FX Markets Europe 2023 event agenda

FX Markets Europe - 2023 Agenda


Introduction and housekeeping notes from the organisers
Networking zone stage

08:50 - 09:00


FX Markets opening remarks
FX Markets Europe room

09:00 - 09:10

Joe Parsons

Global markets deputy editor

FX Markets

Joe Parsons is deputy editor on the global markets desk. He was formerly deputy editor at Global Custodian, and prior to that he was at The Trade.


Fireside chat: FX global code of conduct - the current state of play

09:10 - 09:40

Stephane Malrait

Global head of market structure and innovation for financial markets

ING Bank

Stéphane Malrait is Managing Director, Global Head of Market Structure and Innovation for Financial Markets, at ING Bank. Stephane is responsible for following the market structure and industry challenges impacting the financial market industry. He is leading innovation activities internal to ING and also external partnerships and developments with Fintech companies. He actively contributes to industry working groups to represent ING Bank.

Stéphane joined ING in 2015 to lead the bank e-commerce initiatives across all financial market products and to develop on the financial market group’s cross-asset eCommerce strategy. Before joining ING, Stephane spent eight years at Société Générale, where he was Global Head of FIC eCommerce, creating an eCommerce business covering credit, rates, money market, emerging market, and FX. Prior to this, Stéphane worked at JPMorgan Chase for ten years, serving in different roles in Global FX E-Commerce Business Management and cross-asset eCommerce technology and was based in London and New York.

Stephane has a strong background in financial markets and understands the need for continued technological development to drive positive change in trading and market structure workflows. He is leading ING's Financial Market Innovation strategy and also working on the implementation of financial regulations that will impact the client trading activities and transform how the trading floor operates.

Stephane is also a board member for several Fintech market initiatives and trading associations. Since 2005 he has been active with the ACI Financial Market Association - an international non-profit organisation that represents the interests of market professionals in foreign exchange and money markets. Here, he has chaired the ACI FX Committee, representing the views of professionals in the FX sector. He is also an active member of the ECB FX contact group working on the BIS Global FX code of conduct working groups.

Lisa Dukes

Co-founder and treasury consultant

Dukes & King

Lisa has over 15 years experience across senior roles spanning treasury, corporate finance & complex derivatives. More recently Lisa co-founded the corporate finance and risk management firm Dukes & King, putting this value driven expertise into practice for a greater number of corporates and funds. She is active in sharing corporate best practice in the application and development of value optimising risk management featuring in a number of global publications. Over the last few years in particular her focus has been structuring innovative new solutions, spanning the entire corporate finance spectrum. These multi-faceted derivatives and treasury solutions consider and balance the often competing factors to deliver the end-to-end solutions, many of which have won awards and high commendations. Lisa is also a member of the FX Joint Standing Committee chaired by the Bank of England and is the UK Representative to the Global FX Committee for the private sector.

Conception Alonso

Head of section, international markets

European Central Bank

Conception Alonso is the head of the International Markets Section in the Directorate General Market Operations at the ECB.

She has been working at the ECB since its inception where she first worked as economist in the Directorate General International Relations. She joined the Directorate Market Operations in 2004 and was involved in the implementation of monetary policy. From 2007 to 2016, she has primarily focused on the design and the implementation of non-standard monetary policy measures (fixed rate full allotment policy, longer term refinancing operations) and in particular the assets purchase programmes (ABSPP, CBPP3 and CSPP). She is heading the International Markets Section since November 2016 and is responsible for FX related matters, market intelligence in several market segments and the management of the ECB’s foreign reserves.

Joe Parsons

Global markets deputy editor

FX Markets

Joe Parsons is deputy editor on the global markets desk. He was formerly deputy editor at Global Custodian, and prior to that he was at The Trade.


