Agenda

Agenda

Programme

Addressing the changes impacting markets and policy

08:4508:55

Welcome remarks

08:45 - 08:55

Roberts Grava

Institutional Investment Advisor

Roberts Grava is an independent institutional investment advisor, focusing primarily on central banks, sovereign wealth funds and national pension funds globally. Roberts has over 25 years of official institution investment expertise, having held senior roles in both public and private sector institutions. He has been Head of Quantitative Strategies, Risk and Analytics and also RAMP Engagement Manager at the World Bank, Managing Director, Institutional Solutions and Advisory, Head of Official Institutions and Senior Fixed Income Client Portfolio Manager at J.P. Morgan Asset Management, and Head of Reserves Management, Head of Market Operations and Member of the Executive Board at Latvijas Banka (the Central Bank of Latvia).

08:5509:35

Keynote speech: The new dynamics of the international monetary system

08:55 - 09:35

09:3510:05

Panel discussion: How can reserve managers effectively incorporate climate risk and sustainability into their investment strategy?

09:35 - 10:05

  • What do we mean by climate risk, ESG and sustainability? What can be achieved?
  • How do approaches differ and why? Examples of ESG investment strategies
  • How should climate risk be integrated in to a central banks assessments?
  • How much can central banks do and should do?

10:0510:35

Celebrating 20 years of the Euro: Outlook for the Euro as a reserve currency

10:05 - 10:35

"A conversation between policymakers"

  • What is the outlook for positive interest rates?
  • What do reserve managers want from a currency?
  • Disruptors on the horizon: renminbi and new technology
  • Developments in capital markets

10:3511:05

Coffee and currencies

10:35 - 11:05

 
 
In this networking break delegates will have the opportunity to join an industry expert at different Currency Stands to discuss questions of particular interest to them.
 
*Dollar* *Euro* *Yen* *Emerging markets* *Renminbi*

11:0512:00

Panel discussion: How are reserve managers dealing with negative rates?

11:05 - 12:00

  • Strategies for minimising the impact of negative rates
  • When will we see signs of a long term move to sustainability positivity?
  • What can central banks learn from other long term strategic investors? 
  • Implications of the expected change from monetary dominance towards fiscal dominance
Ricardo Martinelli

Head of Investment Division

Banco Central do Brasil

Solomon Kavuma

Deputy Director, Reserves and Investment Management Operations

Bank of Uganda

Solomon Kavuma worked previously with the Macro Economic and Financial Management Institute of Eastern and Southern Africa (MEFMI) where he worked extensively with member central banks in building capacity in the areas of risk, reserves and domestic financial market development. Currently he is the Deputy Director in charge of Reserves and Investment Management Operations at the Bank of Uganda. He holds a Bsc (Stat/ Econ) degree from Makerere University and an MA from Brandeis University, Massachusetts, USA.

12:0012:50

Expert led working groups

12:00 - 12:50

Each working group will be led by an expert member of our steering committee, and will give the audience an opportunity to discuss in-depth the key topics that matter most to them.

  1. Equities
  2. Exposure to emerging markets
  3. Use of derivatives
  4. Gold
  5. Digital currencies
  6. Sustainability

12:5014:00

Lunch

12:50 - 14:00

14:0515:45

Stream

Diversification

Chair opening remarks of stream

14:00 - 14:05

Roberts Grava

Institutional Investment Advisor

Roberts Grava is an independent institutional investment advisor, focusing primarily on central banks, sovereign wealth funds and national pension funds globally. Roberts has over 25 years of official institution investment expertise, having held senior roles in both public and private sector institutions. He has been Head of Quantitative Strategies, Risk and Analytics and also RAMP Engagement Manager at the World Bank, Managing Director, Institutional Solutions and Advisory, Head of Official Institutions and Senior Fixed Income Client Portfolio Manager at J.P. Morgan Asset Management, and Head of Reserves Management, Head of Market Operations and Member of the Executive Board at Latvijas Banka (the Central Bank of Latvia).

