Past event

Conference

Global Financial Markets

New Rules on Market Structure, Trading and Funding

Chatham House, London

More than five years after the financial crisis, now is an opportune time to reflect on the implementation of the major pieces of regulation being embedded nationally, regionally and globally, and to consider the likely effects on financial markets.

Focusing on current and planned reforms to market structure, trading practices, and non-bank credit intermediation activities, this conference will ask what kind of policies and processes will provide regulatory and supervisory clarity and coherence.

  • How will market players adjust their business models and strategies to the new regulatory environment and how will end users be affected? 
  • To what extent will there be global cooperation on regulation? 
  • Will adequate liquidity and diversity remain for the efficient functioning of global financial markets? 

  • Stuart Anderson

    • Director, Electronic Trading & Market Structure
  • Ian Bell

    • Head, Secretariat
  • Dr Sharon Brown-Hruska

    • Vice President
  • Armstrong Sheng Chen

    • Deputy Director, Banking Innovation Supervisory Department
  • Charley Cooper

    • Senior Managing Director and Chief Operating Officer, Trading & Clearing
  • Sir Jon Cunliffe

    • Deputy Governor for Financial Stability
  • Robert Jenkins

    • Adjunct Professor of Finance
  • Rachel Lomax

    • Member, Panel of Senior Advisers, Chatham House
  • Tiff Macklem

    • Senior Deputy Governor
  • Steven Maijoor

    • Chair
  • Arlene McCarthy

    • Vice Chair Economic and Monetary Affairs Committee
  • Jun Mizuguchi

    • Assistant Commissioner for International Affairs Financial Services Agency
  • Donna Parisi

    • Partner
  • Patrick Pearson

    • Acting Director, Financial Markets Directorate and Head, Financial Markets Infrastructure, DG Internal Market and Services
  • Guus Warringa

    • Chief Legal Counsel and Member of the Board
  • Dan Waters

    • Managing Director
  • David Wright

    • Secretary General

This conference will be held under the Chatham House Rule. Information for journalists
Press can request a press pass using the form below.

 Black Rock logo

      Shearman & Sterling logo

      City of London logo

European Banking Federation logo

 

Hedge Fund Alert

 Hedge Connection logo

ICMA logo

MLex logo

If you are interested in becoming a media partner for this event, please contact Zara Berry on +44 (0)20 7957 5756 or email zberry@chathamhouse.org.

 

 

 

 

 

Venue

Chatham House

conferences@chathamhouse.org

Telephone: +44 (0)20 7957 5729
Fax: +44 (0)20 7957 5710


If you wish to book the venue for your event please phone +44 (0)20 7314 2764


Conference Unit
Chatham House
10 St James's Square
London
SW1Y 4LE
UK

Accommodation

Although we cannot book accommodation for delegates, we have arranged a reduced rate at some nearby hotels, where you can book your own accommodation. Please inform the hotel that you will be attending a conference at Chatham House (The Royal Institute of International Affairs) to qualify for the Institute's reduced rate.

Please note all rates are subject to availability.

Flemings Mayfair
Half Moon Street
Mayfair
London W1J 7BH
Tel: + 44 (0)20 7499 2964
Fax: + 44 (0)20 7499 1817
Standard Single £190 + VAT

The Cavendish London
81 Jermyn Street
London
SW1Y 6JF
Tel: + 44 (0)20 7930 2111
Fax: + 44 (0)20 7839 2125
Standard Single £205 + VAT

To book The Cavendish online

The Stafford London by Kempinski
St James's Place
London
SW1A 1NJ
Tel: 020 7518 1125
Fax: 020 7493 7121
Standard Single £230 +VAT

MONDAY 17 MARCH
09:30 - 17:10

Chair
Rachel Lomax, Member, Panel of Senior Advisers, Chatham House

09:30 Opening Address  (on the record)

  • Is the global financial system safer now than in 2008

Sir John Cunliffe, Deputy Governor for Financial Stability, Bank of England

Questions and discussion (under the Chatham House Rule)

Session One
Market Structure and Transparency
10:00-11:30

  • What steps are being taken in the EU and the US to make markets more transparent? Which market sectors will this affect and how?

  • What effect will new rules on collateral and liquidity requirements have on market liquidity?

