2015 ECMI Annual Conference - Navigating the Storm: Setting long-term goals in volatile market conditions?

The ECMI Annual Conference is a landmark event in Brussels that brings together policy-makers, academics and international experts to discuss challenges for European capital-markets integration policies and global financial reforms. This year's conference will discuss how EU institutions can set long-term goals against the background of highly volatile market conditions. The action plan for the creation of a Capital Markets Union has drawn attention to a renewed regulatory and institutional design to support greater financial and economic integration. Jointly organised with the Brevan Howard Centre for Financial Analysis at Imperial College London, the conference consists of four sessions with keynote speeches and presentations, followed by panel debates. 

Programme

 08:15  Registration & Coffee
 08:55  Welcome remarks by ECMI Chairman Fabrice Demarigny
 09:00  Session 1. Europe's Capital Markets Union: What is the 'long-term' view?
 

The quality of financial integration is a key priority on the agenda of European institutions, prompting the European Commission to launch an action plan to promote a single market for capital in Europe. Taking a long-term view and learning from other countries' experiences, such as the United States, this session discusses the options that EU institutions face in building the infrastructure needed for the development of a true European financial markets. The session will discuss the structural elements of a capital markets union and what components should be left to competition among member states.

Keynote speech:
Lord Jonathan Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union

Keynote presentation:  
Paul G. Mahoney, David and Mary Harrison Distinguished Professor of Law, Arnold H. Leon Professor of Law, Dean, University of Virginia School of Law

Preliminary findings of the Final Report of the European Capital Markets Expert Group (ECMEG): Francesco Papadia, ECMEG Charman and Diego Valiante, ECMEG Rapporteur & Head of Research, European Capital Market Institute (ECMI) and Centre for European Policy Studies (CEPS)

Panel discussion:

Kay Swinburne, MEP, Member of Economic and Monetary Affairs
Florencio Lopez de Silanes, Professor of Finance and Law, EDHEC Business School
Yann Le Pallec, Managing Director, EMEA Ratings Services, Standard & Poor's Europe
Paul G. Mahoney, David and Mary Harrison Distinguished Professor of Law, Arnold H. Leon Professor of Law and Dean of the University of Virginia School of Law
Philipp Hartmann, Deputy Director General, Research, European Central Bank

Moderatored by Franklin Allen, Executive Director of the Brevan Howard Centre, Professor of Finance and Economics, Imperial College London

 11:00

Coffee break

 11:30 Session 2. Quantitative easing, asset prices and economic growth
 

Most central banks around the world are engaging in massive asset purchases, which put significant pressures on asset prices. Currencies and liquidity in securities markets are very volatile. Portfolio rebalancing effects of the ECB's quantitative easing have sparked fears that bubbles will form in fixed income markets and that liquidity will dry-up in collateral markets. The macroeconomic implications of this intervention are still unclear and many argue that it will not be sufficient to lift inflationary expectations, which are driven by secular stagnation and a debt 'super-cycle'. Will QE support an environment conducive to structural reforms and market conditions that can ultimately promote economic growth and employment?

Keynote speech:
Marianne Nessén, Head of Monetary Policy Department, Sveriges Riksbank

Keynote presentation:
José-Luis Peydró, ICREA Professor of Economics, Universitat Pompeu Fabra and Barcelona GSE

Panel discussion:

William De Vijlder, Group Chief Economist, BNP Paribas

Olivier De Bandt, Director of Research at the Prudential Supervision Authority, Banque de France

Colin Ellis, EMEA Chief Credit Officer, Moody's

Marianne Nessén, Head of Monetary Policy Department, Sveriges Riksbank

José-Luis Peydró, ICREA Professor of Economics, Universitat Pompeu Fabra and Barcelona GSE

Moderated by Daniel Gros, Director, Centre for European Policy Studies (CEPS)

 13:30 

Lunch break 

 14:30 Session 3. The rise of asset management and capital market-based financing: A cyclical or a structural shift?
 

The low interest rate environment in combination with post-crisis regulatory intervention are forcing banks to change their business models with lower margins. Some banks are moving away from their traditional banking model towards a strengthened link between dealer activities and their asset management arm. Will this development impose a further constraint on markets, which may lead to more risk-taking or will it promote bank restructuring and a stronger move towards capital markets? Are there profound or cyclical implications behind the rise of the asset management industry in recent years? And if so, how will they change the way we look at financial markets and the role of this industry in the financial ecosystem? 

