Wednesday, 30 October 2019
8:30 am–9:00 amRegistration and Coffee     
Venue: Ballroom A Foyer, Level 2
9:00 am–10:00 amSession 5: Monitoring and Managing Risk
Format: Presentation

Speakers:
Mr. Ali Ahmadov, Director, Market Operations Department, Central Bank of the Republic of Azerbaijan
Mr. Martin Kroll, Head, Treasury and Operational Risk Unit, ADB
Mr. Hyun Taek Kim, Director, Risk and Quantitative Analysis Group,  BlackRock Investment Institute

Moderator:  Mr. Mrinmoy Das, Consultant, ADB

A confluence of factors is leading to unprecedented levels of volatility and the need for a more dynamic and robust approach to risk management. Speakers will present on, among others, 1) governance in risk management 2) developing Indicators to manage event, political and other risks 3) risk factor-based investing and 4) managing the risk of shrinking liquidity in fixed income market.
10:00 am–10:15 amOpen Discussion
10:15 am–10:35 amCoffee Break
Venue: Ballroom A Foyer, Level 2
10:35 am–11:50 amSession 6: Outlook for Investment Management of Reserves
Format:  Break-out Group Discussion

Venue: Ballroom A and Crescent Ballroom, Level 2 

Speaker:
Mr. Gary Smith, Founder, Sovereign Focus Group

Facilitators:
Mr. Giorgi Laliashvili, Head of Financial Markets, National Bank of Georgia
Ms. Charity Malto, Head, Investment Risk Analytics Office, Bangko Sentral ng Pilipinas
Mr. Kimty Kormoly, Deputy Director General, Central Banking Directorate, National Bank of Cambodia
Moderator:  Mr. Tobias C. Hoschka, Assistant Treasurer, ADB

In this session, we consider the current trends and challenges for reserve managers in Asia. We will examine continued reserve accumulation in Asia and ask ‘what level of reserves is adequate, and what are the different approaches used in practice to estimate adequate reserves. Further appropriate balance between risk and return, degree of public disclosure, sovereign wealth funds, and possible use of excess reserves for investments in Asian infrastructure will be discussed.
11:50 am–12:05 pmOpen Discussion
12:05 pm–12:50 pmSession 7:  Role of Emerging Market Assets and Equities in Foreign Reserves Portfolio
Format:  Presentation

Speakers:       
Ms. Nalin Subsuksiri, Director, Reserve Management Department, Bank of Thailand
Mr. Tornike Revishvili, Leading Specialist, Risk Management and Control Division, Financial Markets Department, National Bank of Georgia
 
Moderator:
Mr. Jonathan P. Grosvenor, Advisor, TD and Head, Treasury Client Solutions Unit, ADB

In search for returns, conservative reserve managers have either invested in or are considering investing in assets traditionally considered riskier, such as equities, exotic currencies, covered bonds and emerging markets.  Emerging market securities may be able to provide exposure to economies whose growth outlook may be more attractive and sustainable than developed economies. Are they becoming a sufficiently large, well-established asset class? What are the returns expectations and liquidity considerations relative to developed markets assets?
12:50 pm–1:05 pmOpen Discussion
1:05 pm–2:00 pmLunch Break
Venue: Crescent Ballroom, Level 2
2:00 pm–2:40 pmSession 8: Central Bank Gold Reserve Management in Practice
Format: Presentation

Speakers:
Mr. Shaokai Fan, Director, Central Banks and Public Policy, World Gold Council
Ms. Charity Malto, Head, Investment Risk Analytics Office, Bangko Sentral ng Pilipinas

Moderator:
Mr. Michael T. Jordan, Assistant Treasurer, ADB

This session will provide an overview of gold’s performance as a reserve asset and recent trends in central bank gold holdings, in the context of changing trade patterns and shift of economic clout to Asia. A panel of gold reserve managers from Central Banks will share their insights and experiences in investing in gold as a reserve asset.
2:40 pm–2:55 pmOpen Discussion
2:55 pm–3:45 pmSession 9: A View from the Issuance Side
Format: Panel discussion

Speakers:
Mr.  Hiroshi Ohata, Director for Debt Management and JGB Investor Relations,  Director of Research Office, Financial Bureau, Ministry of Finance, Japan
Mr. Ian Clunies-Ross, Head, Investor Relations, Australian Office of Financial Management
Mr. YeeFarn Phua, Director, Asia Pacific Sovereign Ratings, S&P Global Ratings

Moderator:
Mr. Anthony M. Ostrea, Senior Treasury Specialist, ADB

In this session, our panelists will provide a global and regional perspective and comment on developments around the issuance of bonds, the evolution of sovereign ratings and impact of changes in bank and financial market regulation on primary and secondary debt markets. What does this mean for investors? Will liquidity in government and corporate bond market be affected? What can issuers do to make their bonds more attractive to central bank, SWF and institutional investors?
3:45 pm–4:00 pmOpen Discussion
4:00 pm–4:20 pmCoffee Break
4:20 pm–4:50 pmSession 10A:  Fintech and Digital Currencies: The way forward
Format: Presentation

Speaker:
Mr. Malik Khan Kotadia, Co-founder and Chairman, Finnovation Labs Private Ltd.

Moderator:
Mr. Deepak Taneja,  Principal Treasury Specialist, ADB   

Technological innovations can facilitate the transition towards more sustainable global economic growth, though the impact of such advancements on markets and consumers remains a growing concern for central banks and regulators. This session will also cover Central bank digital currencies which represent a new form of digital central bank money that can be distinguished from reserves or settlement balances held by commercial banks at central banks. This session will focus on the potential benefits and risks of digital currencies and their financial market implications.
4:50 pm–5:05 pmOpen Discussion
Session 10B: Implications of Financial Technology: Automation of Investment Process
Format:  Presentation

Speakers:
Mr. Alexandre Kech, CEO, OnChain Custodian
Mr. James Gan, Head of Technology, Accenture

Moderator:
Mr. Asad Alamgir, Senior Treasury Specialist, ADB

Large portfolios of reserves are extremely difficult to manage without proper IT systems. More complex instruments used in reserve management raise the bar for risk management, settlement and accounting functions and require modern IT solutions. Further, over the years, the financial markets have rapidly adopted advancements in information technology.  This session will cover applying big data, artificial intelligence and machine learning to investment management. The participants will share their experience in adopting IT solutions.
5:45 pm–6:00 pmOpen Discussion