How have markets coped with major events over the past year, and what does that mean for the year ahead?
  • A year of political uncertainty and the challenges associated
  • How to minimise these bouts of political uncertainly and market volatility in the run up to major elections
  • How do new technologies shape the future of central banking?

Chairperson's closing remarks


Conference concludes with lunch