2026 Symposium on Foreign Exchange Markets
17 Aug 2026
10:15 -21:00
18 Aug 2026
09:00 -21:00
Times are shown in local time
Open to: Presenting authors, discussants, the programme committee and invited guests
Cambridge Judge Business School
Trumpington St
Cambridge
CB2 1AG
United Kingdom
Overview
Two days of high-quality presentations showcasing the latest academic research in the field of FX markets.
Presentations cover areas like FX risk premia, FX investment strategies, FX valuation, FX and monetary/fiscal policy, FX of emerging markets, FX regimes, and related topics. A best paper award is given at the symposium, and the winning paper will be selected on the quality of the submitted paper as well as the conference presentation.
Learn more about the Cambridge Symposium on Foreign Exchange Markets (Cambridge SFX)
John Maynard Keynes addressing the Bretton Woods conference, 1944.
Agenda
This is a preliminary agenda and timings/order subject to change.
10:15-10:50
Registration and coffee
10:50-11:00
Welcome
11:00-13:00
Session 1: Dollar funding markets and markups
11:00-11:40
Repo and FX swap: a tale of 2 markets
Wenxin Du (Harvard Business School)
Georg Strasser (ECB)
Adrien Verdelhan (MIT)
Discussant: Ricardo Reis (LSE)
11:40-12:20
When funding markets move credit markets: foreign investors and US CLOs
Amy W Huber (Wharton)
Shohini Kundu (UCLA Anderson)
Discussant: Daniel Ostry (Bank of England)
12:20-13:00
Request for quote trading in the foreign exchange market
Rainer Haselmann (Goethe)
Ingomar Krohn (BIS)
Philippe Mueller (Warwick)
Maik Schmeling (Goethe)
Discussant: Fabricius Somogyi (Northeastern)
13:00-14:00
Lunch
14:00-15:20
Session 2: FX derivatives
14:00-14:40
Volatility shocks and currency returns
Mykola Babiak (Lancaster)
Jozef Baruník (Charles University)
Discussant: Ric Colacito (UNC Chapel Hill)
14:40-15:20
Jump risk premia in the currency market: evidence from quanto forwards
Xiang Fang (HKU)
Thomas A Maurer (EDHEC)
Haoran Wang (HKU)
Discussant: Can Gao (St Gallen and SFI)
15:20-15:45
Refreshment break
15:45-16:45
Practitioners’ panel
Panellists TBA
Moderator: Chris Povey (Head of FX Options, NDFs and EMFX, CME Group)
17:30-18:30
Social activity
18:30-21:00
Drinks reception
Drinks at 18:30 in the Fellows Garden, Peterhouse
Dinner
Dinner at 19:00 in the Hall, Peterhouse
09:00-11:00
Session 3: Bonds and FX
09:00-09:40
Inflation and the joint bond-FX spanning puzzle
Andreas Schrimpf (BIS)
Markus Sihvonen (Bank of Finland)
Discussant: Thomas Maurer (EDHEC)
09:40-10:20
What 200 years of data tell us about the predictive variance of long-term bonds
Pasquale Della Corte (Imperial)
Can Gao (St Gallen and SFI)
Daniel PA Preve (Singapore Management University)
Giorgio Valente (Hong Kong Monetary Authority)
Discussant: Paul Whelan (CUHK)
10:20-11:00
Philippe Bacchetta (Lausanne and SFI)
Eric van Wincoop (University of Virginia)
Discussant: Saleem Bahaj (UCL)
11:00-11:30
Refreshment break
11:30-12:50
Session 4: FX expectations
Chair: Lucio Sarno
11:30-12:10
Demand for dollars: evidence from survey expectations
Benedikt Ballensiefen (Cologne)
Fabricius Somogyi (Northeastern)
Hannah Winterberg (Cologne and IMF)
Discussant: Robert Czech (Bank of England)
12:10-12:50
Sticking to their guns: short-horizon exchange rate expectations
Lukas Kremens (University of Washington)
Liliana Varela (LSE)
Discussant: Maik Schmeling (Goethe)
12:50-14:00
Lunch
14:00-16:00
Session 5: Emerging markets
Chair: Christian Wagner
14:00-14:40
Global investors in local-currency bond markets: implications for bond yields and exchange rates
