Tuesday, 23 October 2018
| 8:30 am–9:00 am | Registration and Coffee Venue: Foyer, Tigran the Great Ballroom |
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| 9:00 am–9:15 am | Group Photo Venue: Tigran the Great Ballroom |
| 9:15 am–9:45 am | Keynote Address Venue: Tigran the Great Ballroom Ms. Ingrid van Wees, Vice President (Finance and Risk Management), Asian Development Bank Mr. Arthur Javadyan, Chairman, Central Bank of Armenia |
| 9:45 am–10:35 am | Session 1: Global and Regional Economic Outlook Panelists: Professor Daniel,Dăianu, Member of the Board, National Bank of Romania Mr. Gary Smith, Head, Strategic Relationship Management Team, Sovereign Wealth Funds and Official Institutions, Baring Asset Management Professor Martin Wagner, Chief Economist, Bank of Slovenia Mr. Donghyun Park, Principal Economist, ADB Moderator: Mr. David Marsh, Chairman and Co-Founder, OMFIF This session will focus on the global economic prospects, with emphasis on Asia and the Pacific region. It will cover major developments and their potential impact on economic growth – including Fed interest rate hikes, protectionist trade measures, future of European Union, China’s transformation towards a consumption led economy, Emerging Markets stress and Asian Economic Integration. |
| 10:35 am–10:50 am | Open Discussion |
| 10:50 am–11:15 am | Coffee Break Venue: Foyer, Tigran the Great Ballroom |
| 11:15 am–12:25 pm | Session 2: Managing Portfolios in an Environment of Interest Rates Normalization Speakers: Mr. Aram Sahakyan, Head of Global Markets Division, Financial Department, Central Bank of Armenia Mr. Levan Verdzeuli, Senior Portfolio Manager, Reserves Management Division, National Bank of Georgia Mr. Grigor Sargysan, Principal Portfolio Manager, World Bank Mr. Alex Joia, Head of Portfolio Management, Bank for International Settlements Moderator: Mr. Pierre Van Peteghem, Treasurer, ADB With the momentum in the global economy gaining strength, monetary policy normalization has come into focus. What are the challenges ahead for Reserve Managers? How monetary policy normalization is affecting reserve management and asset allocation decisions? How will it impact capital flows, and are all emerging markets equally vulnerable? What will be the effect on asset prices and implications for financial stability? In this session, we consider the options available to reserve managers in the current environment. |
| 12:25 pm–12:40 pm | Open Discussion |
| 12:40 pm–1:35 pm | Lunch Venue: Armenia Brasserie |
| 1:35 pm – 1:55 pm | Audience Polling In this polling exercise, participants will join in a live survey on reserves management. |
| 1:55 pm–3:10 pm | Session 3: Governance in Reserve Management Format: Break-out Group Discussion and Presentation Venue: Tigran the Great Ballroom/Trdat the II Meeting Room Speakers and Co-Facilitators: Ms. Kashmirr Ibañez-Camacho, Acting Assistant Chief Reserve Management Officer, Reserves Management Department I, Bangko Sentral ng Pilipinas Mr. Giorgi Laliashvili, Head of Financial Markets, National Bank of Georgia Facilitators: Mr. T K Rajan, General Manager, Reserve Bank of India Mr. Kazi Sayedur Rahman, Executive Director, Bangladesh Bank Mr. Somboon Wangvanitchaphan, Deputy Director Reserve Management Department, Bank of Thailand Moderator: Mr. Deepak Taneja, Principal Treasury Specialist, ADB The governance arrangements around reserves are a complicated but critically important aspect of a prudent strategy for reserves management. In this session, we discuss the key elements of a robust governance framework: legal ownership of reserves; constructive communication and cooperation between public institutions; the establishment of clear mandates, responsibilities and performance criteria; and effective oversight and risk controls. |
| 3:10 pm–3:20 pm | Open Discussion |
| 3:20 pm–3:40 pm | Break to prepare for City tour |
| 3:40 pm–7:00 pm | City tour Venue: Geghard Monastery and Garni Temple |
| 7:00 pm–9:30 pm | Dinner Venue: 7 Qar Restaurant in Garni |
Wednesday, 24 October 2018
| 8:30 am–9:00 am | Registration and Coffee Venue: Foyer, Tigran the Great Ballroom |
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| 9:00 am–9:25 am | Session 4: Navigating Normalization Format: Presentation Venue: Tigran the Great Ballroom Speakers: Mr. Hariyadi Ramelan, Executive Director/Head, Reserves Management Department, Bank Indonesia Moderator: Mr. Pierre Van Peteghem, Treasurer, ADB A decade since the global financial crisis, monetary policies in major advanced countries have shifted towards normalization. After an unprecedented period of ultra-low interest rates, which has driven a search for yield on a global scale, normalization is likely to lead to dislocation and occasional turbulence. Responding to greater capital flow volatility in a globalized financial system will be a key test for central banker’s power of judgement as well as their ability to make use of available policy frameworks and tools. |
| 9:25 am–9:40 am | Open Discussion |
| 9:40 am–10:05 am | Session 5: Contagion and Emerging Market Economies - The Importance of Differentiation Speaker: Mr. David Marsh, Chairman and Co-Founder, OMFIF Moderator: Mr. Deepak Taneja, Principal Treasury Specialist, ADB The emerging market turbulence of the past few months should not be perceived as a generalized phenomenon. The overall situation compared with 1997-98 Asian Financial Crisis of 1997-98 and 2008 Global Financial Crisis has improved significantly, and investors need to be aware of the considerable differences in individual countries’ economic performance, underlying fundamentals and national political circumstances. In the absence of an effective global safety net, continued skepticism about the IMF’s role, and residual doubts about whether the Asean+3 Chiang Mai mechanism would be effective at a time of crisis, countries have resorted to reserves build-up as self-insurance. Indicators such as the OMFIF Emerging Market Vulnerability index can help pinpoint levels of risk amid Federal Reserve-led gradual monetary tightening. |
