(UTC+08:00) Beijing, Chongqing, Hong Kong, Urumqi
| 8:30 am–9:00 am | Registration and Coffee Venue: Ballroom A Foyer, Level 2 |
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| 9:00 am–9:15 am | Group Photo Venue: Crescent Ballroom, Level 2 |
| 9:15 am–9:45 am | Keynote Address Ms. Ingrid van Wees, Vice President (Finance and Risk Management), Asian Development Bank Mr. Leong Sing Chiong, Assistant Managing Director, Markets and Investment Group, Monetary Authority of Singapore Venue: Ballroom A, Level 2 |
| 9:45 am–10:45 am | Session 1: Global and Regional Economic Outlook Format: Panel Discussion Panelists: Mr. Jochen M. Schmittmann, Head, Singapore Representative Office, IMF Mr. Diwa C. Guinigundo, former Deputy Governor, Bangko Sentral ng Pilipinas Mr. Ben Powell, Chief Investment Strategist, APAC, BlackRock Investment Institute Moderator: Mr. Pierre Van Peteghem, Treasurer, ADB This panel discussion 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 potential Fed interest rate path, Brexit and future of EU, changes in global trading practices, China’s current economy and economic prospects and ASEAN Economic Integration. |
| 10:45 am–11:00 am | Open Discussion |
| 11:00 am–11:20 am | Coffee Break Venue: Ballroom A Foyer, Level 2 |
| 11:20 am–12:45 pm | Session 2: Managing Large Portfolios in Current Market Environment Format: Presentation Speakers: Mrs. Fautia Sriwardani, Director, Reserves Management Department, Bank Indonesia Ms. Hwei Fern Nyan, Lead Portfolio Manager, Monetary Authority of Singapore Mr. Christopher Chan, CIO (Public Markets), Hong Kong Monetary Authority Mr. Volkan Arslan, Senior Portfolio Manager, Markets Department, Central Bank of Turkey Mr. Aram Sahakyan, Head of Global Markets Division, Central Bank of Armenia Moderator: Mr. Michael T. Jordan, Assistant Treasurer, ADB Reserve Managers continue to face a difficult investment environment with sustained low and in some cases, negative interest rates in developed economies and volatile exchange rates. In a climate of slowing global growth and increasing geopolitical risks, how should reserve managers invest? How are these factors impacting capital flows, and are all emerging markets equally vulnerable? Is easy money leading to a bubble in asset prices? In this session, reserve managers share their insights and experiences in managing investment portfolios. |
| 12:45 pm–1:00 pm | Open Discussion |
| 1:00 pm–2:00 pm | Lunch Venue: Crescent Ballroom, Level 2 |
| 2:00 pm–2:15 pm | Audience Poll |
| 2:15 pm–3:30 pm | Session 3: Update on Renminbi as a Reserve Currency Format: Presentation Speakers: Mr. Elliot Hentov, Head of Policy Research, State Street Global Advisors Mr. Edmund Ng, Chief Investment Officer, Eastfort Asset Management Ms. Phoebe Leung, Senior Vice President, Head of Sales & Marketing, Bond Connect Company Ltd Mr. Jonathan P. Grosvenor, Advisor, TD and Head, Treasury Client Solutions Unit, ADB Moderator: Ms. Yolanda Fernandez Lommen, Country Director, PRC Resident Mission, ADB With People’s Republic of China being the world’s second largest economy, role of renminbi is growing in international economic and financial activities. This session will provide an update on the latest developments on investing in RMB and views on both its emergence as well as challenges as a reserve currency. |
| 3:30 pm–3:45 pm | Open Discussion |
| 3:45 pm–4:05 pm | Coffee Break |
| 4:05 pm–4:35 pm | Session 4A: Sovereign Asset Liability Management Format: Presentation Speakers: Mr. Sung Cheng Chih, Founding Partner and CEO, Avanda Investment Management Moderator: Mr. Tobias C. Hoschka, Assistant Treasurer, ADB Important sovereign assets and liabilities, such as international reserves and public debt, are typically managed by different institutions- central banks and ministry of finance with each having their own policy objectives and institutional arrangements. This session will cover the benefits, issues and challenges in managing both sides of the sovereign balance sheet. |
| 4:35 pm–4:50 pm | Open Discussion |
| 4:50 pm–5:50 pm | Session 4B: Sovereign Asset Liability Coordination in Practice Format: Presentation Speakers: Mr. Irakli Katcharava, Deputy Head of Public Debt Management Department, Ministry of Finance, Georgia Ms. Phanida Roidoung, Senior Economist, Strategic Risk Management Group, PDMO, MOF, Thailand Mr. Zandy Akbar Rassat, Deputy Director for Multilateral Loans and Grants, Directorate of Loans and Grants, Directorate General of Budget Financing and Risk Management, Ministry of Finance, Indonesia Moderator: Mr. Deepak Taneja, Principal Treasury Specialist, ADB Important sovereign assets and liabilities, such as international reserves and public debt, are typically managed by different institutions- central banks and ministry of finance with each having their own policy objectives and institutional arrangements. This session will focus on the coordination between MOF and Central Bank. |
| 5:50 pm–6:05 pm | Open Discussion |
| 6:30 pm | Departure for Dinner Venue: Four Seasons Hotel Lobby |
| 7:00 pm–9:00 pm | Dinner Venue: Majestic Bay Seafood Restaurant, Gardens By The Bay Dress Code: Casual |