Panel discussion: Equities Vs Corporates

14:05 - 14:45

  • Why do central banks invest in equities, how much should they, what are the practical implications and unintended consequences of equity investment
  • Alternatives: real estate, private placements, fixed income and credit
  • Use of derivatives and ETF’s
Jan Schmidt

Executive Director, Risk Management

Czech National Bank

Jan Schmidt serves as the Executive Director of Czech National Bank, Risk Management and Transaction Support Department. In his role, he is primarily responsible for setting of the Bank strategic asset allocation and defining the risk profile of the Bank. That includes currency composition of reserve, asset classes, duration, credit and liquidity benchmarking and guidelines. Compliance with applicable regulation on foreign markets is part of his responsibilities. Apart from this, his department contains back office and middle office functions, SWIFT operation and is managing a portfolio of correspondent banking and custody service providers. From 1 January 2019 he is also in charge of operating the central Czech koruna interbank clearing system and operating one of two central securities depositories in Czech Republic.  

Jan Schmidt graduated from Faculty of Nuclear Sciences and Physical Engineering of the Czech Technical University in Prague in 1989. He holds MBA from London International Graduate School (US).

Case study: Factor based investing

14:45 - 15:15

  • Identifying factors that impact stock returns
    • Macroecononomic factors Vs style factors
  • How does factor based investing enhance diversification?
  • How do we build a low-volatility portfolio with factor based investing?
  • Factor based investing applied to fixed income 
Presentation: Investing in emerging markets

15:15 - 15:45

  • Challenges of investing in emerging markets
  • Is the risk of investing in emerging market bonds worth the credit quality and higher yields?
  • Advantages of using external managers to invest in emerging markets
Solomon Kavuma

Deputy Director, Reserves and Investment Management Operations

Bank of Uganda

Solomon Kavuma worked previously with the Macro Economic and Financial Management Institute of Eastern and Southern Africa (MEFMI) where he worked extensively with member central banks in building capacity in the areas of risk, reserves and domestic financial market development. Currently he is the Deputy Director in charge of Reserves and Investment Management Operations at the Bank of Uganda. He holds a Bsc (Stat/ Econ) degree from Makerere University and an MA from Brandeis University, Massachusetts, USA.

Stream

Sustainability and climate risk

Chair opening remarks of stream

14:00 - 14:05

Morten Kjærgaard

Departmental Head, Reserve Management and Collateral, Banking and Markets

National Bank of Denmark

Morten Kjærgaard is Head of Reserve Management and Collateral at Danmarks Nationalbank. The reserve amounts to EUR 63 billion and serves to support the fixed exchange rate policy and financial stability. Responsibilities also include managing the domestic bond portfolio and collateral pledged in relation to monetary policy lending. Prior to his current position Morten has worked in various areas including monetary policy implementation, government debt management and international relations.

Panel discussion: Sustainability as a reserve management objective

14:05 - 14:45

  • Sustainable and responsible investing: What is the role of central banks in greening the finance system?
  • Key focuses for the future
  • Balancing sustainability with liquidity, safety and return  
Franz Partsch

Director - Treasury Department

Oesterreichische Nationalbank

Franz Partsch is director of the treasury department of Oesterreichische Nationalbank (OeNB). He joined OeNB in 1990 and previously served as head of the treasury strategy division and head of the equity interest management division. He also held positions in the credit division as well as the monetary statistics division. Before joining OeNB Franz worked as a credit analyst in a commercial bank. Franz Partsch holds a Master of Business Administration from Vienna University of Economics and Business Administration.

Isabelle Laurent

Deputy Treasurer

European Bank for Reconstruction and Development

Presentation: Can incorporating ESG factors reduce risk and increase return?