Keynote presentation:
Perry Mehrling, Professor of Economics, Barnard College, Columbia University

Panel discussion: 
David Blumer, Head of Europe, Middle East & Africa, BlackRock
Perry Mehrling, Professor of Economics, Barnard College, Columbia University
Rhodri Preece, Head, Capital Markets Policy EMEA, CFA Institute 
Huw Van Steenis, Head of Financial Services Research, Morgan Stanley 

Moderatored by Karel Lannoo, General Manager, European Capital Market Institute (ECMI) and CEO, Centre for European Policy Studies (CEPS)

 16:05 Session 4. Unravelling Penelope's web: Crisis management and resolution of financial market infrastructure 
 

Financial markets infrastructure is the backbone of the financial system. Post-crisis reforms increasingly rely on market infrastructure to ensure transparency and market stability. Nonetheless, the reliance on new players changes the connectivity structure of the financial system and thus alters the definition of systemic risk. How does this new environment affect connectivity in the financial system and the pricing of risk? How can recent network theories help us to understand changes in the interconnection between financial institutions as a consequence of these structural developments? 

Keynote presentation:
Albert Menkveld, Professor in Financial Economics, VU University Amsterdam

Panel discussion:
Martin Merlin, Director Financial Markets, European Commission DG Financial Stability, Financial Services and Capital Markets Union
Geert Vanderbeke, Executive Director, Global Sales & Sales Support, ABN AMRO Clearing
Sheri Markose, Professor of Economics, Essex University
Dennis McLaughin, Group Chief Risk Officer, LCH.Clearnet

Moderatored by Andrei Kirilenko, Visiting Professor, Brevan Howard Centre, Imperial College Business School

 17:30 Closing remarks by ECMI General Manager Karel Lannoo

 

Registration

  • Registration is free of charge for ECMI members, EU/national officials, full-time academics, students (subject to seats availability), NGOs (not representing industry sectors or a commercial interest) and press.
  • CEPS, ECRI and BFF members may register up to one delegate free of charge; additional delegates are welcome at the reduced rate (175€ incl. VAT). Please contact veselina.georgieva@ceps.eu before registering.
  • Paid registration applies to all other participants at the standard rate (300€). Group discounts are available.
  • Click here to register (you will be redirected to the CEPS secure platform). Cancellation and refund: 100% refund for cancellations by 28 September 2015, 50% refund for cancellations by 5 October 2014, no refund can be made thereafter. Registration deadline: 16 October.

 

Venue

National Bank of Belgium - Main Auditorium (Click here to locate on Google Maps
Rue Montagne aux Herbes Potagères/Warmoesberg 61, 1000 Brussels - Belgium 

Nearest train / metro stop: Gare Centrale (400 meters)

 

Contact

For all inquiries regarding the conference, please contact ecmi@ceps.eu or +32 2 229 3978.

20
October 2015
Tuesday
09:00-17:30

900

Speakers

Lord Jonathan Hill
European Commissioner for Financial Stability, Financial Services and Capital Markets Union
Paul G. Mahoney
David and Mary Harrison Distinguished Professor of Law, Arnold H. Leon Professor of Law, University of Virginia School of Law
Marianne Nessén
Head of Monetary Policy Department, Sveriges Riksbank
Perry Mehrling
Professor of Economics, Barnard College, Columbia University
Albert Menkveld
Professor in Financial Economics, VU University Amsterdam
José-Luis Peydró
ICREA Professor of Economics, Universitat Pompeu Fabra and Barcelona GSE
 
Franklin Allen
Executive Director of the Brevan Howard Centre, Professor of Finance and Economics, Imperial College London
Andrei Kirilenko
Visiting Professor, Brevan Howard Centre, Imperial College Business School
Daniel Gros
Director, Centre for European Policy Studies
Florencio Lopez de Silanes
Professor of Finance and Law, EDHEC Business School
Sheri Markose
Professor of Economics, Essex University
Philipp Hartman
Deputy Director General, Research, ECB
Olivier De Bandt
Head of the Research Directorate, ACPR, Banque de France
Rhodri Preece
Head, Capital Markets Policy EMEA, CFA Institute
David Blumer
Head of Europe, Middle East & Africa, BlackRock
William De Vijlder
Group Chief Economist, BNP Paribas
Colin Ellis
EMEA Chief Credit Officer, Moody's
Yann Le Pallec
Managing Director, EMEA Ratings Services,
Standard & Poor's Europe
 
 
 
Huw Van Steenis
Head of Financial Services Research, Morgan Stanley

2015 ECMI Annual Conference - Navigating the Storm: Setting long-term goals in volatile market conditions?

Contact: 
20
October 2015
Tuesday
09:00-17:30

900

National Bank of Belgium (Main Auditorium)

Rue Montagne aux Herbes Potagères/Warmoesberg 61, 1000 Brussels - Belgium