| 8:30 am–9:00 am | Registration and Coffee Venue: Ballroom A Foyer, Level 2 |
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| 9:00 am–10:00 am | Session 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 am | Open Discussion |
| 10:15 am–10:35 am | Coffee Break Venue: Ballroom A Foyer, Level 2 |
| 10:35 am–11:50 am | Session 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 pm | Open Discussion |
| 12:05 pm–12:50 pm | Session 7: Role of Emerging Market Assests 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 pm | Open Discussion |
| 1:05 pm–2:00 pm | Lunch Break Venue: Crescent Ballroom, Level 2 |
| 2:00 pm–2:40 pm | Session 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 pm | StartFragmentOpen Discussion |
| 2:55 pm–3:45 pm | Session 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 pm | Open Discussion |
| 4:00 pm–4:20 pm | Coffee Break |
| 4:20 pm–4:50 pm | Session 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 pm | Open 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 pm | Open Discussion |
| 8:30 am–9:00 am | Registration and Coffee Venue: Ballroom A Foyer, Level 2 |
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| 9:00 am–9:45 am | Session 11: Conversation: Changing Role of Central Banks – An Asian Perspective Format: Conversation Panelist: Mr. Diwa C. Guinigundo, former Deputy Governor, Bangko Sentral ng PIlipinas Moderator: Mr. Deepak Taneja, Principal Treasury Specialist, ADB Central banks play a crucial role in ensuring economic and financial stability. Since the global financial crisis, central banks have expanded their toolkits to deal with risks associated with financial instability and volatile exchange rates. In a climate of intensifying geopolitical risk, slowing global growth, looming trade tensions and effects of unconventional monetary policy, we have a seasoned former Central Banker providing an Asian perspective on the changing role of central banks. |
| 9:45 am–10:00 am | Open Discussion |
| 10:00 am–10:15 am | Coffee Break Venue: Ballroom A Foyer, Level 2 |
| 10:15 am–11:15 am | Session 12: Environmental, social and Governance (ESG) Investing Format: Presentation Speakers: Mr. Gary Smith, Founder, Sovereign Focus Group Ms. Victoria Land, Sustainable Banking, Director, Asia-Pacific, Credit Agricole Corporate & Investment Bank Mr. Abhishek Dangra, Director, Sector Lead, Infra, SSEA; Country Lead: S. Asia, S&P Global Ratings Moderator: Mr. Pierre Van Peteghem, Treasurer, ADB This session highlights the increasing relevance of green and sustainable finance and how global public investors can help combat climate. Central Banks and Supervisors Network for Greening the Financial System (NGFS), a platform created in December 2017 with the aim of building a green financial sector and to enhance the efforts of the financial industry to meet the Paris climate objectives is gaining traction. With central banks putting climate change on their agenda, there is a trend to include reserve management under the sustainable, green, ESG type of investment approach. In this session, speakers will share their perspective and comment on current developments. |
| 11:15am–11:30 am | Open Discussion |
| 11:30 am–11:50 am | Session 13: US-PRC Trade Conflict and its Impact on Asia Format: Presentation Speaker: Mr. Donghyun Park, Principal Economist, ADB Moderator: Mr. Deepak Taneja, Principal Treasury Specialist, ADB Developing Asia's growth continues to moderate against the backdrop of slowing global trade and growth. The region is also facing heightened uncertainty due to an increasingly uncertain external environment. While a number of factors contribute to the less benign global environment, none looms larger than the on-going US-PRC trade conflict. Updated ADB analysis indicates that the conflict will impose significant costs on the region's growth although the costs vary substantially from country to country. With the two sides seemingly far apart, the conflict may persist for some time |
| 11:50 am–12:05 pm | Open Discussion |
| 12:05 pm–1:00 pm | Session 14: Operational Risks and Cyber Security Format: Presentation Speakers: Mr. Giorgi Laliashvili, Head of Financial Markets, National Bank of Georgia Mr. Alexandre Kech, CEO, OnChain Custodian Mr. James Loh, Head of Finance and Risk, Accenture Moderator: Mr. Asad Alamgir, Senior Treasury Specialist, ADB With increasing business complexity, globalization and the exponential power of technology (reach and sophistication), operational risks in financial institutions have become far more intractable than ever. This session will cover: Cyber risk coordination efforts and integrating a cyber incident reporting framework Regulatory approaches to enhance banks’ cyber-security frameworks Operational risk management and international standards Developing the tools to evaluate independently and manage operational risks |
| 1:00 pm–1:15 pm | Open Discussion |
| 1:15 pm–1:30 pm | Closing Remarks Pierre Van Peteghem, Treasurer, Asian Development Bank |
| 1:30 pm–2:30 pm | Lunch Break Venue: Crescent Ballroom, Level 2 |
GROUP PHOTO
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