How the FX market dealt with the recent bank turmoil

10:00 - 10:30

  • The rumbling on of the Ukraine war – how to meet continuing challenges and mitigate exposure
  • How did the FX market function with lower liquidity and wider spreads during the banking crisis?
  • Banks and platforms perspective: record volumes in March following banking turmoil.
  • Lessons learnt which can inform responses to any new crises
Hinrich Wilhelm Paul

Global head of financial markets


Hinrich Paul joined Commerzbank in 2010 starting his career in the inhouse consultancy of
Commerzbank. After serving as Executive Assistant for the IB CEO Hinrich joined the trading
desk of Commerzbank’s Treasury department and took over the local trading head for FX
Germany thereafter. Since 2021 Hinrich is responsible for the global FX, IR and
Commodities trading of Commerzbank.

Hinrich holds a Master in Economics from the University of Tübingen.

Eric Murphy

Multi-asset dealer

Irish Life Investment Managers

Mayurun Uthayakumar

Global head G10 FX flow options trading

Credit Agricole CIB

David Thorne

Head of eFICC Europe and America


David Thorne joined ANZ in 2017 having worked for both JP Morgan and RBS in eFX Trading as well working on the buy side. David has been within FX since 2004 and has worked both in Sydney and London. David now heads eFICC at ANZ within Europe and America as well as being responsible globally for liquidity management.


Macro perspective: the next six months

10:20 - 11:00

  • After the banking turmoil: what next?
  • Debt-ceiling and bank crisis – what impact could it have on volatility?
  • Energy crisis: predictions on what the next 6 months may hold.
  • Rates: impact of rising rates in the US/ UK – has it reached a crescendo?
  • The Fed’s next move: discussing wider implications
  • Examining merging currency trends
  • De-dollarisation: what will the pace of change be?
David Page

Head of macroeconomic research

AXA Investment Managers

David Page is head of macroeconomic research at AXA Investment Managers. He manages a global team of 10 economists and strategists, is a regular guest on Bloomberg TV and other global media. Page joined AXA Investment Managers in July 2014 as a senior economist to provide economics coverage on US and UK economies. He has written extensively on the US economy, covering elections, fundamental monetary policy debates and issues of fiscal stimulus. Before joining AXA Investment Managers, Page worked for four years at Lloyds Bank Commercial Banking as a senior economist, primarily covering the UK economy. During this time, he was twice voted the top forecaster in the region in 2011 and 2012 (and came third in 2013). Prior to this, Page worked for 10 years at Investec Bank as a global economist, primarily covering the UK and European economies. Before this, he spent five years in the Government Economic Service, initially working for the energy regulator before joining the UK Debt Management Office – an executive agency of HM Treasury – at its inception in 1998, considering issues of primary issuance for the UK gilt market. Page holds a masters of science degree in economics from the University of Warwick, UK and a bachelor's degree in Economics from the University of York.


Viraj Patel

Senior strategist and partner

Vanda research

Viraj is a Senior Strategist and joined Vanda in 2020 from Arkera where he was Head of Macro & Geopolitics Research. Prior to this, Viraj worked as an FX Strategist at ING and had roles at Barclays Wealth and the Bank of England. Viraj graduated in Economics from the University of Cambridge and is a CFA charterholder.

Arnob Biswas

FX macro strategist

SMC Global Securities

Francesco Pesole

FX strategist



Networking coffee break
Including technical seminars (networking zone stage)

11:00 - 11:40


Technical seminar: Business continuity & resilience overview

11:05 - 11:15

Bradley Cornwell

Director of pre-sales EMEA & APAC



Technical seminar: Liquidity provision and technology partnership

11:20 - 11:30

Sam Horowitz

Head of FX distribution and liquidity management

CMC Markets

Prior to joining CMC Markets in 2021, Sam ran global eFX trading for BBVA. Working alongside quant trading teams, he is responsible for ensuring that CMC Connect liquidity distribution aligns the needs of clients with risk management capabilities. With almost 30 years of wholesale FX industry experience, Sam also sits on the ACI's UK executive and Global FX Committees.


