Agenda

Agenda

Agenda

07:0007:45

Markets and Policy

07:00 - 07:45

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Opening remarks

07:00 - 07:15

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What type of economic recovery should we expect?

07:00 - 07:45

What will the shape of recovery look like and what happens if there is a second wave of Covid-19?

What will central banks reserves and their role look like then?

How will valuation of assets be impacted in emerging markets?

07:4508:15

Networking break

07:45 - 08:15

08:1509:00

Emerging market vulnerability due to Covid- 19

08:15 - 09:00

Are some countries able to withstand Covid-19 better than others?

How exposed are emerging markets to withdrawal of demand from developed markets?

What could recovery look like and are there any opportunities for reserve managers?

Carl Melendres

Chief Reserve Management Officer for Reserves Management Department II

Central Bank of Philippines

Carl currently heads the BSP's Reserves Management Department I, the team managing the Bank's internally-managed portfolios, which includes fixed income, foreign exchange and gold.  Prior to this, he headed the external funds management team of the Bank.  He joined the BSP in 2008 as part of the research team under the then Treasury Department.

Carl holds a bachelor’s degree in economics and a master's degree in public policy.  He has been awarded the CFA and FRM designations, and has passed the CMT examinations.  

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Asset Diversification

07:00 - 07:45

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Opening remarks

07:00 - 07:15

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What have central banks done with their portfolios in the light of Covid-19?

07:00 - 07:45

What have central banks diversified into and out of? 
What does this mean for the general trend toward diversification now?
What will strategic asset allocation look like in a future of looser policy?
 

Aniq Aziz

Director, International Markets & Investment

State Bank of Pakistan

Aniq Aziz is currently working as Director of International Markets & Investment Department; the department he is heading for the last 5 years. He is responsible for investment of overall foreign Exchange Reserves of Central Bank. He is member of Bank’s Investment Committee. He also serves as visiting faculty of State Bank’s training institute. He regularly participates in Reserve Management related roundtables/meetings to represent Central Bank.

With a Central Banking career spanning over eighteen years, he worked as focal point in transforming Central Banks’ Reserve Management operations on modern lines His vast experience in Reserve Management area span well over a decade.

He holds a Master's degree with major in economics and finance.

Vanessa Rayner

Head of Financial Markets

Reserve Bank of New Zealand

Dr Laurel Ho

Deputy Director General, Department of Foreign Exchange

Central Bank of the Republic of China (Taiwan)

Dr. Laurel, Lan-chih Ho is Assistant Director General of the Department of Foreign Exchange in the Central Bank of the Republic of China (Taiwan). She has been assigned for overseeing the foreign reserve management since January 2012. She is also monitoring the performance of external asset managers. Before assigned with this position, she was doing research on asset allocation strategies, fixed-income investment strategies, currency overlay strategies etc.

She joined the CBC at February 2004. Prior to that, she was Assistant Professor of the Department of Finance at Yuan Ze University, Taiwan. She has a number of research papers published in academic journals, such as Review of Quantitative Finance and Accounting (2011), Review of Financial Economics (2009), Journal of Asset Management (2008), Financial Management (2007), Review of Pacific Basin Financial Markets and Policies (2005).

07:4508:15

Networking break

07:45 - 08:15

08:1509:00

How do emerging market reserve managers navigate through the even lower yield environment?

08:15 - 09:00

What does the low yield environment look like now? What is the implication for central bank capital? 
What strategies can minimise the impact of negative rates?
What impact will this have on asset allocation and duration?
 

Andrew Abir

Deputy Governor

Bank of Israel

Andrew Abir is the director of the Market Operations Department and a member of the management board of the Bank of Israel.

The Market Operations Department has three main functions: implementing monetary policy; managing the foreign exchange reserves of the State; implementing foreign exchange policy and supporting the orderly activity of foreign exchange trading in Israel. The Department is responsible for all the operations of the central bank in the financial markets, both domestic and international.

Mr. Abir has been at the central bank since 1987, initially in the Office of the Governor and then moving to the Foreign Exchange Department in 1992. He also serves as an external director of the Tel Aviv Stock Exchange. He holds a BA in Politics, Philosophy and Economics from Oxford University and a MBA from the Hebrew University of Jerusalem.

 

Nita Kusumowardhani

Head of investment management group

Bank of Indonesia

09:1510:00

Roundtable discussion groups: Join one of the below

09:15 - 10:00

  • Gold
  • Fixed income 
  • Equities
  • Corporate and agency bonds
     

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Risk Management

07:00 - 07:45

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Opening remarks

07:00 - 07:15

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Panel discussion: How has Covid-19 effected reserve managers in terms of operational risk?

07:00 - 07:45

What have the main operational risk challenges been for reserve managers now the risks are global and not local?

What is the role of risk management for business continuity in a pandemic?

Strategies for managing limited trading, no discretionary trading or possible hacking

07:4508:15

Networking break

07:45 - 08:15

08:1509:00

Did derivatives overlay strategies work how they were supposed to in the pandemic?

08:15 - 09:00

Benefits of derivative overlay strategies 
Analysis of how they worked for central banks in the pandemic
What does this mean for counterparty credit risk for central banks?
 

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Digital transformation

07:00 - 07:45

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Opening remarks

07:00 - 07:15

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Will Covid-19 accelerate the arrival of a CBDC?

07:00 - 07:45

  • Merits, advantages and risks of CBDC
  • Are there monetary policy benefits to a CBDC?
  • Is there an opportunity for a global digital reserve currency?
Rita Soares

Head of Divisoin - Payments Innovation and Policy Division

Bank of Portugal

07:4508:15

Networking break

07:45 - 08:15

08:1509:00

Can reserve management systems withstand effects of Covid-19

08:15 - 09:00

  • How has the machine learning technology faired in the global pandemic?
  • How can central banks improve their digital experiences within reserve management?
  • What would a holistic approach to risk management look like?

07:0007:45

Climate risk and sustainability

07:00 - 07:45

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Opening remarks

07:00 - 07:15

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The future of ESG and green finance: implications for the central banking community

07:00 - 07:45

  • Impact of Covid-19 on central banks advancements in climate risk management
  • Impact of ESG mandate on the investment strategies of sovereign wealth funds and central banks
  • Criteria for assessing the suitability of available products and services 
     
Grace Lau

Executive Director (Risk and Compliance)/ Chief Risk Officer (Exchange fund investment office)

Hong Kong Monetary Authority

Grace Lau is responsible for the oversight of investment risks and other risk-generating activities across the HKMA. Ms Lau joined the HKMA as Manager in 1994 and was promoted to the rank of Division Head in 2000
She worked in various functional areas of the HKMA including monetary policy, economic and market research, market systems policy, banking development and securities enforcement before taking up the present position in January 2015.

07:4508:15

Networking break

07:45 - 08:15

08:1509:00

Best practice for managing a green bond portfolio

08:15 - 09:00

  • Key features of green bonds
  • Impact on portfolio composition and diversification
  • Overview of key tools and strategies for effective green bond management