Pierre De Leo (University Maryland)
Lorena Keller (Texas A&M University)
Guiliano Simoncelli (University of Maryland)
Mauricio Villamizar Villegas (Banco de la República de Colombia)
Tomás Williams (George Washington University)
Discussant: Andreas Schrimpf (BIS)
14:40-15:20
Forward exchange intervention and currency premia: high-frequency evidence from Brazil
Mai Chi Dao (IMF)
Pierre-Olivier Gourinchas (IMF and UC Berkley)
Rui Mano (IMF)
Naoki Yago (Henley Business School)
Discussant: Ingomar Krohn (Bank of Canada and BIS)
15:20-16:00
Financial hedging beyond dominant currency
Laura Alfaro (Harvard Business School)
Mauricio Calani (Central Bank of Chile)
Liliana Varela (LSE)
Discussant: Steven Riddiough (University of Toronto)
17:30-18:30
Social activities
18:30-21:00
Drinks reception
Drinks at 18:30, Pembroke College
Dinner
Award dinner at 19:00 in the Old Library, Pembroke College
2026 Timeline
Please find below the timeline for 2026 SFX.
| 27 Jan 2026 | 1 Mar 2026 | 1 May 2026 | 17-18 Aug 2026 |
|---|---|---|---|
| Call for papers went live. | Call for papers closed. | Successful presenters notified by Programme committee. | Symposium on Foreign Exchange Markets 2026 |
2026 Conference committees
Lucio Sarno
Cambridge Judge Business School, University of Cambridge
Josef Zechner
WU Vienna University of Economics and Business
Christian Wagner
WU Vienna University of Economics and Business
Georg Cejnek
WU Vienna University of Economics and Business
Riccardo Colacito
University of North Carolina at Chapel Hill
Magnus Dahlquist
Stockholm School of Economics
Xiang Fang
University of Hong Kong
Zhengyang Jiang
Kellogg School of Management, Northwestern University
Amy Huber
Wharton School, University of Pennsylvania
Stephan Kranner
WU Vienna University of Economics and Business
Semyon Malamud
Swiss Finance Institute, EPFL
Andreas Neuhierl
Mitch Daniels School of Business, Purdue University
Otto Randl
WU Vienna University of Economics and Business
Alberto Rossi
McDonough School of Business, Georgetown University
Fabricius Somogyi
Northeastern University
Andrea Vedolin
Questrom School of Business Boston University
Stefan Voigt
Department of Economics, University of Copenhagen
Michael Weber
Mitch Daniels School of Business, Purdue University
Owain Johnson
Richard Stevens
Chris Povey
Sarah Carter
CEAM Executive Director
Sarah Carter is Executive Director of the University of Cambridge’s Centre for Endowment Asset Management, and previously set up and managed the Master of Finance at Cambridge Judge Business School. Before that, she worked for Plan International and for the United Nations Association. She has undertaken PhD coursework and research at the University of Wales, Aberystwyth, and was awarded an MA with distinction in International Studies by Durham University and a BA (Hons) in Psychology by the University of Hertfordshire.
Brandon McBride
Finance PhD Candidate at Cambridge
Annwen Gray
CEAM Centre Administrator
Annwen is Administrator for the University of Cambridge’s Centre for Endowment Asset Management (CEAM). Prior to joining CEAM, she worked within Recruitment and Admissions for the Master of Business programmes at Cambridge Judge Business School.
Merve Karakaş
CEAM Centre Manager
Merve is Centre Manager of the University of Cambridge’s Centre for Endowment Asset Management (CEAM). Prior to joining CEAM, she was practicing corporate law in Turkey as an in-house lawyer in Istanbul. Merve holds LLM in Economic Law from Galatasaray University, and LLB from Istanbul University.
