A great turnout was in force to see industry rock stars Bob Savage of Track, John Taylor formally of FXConcepts, Javier Paz of Aite and ex CTFC Commissioner Bart Chilton headlining debates around the changing landscape of Emerging Markets and how regulation will guide best practices going forward.
Bob Savage kicked off proceedings with an in depth view on Brics, Mints, and Bubbles. Which might sound like a new Haribo pick ‘n mix, but provided insight into the important aspects of growth and who to watch. This was followed up by Benoit Anne’s presentation on Bubble Trouble which showed there may be too much sweetener in certain countries. We were then taken on a journey through the Emerging Markets with panels on Market Structure and liquidity followed by an in depth discussion on Brazil and Mexico through to Russia then the dreaded Tapering.
The underlying themes of the day were regulation, what would the world look like in 2-3 years time given regulatory changes and emerging market opportunities. All good questions and all would take more than the day to answer.
As emerging market currencies continue to grow there is an underlying concern that EM currency market players have booked their tickets on the next boat to Canada, San Paolo or Mexico City. You can’t deny that regulation and transparency is a good thing, however the intricacies of OTC markets across the globe, require careful consideration when applying rules that work ok for exchange based products but not so ok for others. Has HMS EMFX left NYC ?
Bart Chilton brought the EMFX conference to a colorful close sharing his views on the regulatory landscape and HFT participants. Mr. Chilton believes that HFT does add efficiency however focus needs to return to making the markets safer. HFT has helped bring efficiency to all market participants but the HFT participants need to have guidelines for trading including Registration, Testing and Kill Switches. Emerging Markets will benefit in this space as markets become more electronic and seek greater efficiency.
All in all the EMFX NY was a great success, thanks to Julie and her team. The event enticed debate and increased international networking opportunities for all involved. Lets hope that regulation doesn’t drive an offshore market even more offshore. Rather than a slow boat to China - I’ll keep that transatlantic ticket handy just in case.