PRELIMINARY AGENDA
Day 2, Thursday, 26 October 2023 | |
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8:30 am–9:00 am |
Registration and Coffee Venue: Kecak Ballroom Foyer |
9:00 am–9:50 am | Session 5: Risk Management Framework Format: Presentation Speakers: Mr. Erekle Tsivtsivadze, Deputy Head of Financial Markets, National Bank of Georgia Mr. Muhammad Ali Malik, Executive Director, Financial Markets & Reserve Management Group, State Bank of Pakistan Moderator: Mr. Ian Storkey, ADB Consultant A key focus for all FX 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. There is an increasing focus on developing a more dynamic and robust approach to risk management covering not only market risks but also operational risks including the increasing threats from cyber-attacks. With increasing business complexity, globalization, and the exponential power of technology (reach and sophistication), operational risks in financial institutions have become far more important than ever. 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; 4) regulatory approaches to enhance central banks’ cyber-security frameworks; and 5) the tools needed to evaluate independently and manage operational risks. |
9:50 am–10:15 am | Open Discussion |
10:15 am–10:35 am |
Coffee Break Venue: Kecak Ballroom Foyer |
10:35 am–11:35 pm | Session 6: Governance in Reserve Management Format: Presentation Speakers: Ms. Charity Malto, Chief Investment Analytics Officer, Financial Markets, Bangko Sentral ng Pilipinas Mr. Tornike Revishvili, Legal Counsel for Financial Market Department, National Bank of Georgia Mr. Mohammad Mahbub Alam, Director, Forex Reserve and Treasury Management Department, Bangladesh Bank Moderator: Ms. Penelope M. Stafford, Assistant Treasurer, Asian Development Bank 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. |
11:35 am–12:00 pm 12:00 pm–1:00 pm |
Open Discussion Lunch Break Venue: Suku Restaurant |
1:00 pm–2:15 pm | Session 7: Reserve Management: Trends and Challenges Format: Presentation Speakers: Mr. Istvan Attila Veres, Director, Directorate Money and Foreign Exchange, National Bank of Hungary Mr. Kamol Alimukhamedov, Deputy Director, International Reserves Management Department, Central Bank of the Republic of Uzbekistan Ms. Qinghan Chen, Lead, Central Banks, World Gold Council Mr. Tarlan Rasulov, Department Director, Foreign Exchange Reserves Management Department, Central Bank of the Republic of Azerbaijan Moderator: Mr. Ronald D. Parluhutan, Deputy Director, Reserve Management Department, Bank Indonesia 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 (ESG) criteria–having a meaningful impact on risk and return outcomes • Gold as a reserve asset |
2:15 pm–2:40 pm 2:40 pm–3:30 pm |
Open Discussion Session 8: Role of Sovereign Wealth Funds Format: Conversation Speakers: Dr. Guobo Huang, Chief Investment Officer, CNIC Corporation Limited Moderator: Mr. Deepak Taneja, Principal Treasury Specialist, Asian Development Bank The population of SWFs continues to grow, based on commodity and oil exports, budgetary or current account surpluses, or to build up pensioned savings. Several Asian countries have transferred part of their reserves into SWFs to bring greater focus on investment management of national wealth, as well as facilitate diversification into longer term higher yielding but potentially less liquid investments. The argument to set up separate entities is strengthened with the need to diversify into alternate asset classes. |
3:30 pm–3:50 pm | Open Discussion |
3:50 pm–4:10 pm 4:10 pm–5:10 pm 5:10 pm–5:35 pm | Coffee Break Venue: Kecak Ballroom Foyer Session 9: A View from the Issuance Side Format: Presentation Speakers: Mr. Ian Clunies-Ross, Head of Investor Relations, Australian Office of Financial Management Mr. Takeharu Tominaga, Senior Deputy Director of the Market Finance Division, Ministry of Finance, Japan Mr. Andrew Wood, Director, Sovereign and International Public Finance Ratings, Asia-Pacific, S&P Global Ratings Moderator: Ms. Sukhumarn Phanachet, Deputy Treasurer, Asian Development Bank In this session, our speakers 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 markets be affected? What can issuers do to make their bonds more attractive to central banks, sovereign wealth funds, and institutional investors? How are ESG factors going to affect sovereign issuers? This session will also cover ratings outlook for selected sovereigns. Open Discussion |