As the largest financial market worldwide, the foreign exchange (FX) market is critical to supporting international trade, investment, and finance. Given its critical role, it is important to deeply understand and analyze developments in the market.
In this context, the Federal Reserve Bank of New York will host its second annual FX Market Structure Conference on December 17, 2025.
This event will build on the themes of last year’s conference, which included the evolution of the types of market participants and mix of instruments traded, continued decentralization of trading venues, and increased usage of automation. It will also delve into the most current developments in the FX market landscape like the macro environment’s impact on trading activity, FX Global Code updates, derivative instrument pricing, and innovations in execution and settlement speed.
The event will feature opening remarks from President John Williams, a keynote address by Head of the Markets Group Anna Nordstrom, and several panel discussions.
Topics will include:
The macro environment’s impact on FX trading activity
Key trends in FX market liquidity and price discovery
FX Global Code adherence across buyside market participants
Structural dynamics in FX swaps and other derivatives markets
Current challenges in FX settlement
Innovation and the future of the FX market
Event Details
December 17, 2025
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
In-person attendance is by invitation only. The event will also be streamed. Register to access the stream here or using the Register button above. A recording of the event will be available soon after the conference.
This event is on the record and open to media. For media who have questions, please contact Shelley Pitterson at the New York Fed at Shelley.Pitterson@ny.frb.org.
Lisa Chung, Federal Reserve Bank of New York
Subrina Lashenko, Federal Reserve Bank of New York
Martin Prusinowski, Federal Reserve Bank of New York
Fabiola Ravazzolo, Federal Reserve Bank of New York
Dan Reichgott, Federal Reserve Bank of New York
Agenda
8:00am-9:00am
Check-In and Continental Breakfast
9:00am-9:05am
Welcome Remarks
Lisa Chung, Federal Reserve Bank of New York
9:05am-9:15am
Opening Remarks
John Williams, Federal Reserve Bank of New York
9:15am-9:30am
Keynote Address
Anna Nordstrom, Federal Reserve Bank of New York
9:30am-10:15am
Panel 1: Current Macro Environment’s Impact on FX Trading Activity
Moderator: Lisa Chung, Federal Reserve Bank of New York
Panelists:
Adrian Boehler, UBS
Chris Pizzotti, State Street
Dagmara Fijalkowski, RBC GAM
Gerardo Garcia, Banco de Mexico
10:15am-10:30am
Break
10:30am-11:15am
Panel 2: Key Trends in FX Liquidity and Price Discovery
Moderator: Dan Reichgott, Federal Reserve Bank of New York
Panelists:
Blaise Sheppard, OneChronos
Christopher Chattaway, Goldman Sachs
Jeremy Smart, XTX Markets
Simon Jones, LSEG
11:15am-12:00pm
Panel 3: FX Global Code Adherence: Buyside Perspectives
Moderator: Gerardo Garcia, Banco de Mexico
Panelists:
Ankit Sahni, Element Capital
Tom Gentile, Crabel Capital Management
Tyler Wellensiek, BlackRock
12:00pm-1:30pm
Networking Lunch
1:45pm-2:30pm
Panel 4: Structural Dynamics in FX Swaps and Other Derivatives Markets
Moderator: Fabiola Ravazzolo, Federal Reserve Bank of New York
Panelists:
Gregory Emmanuelidis, JP Morgan
Matthew O’Hara, 360T
Victor Casana, Amazon
Yan Pu, Vanguard
2:30pm-3:15pm
Panel 5: Current Developments in FX Settlement Risk
Moderator: John Rutigliano, Federal Reserve Bank of New York
Panelists:
Janet Dawson, GFMA
Deborah Hrvatin, CLS
Thomas Smejkal, Federal Reserve Bank of New York
3:15pm-3:30pm
Break
3:30pm-4:15pm
Panel 6: Innovation and the Future of the FX Market
Moderator: Per von Zelowitz, Federal Reserve Bank of New York
Panelists:
Harsh Sinha, Wise
Sunil Sharma, Circle
Thomas Zschach, Swift
William Artingstall, Citi
4:15pm-4:20pm
Closing Remarks
Lisa Chung, Federal Reserve Bank of New York
4:30pm-6:00pm
Reception
Speakers
Read bios for the speakers listed below.
William Artingstall
Managing Director and Head of Digital Asset Payments and eCommerce Services
Citi
Adrian Boehler
Global Head of Macro Distribution
UBS
Victor Casana
Head of FX Trading
Amazon
Christopher Chattaway
Managing Director and Global Head of FX Systematic Market Making and Americas One-Delta Trading
Goldman Sachs
Lisa Chung
Director, Foreign Exchange and Global Rates
Federal Reserve Bank of New York
Managing Director, Global Foreign Exchange Division
Global Financial Markets Association (GFMA)
Gregory Emmanuelidis
Senior Trader
JP Morgan
Managing Director, Senior Portfolio Manager, and Head of Global Fixed Income & Currencies
RBC Global Asset Management Inc.
Gerardo GarcÃa
General Director of Central Banking Operations
Banco de México
Tom Gentile
Director of Trading and Co-Head of the Trade Desk
Crabel Capital Management
Chief Risk Officer
CLS
Simon Jones
Head of FX Product and Liquidity
London Stock Exchange Group
Head of the Markets Group
Federal Reserve Bank of New York
Matt O’Hara
Group Executive Board
360T
Chris Pizzotti
Global Head of FX Sales and Trading
State Street Markets
Yan Pu
Principal and Global Head of Foreign Exchange
Vanguard
Fabiola Ravazzolo
Policy Advisor, Domestic and International Markets
Federal Reserve Bank of New York
Dan Reichgott
Policy Advisor, Foreign Exchange and Global Rates
Federal Reserve Bank of New York
John Rutigliano
Manager, Payments and Market Infrastructure Department
Federal Reserve Bank of New York
Ankit Sahni
Head of FX
Element Capital Management
Sunil Sharma
Vice President of Product
Circle
Blaise Sheppard
Head of FX
OneChronos
Chief Technology Officer
Wise
Jeremy Smart
Global Head of Distribution
XTX Markets
Thomas Smejkal
Specialist, Payments and Market Infrastructure Analysis
Federal Reserve Bank of New York
Director of the New York Innovation Center
Federal Reserve Bank of New York
Tyler Wellensiek
Managing Director, Global Head of Market Structure
BlackRock
President and Chief Executive Officer
Federal Reserve Bank of New York
Thomas Zschach
Technology Executive and Chief Innovation Officer
Swift