14:45 - 15:15

  • What is the historical evidence? And what is the future outlook?
  • ESG as investment opportunity
  • Are market prices wrong?
Morten Kjærgaard

Departmental Head, Reserve Management and Collateral, Banking and Markets

National Bank of Denmark

Morten Kjærgaard is Head of Reserve Management and Collateral at Danmarks Nationalbank. The reserve amounts to EUR 63 billion and serves to support the fixed exchange rate policy and financial stability. Responsibilities also include managing the domestic bond portfolio and collateral pledged in relation to monetary policy lending. Prior to his current position Morten has worked in various areas including monetary policy implementation, government debt management and international relations.

Presentation: Frameworks for quantifying climate risk

15:15 - 15:45

  • Climate risk and central bank mandates
  • Integrating climate risk into existing risk management frameworks related to monetary policy and financial stability
  • Frameworks for integrating ESG considerations and climate risk into investment decisions
Audun Gronn

Special Advisor – Governor’s Office

Norges Bank

15:4516:00

Coffee break

15:45 - 16:00

16:0016:20

Summary of streams by both chairs

16:00 - 16:20

16:2017:00

Oxford style debate: This conferences believes that the Dollar is the worst reserve currency except all of the other ones.

16:20 - 17:00

Hear two expert speakers who will be in favour of the motion and two expert speakers who will be against the motion, debate.

17:0017:10

Chairs closing remarks

17:00 - 17:10

Roberts Grava

Institutional Investment Advisor

Roberts Grava is an independent institutional investment advisor, focusing primarily on central banks, sovereign wealth funds and national pension funds globally. Roberts has over 25 years of official institution investment expertise, having held senior roles in both public and private sector institutions. He has been Head of Quantitative Strategies, Risk and Analytics and also RAMP Engagement Manager at the World Bank, Managing Director, Institutional Solutions and Advisory, Head of Official Institutions and Senior Fixed Income Client Portfolio Manager at J.P. Morgan Asset Management, and Head of Reserves Management, Head of Market Operations and Member of the Executive Board at Latvijas Banka (the Central Bank of Latvia).

17:1018:00

Networking reception

17:10 - 18:00

Addressing the disruptions effecting reserve management today and in the future

08:4508:50

Welcome remarks

08:45 - 08:50

Roberts Grava

Institutional Investment Advisor

Roberts Grava is an independent institutional investment advisor, focusing primarily on central banks, sovereign wealth funds and national pension funds globally. Roberts has over 25 years of official institution investment expertise, having held senior roles in both public and private sector institutions. He has been Head of Quantitative Strategies, Risk and Analytics and also RAMP Engagement Manager at the World Bank, Managing Director, Institutional Solutions and Advisory, Head of Official Institutions and Senior Fixed Income Client Portfolio Manager at J.P. Morgan Asset Management, and Head of Reserves Management, Head of Market Operations and Member of the Executive Board at Latvijas Banka (the Central Bank of Latvia).

08:5009:20

Keynote speech: Should more central banks invest in real estate?

08:50 - 09:20

09:2009:50

Presentation: Central banking and digital transformation

09:20 - 09:50

  • What is the impact on the financial and banking sector and the ability to finance the economy?
  • How do you regulate it?
  • Impact on the way central banks trade

09:5010:45

Portfolio shock: A scenario based game

09:50 - 10:45

Part one - Scenario dissection and strategising: Small groups of no more than 10 individuals will be given different scenarios. All groups will have a different scenario. In your group you will role play the scenario of a specific portfolio shock to explain; what the outcome will be, what the main challenges are and how best to respond.

Part two – Summary: A leader from each group will summarise their plan of action derived from their group discussions.