Current state of play: electronification

11:40 - 12:40

  • Adoption of electronic execution and leveraging algos for maximum efficiency.
  • Smart decision making – the voice trading point of view: what makes sense from an electronic trading point of view?
  • Where to differentiate within electronic trading and where do different protocols work?
  • Is bespoke private liquidity the future?
  • Are public venues in terminal decline?
Allan Guild


Hilltop Walk Consulting

Asif Razaq

Global head of FX algo execution

BNP Paribas

Asif Razaq is an experienced foreign exchange algo trader with over 15 years of experience developing electronic trading platforms. He has a masters of science degree in artificial intelligence (AI) and joined BNP Paribas from Citi, where he worked on various initiatives including e-FX pricing engines and algorithmic trading. Utilising his experience in AI, Razaq developed and launched Cortex iX, a cutting-edge FX algorithmic execution platform that has been highly acclaimed by clients and industry experts globally.

Divay Malhotra

Director, FICC e-trading and market structure

Bank of America

Lilah Zaman

Head of Europe electronic FX institutional sales

Deutsche Bank

John Stead

Global head of pre-sales


John Stead is global head of pre-sales and marketing at smartTrade Technologies. He and his team are responsible for understanding client business requirements and showing how smartTrade can add long-term demonstrable value. Stead has over 15 years of experience in e-FX, working with sell-side clients, real money, brokers and hedge funds. As well as FX, he is particularly focused on the crypto market, the synergies between the asset classes and the benefits it can bring to the wider industry.

Sam Horowitz

Head of FX distribution and liquidity management

CMC Markets

Prior to joining CMC Markets in 2021, Sam ran global eFX trading for BBVA. Working alongside quant trading teams, he is responsible for ensuring that CMC Connect liquidity distribution aligns the needs of clients with risk management capabilities. With almost 30 years of wholesale FX industry experience, Sam also sits on the ACI's UK executive and Global FX Committees.


Networking lunch
Re-connect and meet new contacts as we return to in person

12:40 - 14:10


Large language models, NLP, ML and other AI: where FX trading desks are using new technologies

14:10 - 14:40

  • Risks and rewards associated with implementing tech within FX dealing desks.
  • Are self-learning algos the future?
  • Will large language models become a big thing for FX traders?
  • The shifting focus of traders: what to automate and where you still need the human touch.
Bhupen Velani

Global head of transactional FX trading

Bank of America

Bhupen leads the Transactional FX Trading (TFX) business globally for BofA. He has ultimate responsibility for the market risk, pricing, P&L and governance associated with the FX flows the desk manage. As a product function, TFX are responsible for evolving the client offering and ensuring successful technology deployment into the client facing channels; this implies close collaboration and cross-over of activity between GTS and Consumer bank partners.

Bhupen initially joined Bank of America in 2014 based in Hong Kong, where he led the TFX Trading business for the Asia Pacific region. In 2018 Bhupen relocated to London where he was tasked with evolving and growing the TFX business across EMEA. Leaving the Bank in 2021 he spent 18 months at JP Morgan before deciding to return to BofA.

Prior to BofA, Bhupen spent 4 years at HSBC focusing on FX and FX payments. His broader experience covers FX risk management, FX derivatives and structuring. 

Ralf Donner

Head of FICC execution strategies

Goldman Sachs

Ralf Donner is Head of FICC Execution Strategies at Goldman Sachs. He is responsible for the firm’s client FICC algorithmic execution offering, pre- and intra-trade liquidity and transaction cost analytics, and post-trade reporting.

Ralf started his professional career at ABN Amro in 2006 as an FX options quant, followed by 8 years with Morgan Stanley in London and New York, first in model validation of options pricing models and then in quant sales, focusing on systematic FX trading strategies and FX market microstructure. From 2014-2016 he ran Morgan Stanley’s QSI team in New York.

Ralf holds a Masters in Physics and a Doctorate in Theoretical Physics from Oxford University.

