2025 Symposium on Foreign Exchange Markets
18 Aug 2025
10:15 -21:00
19 Aug 2025
09:00 -21:00
Times are shown in local time
This event was open to: Presenting authors, discussants, the programme committee and invited guests.
Cambridge Judge Business School
Trumpington St
Cambridge
CB2 1AG
United Kingdom
Overview
The 2025 SFX event brought together leading academics and finance practitioners to discuss developments in foreign exchange (FX) markets. The programme featured five sessions covering FX factor models, derivatives, the US dollar’s role in global trade and finance, currency pegs, and emerging-market currency risk. Presentations explored topics such as uncovered interest parity, currency option returns, FX market structure, dollar demand, exchange-rate relationships, and the credibility of currency pegs. The event also included a practitioner panel on the evolution of FX execution.
John Maynard Keynes addressing the Bretton Woods conference, 1944.
Research prize winner
The 2025 Best Paper Award, funded by Pembroke International Finance Fund, was awarded this year to the research entitled “The Anatomy of a Peg: Lessons from China’s Parallel Currencies”, authored by Saleem Bahaj of University College London and Ricardo Reis of the London School of Economics.
The Anatomy of a Peg: Lessons from China’s Parallel Currencies
Saleem Bahaj of UCL and Ricardo Reis of LSE
Symposium programme & papers
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
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
- Saleem Bahaj, University College London
- Ricardo Reis, LSE
Discussant: Can Cao, University of St Gallen
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 19:00 in the Old Library.
2025 Symposium sessions recordings
All symposium sessions were recorded and are now available on Cambridge Judge Business School’s YouTube channel.
2025 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.