10:4511:10

Coffee break

15:45 - 16:00

11:1013:10

Stream

Digital currencies

Chair's opening remarks of stream

11:10 - 11:15

Panel discussion: CBDC’s and monetary policy implications

11:15 - 11:50

  • Drivers and motivations for establishing a CBDC
  • Merits, advantages and risks of CBDC
  • Implications for monetary policy and the transmission mechanism
  • Impact on the intermediating role of banks
Helena Adegas

Head, Markets and Reserve Management Department

Bank of Portugal

Helena Adegas is the Head of the Markets and Reserve Management Department of Banco de Portugal, institution she joined in 1985. Formerly, she headed the newly created Risk Management Department, between 2012 and 2017, and was Executive Director of the Managing Company for the employees’ Pension Fund and Head of Department responsible for the Support Unit to the Deposit Guarantee Funds, from 2002 to 2012.
Previous positions held during her long career with the Central Bank include heading the Reserve Management Division, the Investment Analysis Unit and the Foreign Exchange Markets Unit.
Between 2011 and 2014, she was also a member of the Board of Directors of the Economists Professional Association.
Helena Adegas graduated in Economics from the Universidade Católica Portuguesa, she holds two postgraduate degrees in European Studies and in Banking Management from the same University and she has an MBA from the French business school INSEAD.

Grahame Johnson

Managing Director, Financial Markets Department (FMD)

Bank of Canada

Grahame Johnson was appointed Managing Director, Financial Markets Department (FMD), effective November 5, 2019. In this capacity, he is responsible for policy formulation and execution of the Bank of Canada’s financial market activities as they relate to monetary policy implementation, the Bank’s funds management activities and financial system liquidity. These activities—along with a range of research, analysis and policy advice related to domestic and international financial markets—contribute to the Bank’s monetary policy mandate, its fiscal agent role and its role in the promotion of financial system stability and efficiency.

Mr. Johnson joined the Bank in 2001 and has held positions as Assistant Director, Financial Risk Office; and Director and then Deputy Chief, Financial Markets Department. In 2013 he became Managing Director, Funds Management and Banking Department, and served most recently as Managing Director, Financial Stability Department. Mr. Johnson has extensive knowledge of markets, the financial system, and monetary and funds management policies. Before joining the Bank, he worked on the fixed-income trading desk of a major Canadian financial institution.

Mr. Johnson is a native of Montréal, Quebec. He has a degree in commerce from Queen’s University and holds a Chartered Financial Analyst designation.

Case study: Digital currency

11:50 - 12:25

  • Are central banks going to issue digital currency?
  • How far are we with artificial intelligence and algo trading?
  • Will the private sector get there first?
Presentation: Misuse of digital currency

12:25 - 13:10

  • What is the full scale of misuse of digital currencies? 
  • Legal context of cryptocurrencies
  • Implications for financial crime and money laundering  
  • Implications for tax evasion

Stream

Risk management

Chair's opening remarks of stream

11:10 - 11:15

Presentation: Strategic asset allocation - what comes next in the investment decision making process?

11:15 - 11:50

  • Strategic asset allocation objectives
  • Using tactical asset allocation to beat the strategic benchmark
  • Use of currency overlay strategies for risk management
  • Addressing the conflicts between investment policy and reporting horizons
Panel discussion: Effective tranching strategies for reserve management

11:50 - 12:25

  • Differing strategies for liquidity objectives, investment objectives and policy requirements
  • What are the optimum number of tranches in a portfolio?
  • Liquidity vs return

Isabelle Strauss-Kahn is the former Lead Financial Officer in the Financial Advisory and Banking Department at World Bank Treasury. She has gained more than 15 years’ experience in Market Operations Department, from front to middle and back-office aspects, at the Banque de France where she was Market Operations Director, but also at the BIS Banking Department. She participated in several technical assistance missions with the IMF, the World Bank and on a bilateral basis at the Banque de France.  She was a member of several international committees, has been a speaker in numerous conferences related to investment practices and wrote articles on reserve management. She got an MBA in France and an MA (with PhD core) in Economics from University of Chicago

 

Solomon Kavuma

Deputy Director, Reserves and Investment Management Operations

Bank of Uganda

Solomon Kavuma worked previously with the Macro Economic and Financial Management Institute of Eastern and Southern Africa (MEFMI) where he worked extensively with member central banks in building capacity in the areas of risk, reserves and domestic financial market development. Currently he is the Deputy Director in charge of Reserves and Investment Management Operations at the Bank of Uganda. He holds a Bsc (Stat/ Econ) degree from Makerere University and an MA from Brandeis University, Massachusetts, USA.

