Agenda

Agenda

Agenda

Day 1 | Theme: Shaping the future of reserve management 

 

08:00

Registration and breakfast

08:40

Welcome address:  Jennifer Johnson-Calari

08:50

Singapore's reserve management journey 

  • Role of MAS, GIC and Temasek 
  • Balancing central banking operations, opportunity cost and right sizing of reserves 
  • Approach to investment objectives, asset allocation and risk management  

09:25

The risk budget framework at the MNB: towards a holistic approach 

  • Reserve management framework at the Central Bank of Hungary 
  • Rethinking the traditional foreign exchange reserves asset allocation concept  
  • Implementation of the risk budget framework 
  • The new strategic asset allocation and new strategic benchmark of the reserves portfolio 
10:00

Reserves adequacy and asset allocation - considerations from the Czech National Bank 

  • Risk profile and investment horizon 
  • Key policy decision for central banks 
  • How does a country's reserve adequacy position contribute to the setting of its SAA? 

10:35

Morning networking break

11:05

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 Mexico's reassessment of the priorities of reserve management towards the preservation of capital 
  • Rethinking the way to analyse asset class returns and the codependence of asset classes 
  • The necessary steps to determine SSA

11:40

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 diversified tool 
  • How to manage risk when investing in a diversified portfolio

12:20

Building resilience in reserve portfolios 

  • The need for capital market assumptions to interlink asset return and economic models 
  • How a term structure of returns allows investors to use robust optimisation techniques - limiting the impact of potential draw downs 
  • Portfolio construction: going beyond central return assumptions map 
  • Blending alpha-seeking, factors and indexing strategies to provide efficient portfolio implementation 

12:55

Lunch

Stream 1 - Reserve management in focus

14:15

Challenges faced by a medium sized central bank in the Eurosystem 

  • Changes in the market environment 
  • Governance 
  • Impact of QE on central banks' balance sheet 
  • Diversification alternatives in a low yield environment 

14:55

The evolution of portfolios in 2019 and beyond 

  • Growing trends in reserve management practices
  • How market dynamics have been driving changes in reserve portfolios

  • Changes in the currency composition of reserve portfolios against a background of rising trade tensions
  •  How low yields have reserve managers looking for fixed income alternatives

15:35

The development of the central bank’s balance sheet

  • How the balance sheet has evolved both in size and composition post financial crisis 
  • Handling challenges ahead: from shrinking demand for notes and coins to QE monetary policy 
  • How to be prepared for liquidity assistance in foreign currencies 

Stream 2 - Risk management in focus

14:00

Central bank risk management in times of monetary policy normalisation 

  • Central bank risk management - evolving with the times 
  • Diversifying market and default risk in high grade bond portfolios 
  • Optimal active portfolio management and relative performance drivers
  • Development of a financial risk management framework within an environment  of conventional monetary policy 

14:40

The use of the risk parity approach for strategic asset allocation - reflecting on 2018  

  • Current trends in strategic asset allocation 
  • Supplementing the investment portfolio with new types of securities and enhancing diversification 
  • Diversifying risk and increasing expected return

15:20

Implementing a corporate bond portfolio at NBP- lessons learned 

  • Implementing a customised bond index 
  • Ins and outs of index replication 
  • Managing credit and liquidity risk 
  • Are corporate bonds the end of the story? 

15:55

Afternoon break and opportunity to network

16:20 

Collateral management in central bank's market operations: new paradigms and challenges 

  • Impacts of monetary policy and regulation on secured markets 
  • Trends towards collateralization 
  • Challenges to be addressed to reduce fragmentation
  • Developments of a new collateral ecosystem 

16:55

Challenges to the Dollar as a settlement and reserve currency 

  • The Dollar: attributes and reasons for persistence as the dominant currency  
  • The Euro: the role of the EUR in reserves and EC challenge to the USD as a settlement currency 
  • The Renminbi: building the infrastructure to support globalization  
  • Gold: its resurgence as a reserve "currency"

17:30

Closing address: Jennifer Johnson-Calari

17:35

Networking reception

18:50 

Central Banking Awards ceremony and dinner

  • Celebrate the winners of the Central Bank and Market Practitioner Awards

Day 2 | Theme: Rethinking risk management as policies change and markets evolve

08:30

Registration and breakfast

09:00

Welcome address:  Jennifer Johnson-Calari

09:10

The post-crisis Philips Curve and it's policy implications 

  • The greatest mystery of economic science in the last decade: where has the Philips Curve gone?
  • Working with observable variables only 
  • Making a fundamental change of paradigm from flow to stock 
  • Allowing the Philips Curve to be non-stationary 

09:50

The post-crisis Philips Curve and it's policy implications 

  • Where are Europe's EMs in their growth cycle? 
  • How are they likely to fair in a slowing global economic environment? 
  • How vulnerable are they to global and regional risks? 
  • What are the challenges to these countries' medium term growth prospects? 

10:30

Morning networking break

11:00

Environmental, Social and Governance (ESG) Criteria – how to structure the portfolio

  • ESG’s and green financing’s place in investment portfolios 
  • How to incorporate an ESG policy into an investment portfolio
  • ESG insights and perspectives: addressing multiple objectives
  • The current difficulties associated with ESG and how it demands a multifaceted approach 

11:35

The undulating central bank risk topography: unveiling alternative prescriptions   

  • To what extent risk management can develop a truly holistic approach 
  • The certain areas which are still considered outside the risk manager's remit 
  • The approaches central banks take to risk and what lessons can be learned from experience
12:10

Bracing for changes and challenges ahead - the outlook for 2020 

  • 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 uncertainty and market volatility in the run up to major elections 
  • How do new technologies share the future of central banking?

12:50

Closing address: Jennifer Johnson-Calari 

13:00 Lunch