Overview
The Cambridge SFX brings together academics, policymakers, and industry practitioners to discuss developments in research on global foreign exchange markets. Hosted annually in Cambridge, the symposium typically includes empirical and theoretical research on how FX markets function, how information is incorporated into exchange rates, and how shocks in financial markets and the macroeconomy are transmitted through currency markets. By convening academics, policy makers, and industry practitioners, the Cambridge SFX aims to deepen understanding of how currency markets operate, inform better policy and regulation, and bridge the gap between research and practice in international finance.
John Maynard Keynes addressing the Bretton Woods conference, 1944.
How to submit your research to the Cambridge SFX
Submissions for the Cambridge SFX are invited through a call for papers process. This runs annually and submitted papers are reviewed by the SFX programme committee. The SFX 2026 call for papers has now closed. Please see the dates below for the 2027 submission timeline.
| 26 Jan 2027 | 28 Feb 2027 | 4 May 2027 | 16-17 August 2027 |
|---|---|---|---|
| Call for papers opens. | Call for papers closes. | Successful presenters notified by Programme committee. | Event takes place. |
The Pembroke International Finance Prize
Each year the Cambridge SFX Co-chairs award a Best Paper Prize at the Cambridge SFX. This award is supported by the Pembroke International Finance Fund and recognises excellence in research.
2026 winners
Paper 1: Financial Hedging Beyond Dominant Currency
Laura Alfaro (Harvard Business School), Mauricio Calani (Central Bank of Chile) and Liliana Varela (LSE)
Paper 2: When Funding Markets Move Credit Markets: Foreign Investors and Their U.S. CLOs
Amy W Huber (Wharton) and Shohini Kundu (UCLA Anderson)
2025 winner
Paper: The Anatomy of a Peg: Lessons from China’s Parallel Currencies
Saleem Bahaj of UCL and Ricardo Reis Bahaj of LSE
Watch the presentation
Learn more about the winning paper from Cambridge SFX 2025
Supporters
We are grateful to CME Group for supporting the Symposium on Foreign Exchange Markets. CME Group operates 2 globally critical FX marketplaces – the world’s largest venue for exchange traded FX futures and options, and EBS, the primary market for FX spot and non-deliverable forwards (NDFs).
We are grateful to Pembroke College, Cambridge for supporting the Symposium on Foreign Exchange Markets through its International Finance Fund. The fund was established to encourage and promote high quality scholarship within international finance.
We are grateful to the Cambridge Endowment for Research in Finance (CERF) for supporting the Symposium on Foreign Exchange Markets. CERF promotes research at the University of Cambridge into all aspects of the practice and history of finance, financial institutions, and financial markets, and their relationship with economic behaviour and performance.
The Cambridge Foreign Exchange Initiative
Led by the University of Cambridge, the Cambridge FX Initiative serves as a leading forum for independent research on modern FX markets. It connects academics, policymakers and market practitioners to exchange ideas and deepen global understanding of FX market efficiency and resilience.
Upcoming symposium
Find out more about the 2027 Symposium on Foreign Exchange Markets.
Explore the 2027 Cambridge SFX event