Symposium on Foreign Exchange Markets

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18 Aug 2025

10:15 -21:00

19 Aug 2025

09:00 -21:00

Times are shown in local time

Open to: Presenting authors, discussants, the programme committee and invited guests.

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Cambridge Judge Business School

Trumpington St

Cambridge

CB2 1AG

United Kingdom

Register interest

This event is by invitation only. If you are interested in attending, please express your interest by emailing sfxcambridge@jbs.cam.ac.uk no later than 30 June 2025.

Overview

Cambridge Judge Business School’s Symposium on Foreign Exchange Markets (SFX) is an annual event showcasing cutting-edge research into currency markets.

It represents the official continuation of the Vienna Symposium on Foreign Exchange Markets (VSFX), which has been led successfully by the WU Research Institute for Capital Markets (ISK) since 2018.

With the support of CME Group and the Centre for Endowment Asset Management (CEAM) it has been possible to continue this symposium – recognised globally as one of the leading academic conferences in international finance – as an annual event at the University of Cambridge from 2025.

Lord Keynes addresses conference meeting.

John Maynard Keynes addressing the Bretton Woods conference, 1944.

The format of the Symposium on Foreign Exchange Markets remains unchanged from the VSFX of prior years. Two days of high-quality presentations organised across sub-thematic sessions that showcase the latest academic research in the field of FX markets.

Submissions on topics such as FX risk premia, FX investment strategies, FX valuation, FX and monetary/fiscal policy, FX of emerging markets, FX regimes, and related topics are welcome. There will continue to be a best paper award and the winning paper will be selected on the quality of the submitted paper as well as the conference presentation.

Timeline

Please find below the timeline for the 2025 SFX

28 Jan 20251 Mar 20252 May 202518-19 Aug 2025
Call for papers opened.
Call for papers closed.Successful presenters notified by committeeSymposium on Foreign Exchange Markets

Symposium programme

10:00-10:50

Registration and refreshments

10:50-11:00

Welcome

11:00-13:00

Session 1: FX Factor Models

Chair: Josef Zechner

11:00-11:40

Uncovered Interest Parity in High Frequency

  • Ingomar Krohn, Bank of Canada
  • Philippe Mueller, University of Warwick
  • Paul Whelan, Chinese University of Hong Kong

Discussant: Fabricius Somogyi, Northeastern University

11:40-12:20

Dollar and Carry Redux

  • Sining Liu, Soochow University
  • Thomas A. Maurer, Hong Kong University
  • Andrea Vedolin, Boston University
  • Yaoyuan Zhang, Hong Kong University

Discussant: Nicola Borri, LUISS

12:20-13:00

Demand Propagation Through Traded Risk Factors

  • Yu An, Johns Hopkins University
  • Amy Huber, Wharton School

Discussant: Xiang Fang, Hong Kong University

13:00-14:00

Lunch

14:00-15:20

Session 2: FX Derivatives

Chair: Xiao Xiao

14:00-14:40

A Conditional Factor Model for Currency Option Returns

  • Ilias Filippou, Florida State University
  • Zhe Wang, Zhejiang University
  • Qi Xu, Zhejiang University
  • Goufu Zhou, Olin Business School

Discussant: Leland Bybee, University of Chicago Booth School of Business

14:40-15:20

Topography of the FX Derivatives Market: A View from London

  • Sinem Hacioğlu-Hoke, Federal Reserve Board
  • Daniel Ostry, Bank of England
  • Helene Rey, LBS
  • Adrien Rousset Planat, LBS
  • Vania Stavrakeva, LBS
  • Jenny Tang, Federal Reserve Bank of Boston

Discussant: Pasquale Della Corte, Imperial College London

15:20-15:45

Refreshment break

15:45-16:45

Practitioner’s Panel – The Evolution of FX Execution

  • Jeremy Smart, Head of Distribution, XTX Markets
  • John Quayle, Head of Client Algo Execution, NatWest Markets
  • Yoav Git, Quantitative Research, Gresham Investment Management
  • TBC, BNP Paribas

Moderator: Chris Povey, Head of FX Options, CME Group

17:30-18:30

Punting on the River Cam

18:30-21:00

Drinks reception at Trinity Hall, followed by dinner at 7 pm in Graham Storey Room.

08:30-09:00

Registration and refreshments

09:00-11:00

Session 3: Convenience, the Dollar and Trade

Chair: David Chambers

09:00-09:40

Hunting for Dollars

  • Peteris Kloks, University of St. Gallen
  • Eduoard Mattille, University of St. Gallen
  • Angelo Ranaldo, University of Basel

Discussant: Gino Cenedese, Fulcrum Asset Management

09:40-10:20

Convenience Lost

  • Zhengyang Jiang, Northwestern University
  • Robert J. Richmond, New York University
  • Tony Zhang, Federal Reserve Board

Discussant: Paul Whelan, Chinese University of Hong Kong

10:20-11:00

Beyond Bilateral Flows: Indirect Connections and Exchange Rates

  • Saleem Bahaj, University College London
  • Pasquale Della Corte, Imperial College London
  • Daniele Massacci, King’s College London
  • Eduard Seyde, Imperial College London

Discussant: Riccardo Colacito, UNC Chapel Hill

11:00-11:30

Refreshment break

11:30-12:50

Session 4: FX and Pegs

Chair: Lucio Sarno

11:30-12:10

The Anatomy of a Peg: Lessons from China’s Parallel Currencies

Discussant: Vania Stavrakeva, LBS

12:10-12:50

How Credible is Hong Kong’s Currency Peg?

  • Urban Jermann, Wharton School
  • Bin Wei, Federal Reserve Bank of Atlanta
  • Vivian Yue, Emory University

Discussant: Ricardo Reis, LSE

12:50-14:00

Lunch

14:00-16:00

Session 5: Emerging Markets, Hedging and Parity Conditions

Chair: Christian Wagner

14:00-14:40

Managing Emerging Market Currency Risk

  • Nanyu Chen, Columbia University
  • Haonan Zhou, Hong Kong University

Discussant: Wei Opie, Deakin University

14:40-15:20

Speculation, Forward Exchange Demand, and CIP Deviations in Emerging Economies

  • Pierre De Leo, University of Maryland
  • Lorena Keller, Wharton School
  • Dongchen Zou, Wharton School

Discussant: Philippe Mueller, University of Warwick

15:20-16:00

Breaking Parity: Equilibrium Exchange Rates and Currency Premia

  • Mai Chi Dao, IMF
  • Pierre-Olivier Gourinchas, IMF
  • Oleg Itskhoki, Harvard University

Discussant: Andrea Vedolin, Boston University

17:30-18:30

Guided walking tour of the historic city of Cambridge

18:30-21:00

Drinks reception at Pembroke College, followed by Award dinner at 7 pm in the Old Library.

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

Zhengyang Jiang

Kellogg School of Management, Northwestern University

Semyon Malamud

Swiss Finance Institute, EPFL

Otto Randl

WU Vienna University of Economics and Business

Andrea Vedolin

Questrom School of Business Boston University

Michael Weber

Booth School of Business, University of Chicago

Magnus Dahlquist

Stockholm School of Economics

Stephan Kranner

WU Vienna University of Economics and Business

Andreas Neuhierl

Olin Business School, Washington University in St. Louis

Alberto Rossi

McDonough School of Business, Georgetown University

Stefan Voigt

Department of Economics, University of Copenhagen

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

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.

CME group logo.

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.

CERF logo.

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. 

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