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ECMI Annual Conference 2013: Closing the Funding Gap


Date: 17 October 2013
Location: Brussels, Belgium, 09:00 - 16:30
Website: Visit website

17 October, 2013 - Main Auditorium, National Bank of Belgium, Brussels, BELGIUM

 

The ECMI Annual Conference is a major Brussels event bringing together market participants, policy-makers and academics to discuss challenges for capital markets and European integration. This year's conference will explore the multi-faceted concept of competition within an economically and financially integrated area: Competitiveness gaps among member states spur competition at a macroeconomic level, while competition among financial markets operators and among funding sources reflects the microeconomic dimension of competition as a driver for economic growth in a highly integrated area. Jointly organised with Carefin - Università Bocconi and the Belgian Financial Forum, the conference will consist of three sessions with keynote speeches and presentations, followed by panel debates with members of the audience. 

 

PROGRAMME

08:15-08:45 Registration and coffee

08:55-09:00 Welcoming remarks by René Karsenti, ECMI Chairman / Karel Lannoo, ECMI General Manager

09:00-11:00 Competition among member states: Balancing competitiveness and federalism in the Eurozone

  • Macro-economic outlook and the status of competitiveness in the Eurozone.

  • Is the European institutional framework able to cope with the integration needed in the Euro area?

  • How can Europe best balance competitiveness at national level with a more federal institutional architecture? 

Keynote speech: Thomas Westphal, Director General for European Affairs, Federal Ministry of Finance, Federal Republic of Germany

Keynote presentation: Andrea Beltratti, Full Professor of Finance, Università Bocconi, and Chairman of the Board, Eurizon Capital

Panel discussion 

  • Marco Buti, Director-General for Economic and Financial Affairs, European Commission

  • Lucio Vinhas de Souza, Managing Director and Sovereign Chief Economist, Moody's Investors Service

  • José Manuel Campa, Professor of Financial Management and International Economics, IESE Business School, and former Secretary of State for the Economy, Kingdom of Spain

  • Danuta Hübner, Member of the European Parliament (EPP), and former Commissioner for Regional Policy, European Commission

  • Daniel Gros, Research Director and Senior Research Fellow, Centre for European Policy Studies Moderated by Freddy van den Spiegel, Economic Adviser, BNP Paribas Fortis 

11:00-11:30 Coffee break

11:30-13:30 Competition among financial markets operators: Making pan-European capital markets thrive

  • Network effects and financial market infrastructure (e.g. trading venues, CCPs): the development status of the pan-European capital market.

  • Micro challenges in distribution (retail markets) and origination of financial instruments.

  • Can interoperability (fungible collateral pools) and open business models (open access) ensure a good balance between efficiency and financial stability?

  • What is the status of integration and competition in the marketing and sale of financial instruments in Europe? 

Keynote speech: Joaquín Almunia, Commissioner for Competition and Vice-President, European Commission

Keynote presentation: David Evans, Executive Director, Jevons Institute for Competition Law and Economics, University College London, and Chairman, Global Economics

Industry panel discussion

  • Alberto Giovannini, CEO, Unifortune Asset Management, and former Principal Policy Adviser, Clearing and Settlement Advisory and Monitoring Group (CESAME)

  • Marc Antoine Autheman, Chairman, Euroclear

  • Mark Hemsley, Chief Executive Officer, BATS Chi-X Europe

  • Diana Chan, Chief Executive Officer, EuroCCP

  • Jorge Yzaguirre, Director of Equity Trading, Bolsas y Mercados Españoles (BME)

Moderated by Paul Bodart, Board Member of T2S project, European Central Bank, and former Executive Vice President, BNY Mellon

13:30-14:30 Lunch break

14:30-16:30 Competition among funding sources: Competition for funding and the role of capital markets

  • How can capital markets promote innovation and growth in Europe, and narrow the funding gap?

  • What kind of interaction can be built between classic banking business model and pure capital markets activities?

  • How can European capital markets become alternative to credit activities run by banks?

  • How should business models of banks, central banks and capital markets operator change to remove short-termism in financing the economy and promote long-term investing?

  • What’s the role of capital markets in softening the impact of deleveraging? 

Keynote speech: Colin Mayer, Peter Moores Professor of Management Studies, Saïd Business School – University of Oxford, and former Director, Oxera

Keynote presentation: Julian Callow, Chief International Economist, Barclays

Panel discussion

  • Olivier Guersent, Head of Cabinet for Commissioner Michel Barnier, Internal Market and Services, European Commission

  • Mark Cliffe, Chief Economist, ING Group

  • Juan Yermo, Deputy Head, Financial Affairs Division, and Leader, Project on Long-Term Investment, OECD

  • Stefano Caselli, Full Professor of Banking and Finance, Carefin Research Fellow and Vice-Rector, Università Bocconi

  • Theo Vermaelen, Schroders Chaired Professor of International Finance and Asset Management, INSEAD Business School 

Moderated by Thierry Timmermans, Deputy Director, National Bank of Belgium.

 

Registration

  • Free registration for ECMI members, EU/national officials, full-time academics, students and press. Also for CEPS, ECRI and BFF members (first delegate).

  • All other participants can register at the ordinary rate (300 €).

  • More information.


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