| 10:05 am–10:20 am | Open Discussion |
| 10:20 am–10:45 am | Coffee Break Venue: Foyer, Tigran the Great Ballroom |
| 10:45 am–11:40 am | Session 6: Risk Management Framework Speakers: Mr. Tim Meersschaut, Risk Manager, National Bank of Belgium Mr. Jan Schmidt, Executive Director, Risk Management, Czech National Bank Mr. Martin Kroll, Head, Treasury and Operational Risk Unit, ADB Moderator: Mr. Martin Kroll, Head, Treasury and Operational Risk Unit, ADB A key focus for all reserves managers should be management of risk in the reserves portfolio. This requires a broad understanding and knowledge of broad risk management concepts such as the measurement of volatility and reserve portfolio sensitivities to changes in interest rates, currencies and other asset classes. This session will introduce a discussion around risk management best practices and will also consider the practical issues around the organization, placement and structuring of the risk management function within a central bank. |
| 11:40 am–11:55 am | Open Discussion |
| 11:55 am–12:35 pm | Session 7: Engaging External Fund Managers Panelists: Ms. Kashmirr Ibañez-Camacho, Acting Assistant Chief Reserve Management Officer, Reserves Management Department I, Bangko Sentral ng Pilipinas Mr. Andrew Wold, Official Institutions Group, Global Head of Client Strategy, State Street Global Advisors Moderator: Mr. Jonathan Grosvenor, Head, Treasury Client Solutions Unit, ADB As central banks diversify their reserves into increasingly complex asset classes it is natural to draw on the services of external asset managers. External service providers also play important roles as custodians, advisors and auditors. It is essential that central banks manage relations with external service providers effectively, which can be a costly and time-consuming exercise. What has the experience been with external fund managers (EFM)? What is the optimum way to leverage them, and for which asset classes? What is the appropriate mandate for EFM? In this session, we identify best practices in managing relations with private-sector partners, with an emphasis on how to reduce the cost of doing so. |
| 12:35 pm – 12:45 pm | Open Discussion |
| 12:45 pm – 1:45 pm | Lunch Break Venue: Armenia Brasserie |
| 1:45 pm – 2:40 pm | Session 8: Outlook for the Investment Management of Reserves Panelists: Mr. Jan Schmidt, Executive Director, Risk Management, Czech National Bank Mr. Gary Smith, Head, Strategic Relationship Management Team, Sovereign Wealth Funds and Official Institutions, Baring Asset Management Mr. Shaokai Fan, Director, Central Banks and Public Policy, World Gold Council Moderator: Mr. David Marsh, Chairman and Co-Founder, OMFIF In this session, we consider the current trends and challenges for reserve managers in Asia. This session will cover: Reserve accumulation in Asia Appropriate balance between risk and return, degree of public disclosure Integrating environmental, social and governance criteria - having a meaningful impact on risk and return outcomes Gold as a reserve asset Applying big data, artificial intelligence and machine learning to investment management |
| 2:40 pm – 2:50 pm | Open Discussion |
| 2:50 pm–3:45 pm | Session 9: Changing Landscape of Debt Markets Speakers: Mr. Tetsuharu Minowa, Deputy Director, Debt Management Policy Division, Financial Bureau, Ministry of Finance, Japan Ms. Eila Kreivi, Director, Head of Capital Markets Department, European Investment Bank Ms. Shu (Grace) Tian, Economist, ADB Moderator: Mr. Jonathan Grosvenor, Head, Treasury Client Solutions Unit, ADB Given the vast investments by reserves managers in public debt, it is essential that they have an up-to-date view of developments affecting the issuance of debt. In this session, our panelists will provide a global and regional perspective and comment on developments around the issuance of bonds, the 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 pm | Open Discussion |
| 4:00 pm–4:20 pm | Coffee Break Venue: Foyer, Tigran the Great Ballroom |
| 4:20 pm–5:30 pm | Session 10: Financial Technology and its implications: Cyber Security, Operational Risks and SWIFT Infrastructure Upgrades Speakers: Mr. Giorgi Laliashvili, Head of Financial Markets, National Bank of Georgia Ms. Sukhumarn Phanachet, Assistant Treasurer, ADB Ms. Maria Uzoykina, Account Director, CIS, Georgia & Mongolia, SWIFT Mr. Christian Rossler, Senior Vice President, Clearstream Banking Luxembourg Moderator: Ms. Sukhumarn Phanachet, Assistant Treasurer, 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 resulting in more digitalization of markets. This session will cover: Regulatory approaches to enhance banks' cyber-security frameworks Cyber risk coordination efforts and integrating a cyber incident reporting framework Operational risk management and international standards Assessing the impact of digitalization on markets Developing the tools to evaluate independently and manage operational risks Reinforcing the security of SWIFT-related infrastructure |
| 5:30 pm–5:45 pm | Open Discussion |
| 5:45 pm–6:10 pm | Closing Remarks Mr. Pierre Van Peteghem, Treasurer, Asian Development Bank Mr. Nerses Yeritsyan, Deputy Governor, Central Bank of Armenia |
GROUP PHOTO
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