Presentation: Back to basics: a quick look at benchmark index replication

12:25 - 13:10

  • The benefits of studying benchmark replication techniques for front office and risk management
  • Index exposure matching using cash bonds and futures
  • Optimizing around benchmark index rebalancing
  • Practicalities and cost-efficiency considerations
Juliusz Jabłecki

Director, Financial Risk Management Department

National Bank of Poland

Juliusz Jabłecki is the Director of Financial Risk Management Department at Narodowy Bank Polski. He graduated with a Ph.D. in Economics from the University of Warsaw where he also teaches finance. Before joining the central bank, Mr. Jabłecki worked as an economic capital expert for Pekao Bank SA (then part of Unicredit Group). He is a co-author of the book “Volatility as an Asset Class: Obvious Benefits and Hidden Risks”, a contributor to Risk magazine, and author of numerous academic publications on monetary policy and quantitative finance. In his current role at NBP, Juliusz oversees strategic asset allocation for the central bank’s FX reserves portfolio. He is also responsible for financial risk management for NBP’s FX reserves portfolio as well as monetary policy and financial stability operations.

13:1013:20

Summary of streams by both chairs

16:00 - 16:20

13:2013:40

Closing panel discussion: Setting the agenda for 2020

13:20 - 13:40

  • Will negatives rates continue?
  • What can be achieved by incorporating sustainability in investment strategies?
  • Will central banks issue digital currencies?
  • What are the next disruptors going to be?
Grahame Johnson

Managing Director, Financial Markets Department (FMD)

Bank of Canada

Grahame Johnson was appointed Managing Director, Financial Markets Department (FMD), effective November 5, 2019. In this capacity, he is responsible for policy formulation and execution of the Bank of Canada’s financial market activities as they relate to monetary policy implementation, the Bank’s funds management activities and financial system liquidity. These activities—along with a range of research, analysis and policy advice related to domestic and international financial markets—contribute to the Bank’s monetary policy mandate, its fiscal agent role and its role in the promotion of financial system stability and efficiency.

Mr. Johnson joined the Bank in 2001 and has held positions as Assistant Director, Financial Risk Office; and Director and then Deputy Chief, Financial Markets Department. In 2013 he became Managing Director, Funds Management and Banking Department, and served most recently as Managing Director, Financial Stability Department. Mr. Johnson has extensive knowledge of markets, the financial system, and monetary and funds management policies. Before joining the Bank, he worked on the fixed-income trading desk of a major Canadian financial institution.

Mr. Johnson is a native of Montréal, Quebec. He has a degree in commerce from Queen’s University and holds a Chartered Financial Analyst designation.

13:4013:50

Chairs closing remarks

17:00 - 17:10

Roberts Grava

Institutional Investment Advisor

Roberts Grava is an independent institutional investment advisor, focusing primarily on central banks, sovereign wealth funds and national pension funds globally. Roberts has over 25 years of official institution investment expertise, having held senior roles in both public and private sector institutions. He has been Head of Quantitative Strategies, Risk and Analytics and also RAMP Engagement Manager at the World Bank, Managing Director, Institutional Solutions and Advisory, Head of Official Institutions and Senior Fixed Income Client Portfolio Manager at J.P. Morgan Asset Management, and Head of Reserves Management, Head of Market Operations and Member of the Executive Board at Latvijas Banka (the Central Bank of Latvia).

13:5015:00

Lunch and conference ends

13:50 - 15:00