Duncan Wood

Global editorial director

Duncan Wood is the London-based editor-in-chief of He was promoted to the role at the start of 2015, to lead the editorial reorganisation of the website and its print titles. Wood had been editor of Risk magazine since July 2011. He rejoined Risk as European editor in October 2009, having originally worked for Risk and Asia Risk in London and Hong Kong as a writer and researcher between 1998 and 2000.
In the intervening years, Wood was news editor for the Oliver Wyman-founded online start-up He also worked freelance for six years while living in Germany, with his work featuring in Euromoney, Financial News, IFR, and The Wall Street Journal, as well as Risk magazine and its sister titles. Wood has written about derivatives and risk throughout his 17-year career in journalism. He is a Neal Awards finalist, and has won Incisive Media's journalist and editor of the year awards.


Looking to the future of FX Prime Brokerage: Rethinking assumptions as volatility returns

14:40 - 15:30

  • Will clearing take off?
  • The impact of UMR deadlines on clients
  • How is volatility impacting FX markets and the prime brokerage business?
  • The impact of SA-CCR
  • Overcoming challenges on liquidity
Marcus Butt

Managing director prime services

NatWest Markets

Prior to taking responsibility for FX Prime Services, Marcus was responsible for sales across Prime Brokerage, Futures & OTC Clearing and for the OTC Clearing product in EMEA.

Before joining RBS, Marcus spend 17 years at UBS where he held a number of roles in Prime Services, Securities Lending and FX

Andy Ross

Global head of prime brokerage

Standard Chartered Bank

Gemma Laman

Managing director - global head of platform sales, foreign exchange


Costas Mourselas

Financial journalist

Costas Mourselas is a financial journalist and deputy editor on the risk management desk at He previously reported on derivatives at GlobalCapital. Costas has a bachelor’s degree in Philosophy, Politics and Economics from the University of York, UK.


Networking coffee break
Including technical seminars (networking zone stage)

11:00 - 11:40


Tackling FX settlement challenges: the rise of risk

16:00 - 16:40

  • Measuring FX settlement risk: how much is it growing?
  • New tools and technology: platforms to ease settlement risk.
  • Should there be incentives to reduce FX settlement risk?
Alan Verschoyle-King

Head of business development, emea head

Alan is the Head of EMEA Business Development for, joining the firm in February 2023. During his career, Alan has held a series of senior leadership positions with firms such as Citi, Barclays, ABN Amro, BNY Mellon and Western Union Business Solutions. He has worked in Amsterdam, Frankfurt, London and New York in roles such as Global Head of Business Development, Global Head of Product Management, Regional Business Head and Global Head of AML Compliance. Alan is a qualified lawyer with extensive banking experience in payments, liquidity management, treasury management, risk management and tradefinance. An acknowledged Transaction Banking subject matter expert and thought leader, Alan is a regular speaker at leading industry events and advisor to a number of C-suite leadership teams.


Allan Guild


Hilltop Walk Consulting

Myriam Sifaoui

Global emerging chief operating officer and director

Societe Generale Corporate and Investment Banking




Closing keynote: the future of crypto trading and digital assets

16:40 - 17:20

As they crypto market rests in limbo, how are industry experts envisioning the future of crypto trading and digital assets?

  • DeFi.
  • Automated market making.
  • Where does crypto belong?
Itay Tuchman

Independent FX markets expert


Close of conference

17:20 - 17:30

Joe Parsons

Global markets deputy editor

FX Markets

Joe Parsons is deputy editor on the global markets desk. He was formerly deputy editor at Global Custodian, and prior to that he was at The Trade.


Networking reception & presentation of e-FX Awards
Devonshire Terrace

17:30 - 19:00

Join us as trophies are presented to winners of the FX Markets e-FX Awards, recognising the dedication, skill and creativity that market participants pour into the growing, changing world of electronic foreign exchange trading.