  • What will be the impacts of policymakers’ moves to drive trading onto venues?

  • Will global regulators classify large funds as systemically important financial institutions (SIFIs) in order to set limits to capital, leverage and liquidity?

  • What are prospects for global regulatory co-operation?

Speakers
Arlene McCarthy MEP, Vice Chair, Committee on Economic and Monetary Affairs

David Wright, Secretary General, International Organization of Securities Commissions (IOSCO)

Steven Maijoor, Chairman, European Securities and Markets Authority

Guus Warringa, Chief Legal Counsel and Member of the Board, APG

Questions and discussion

11:30-12:00 Refreshments


Session Two
Derivatives and Market Infrastructure
12:00-13:30

  • What are the implications of the US-EU agreement on rules for trading over-the-counter derivatives?

  • Dodd-Frank and EMIR impose collateral requirements on OTC derivatives, and the Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) propose margin requirements.  To what extent will there be global co-ordination on collateral and margins? What impact will proposed rules have on business models?

  • Are clearing houses now ‘too big to fail’? How should clearing houses be capitalized and should clearing funds be structured to ensure market continuity or rapid resolution?

  • Will ‘Footnote 88’ to US derivatives trading rules split liquidity between the EU and the US?

Chair
Dr Sharon Brown-Hruska, Vice President, NERA Economic Consulting, and Professor, Tulane University

Speakers
Patrick Pearson, Acting Director, Financial Markets Directorate and Head, Financial Markets Infrastructure, DG Internal Market and Services, European Commission

Donna Parisi, Partner, Shearman & Sterling

Stuart Anderson, Director, Electronic Trading & Market Structure, BlackRock

Charley Cooper, Senior Managing Director and Chief Operating Officer, Trading & Clearing, State Street Global Exchange

Questions and discussion

13:30-14:30 Lunch


Session Three
The View from Asia
14:30-15:00

  • How are Asian regulators responding to the Financial Stability Board’s proposals for rules on non-bank credit intermediation?

  • How will Asian regulators respond to Dodd-Frank proposals for extraterritoriality in financial regulation? To the EU’s rule that central counterparties can trade only through an EU approved entity?

Jun Mizuguchi, Assistant Commissioner for International Affairs, Financial Services Agency, Japan

In conversation with

Dr Sharon Brown-Hruska, Vice President, NERA Economic Consulting, and Professor, Tulane University

15:00-15:30 Refreshments


Session Four
Non-bank Funding: Regulating for Diversity and Stability
15:30-17:10

  • How have policymakers defined non-bank credit intermediation, and measured its contribution to the economy and the risk it poses; and how do they propose to integrate rules on its many aspects?

  • How will regulators know when dangerous amounts of leverage are occurring?

  • Will national regulators adopt the Financial Stability Board’s proposals for rules on securities lending and ‘repo’ markets? What steps are proposed for rules to strengthen the framework for securitization?

  • How will the China Banking Regulatory Commission regulate China’s non-bank financial intermediary sector?

Chair
Robert Jenkins, Adjunct Professor of Finance, London Business School

Speakers
Armstrong Sheng Chen, Deputy Director, Banking Innovation Supervisory Department, China Banking Regulatory Committee

Tiff Macklem, Senior Deputy Governor, Bank of Canada

Dan Waters, Managing Director, ICI Global

Ian Bell, Head, Secretariat, Prime Collateralised Securities (PCS)

Questions and discussion

17:10 End of conference and drinks reception hosted by Chatham House

© The Royal Institute of International Affairs, 2014


This conference will offer a unique opportunity to network with senior officials from businesses, government and academic institutions.

Our previous City Series conferences on financial regulation saw delegates from the following companies and institutions:

Accenture
ActionAid UK
Allen & Overy
Allianz Global Investors
Association of British Insurers
Atlantic Bullion and Coin Inc
Automatic Data Processing Inc
Aviva
Banca d'Italia
Banca Monte dei Paschi di Siena (MPS)
Bank of England
Bank of Tokyo-Mitsubishi UFJ Ltd
Barclays Capital
Barclays plc
Baringa Partners
BBVA
BG Group
Bingham McCutchen LLP
BNP Paribas
BNY Mellon
Brevan Howard
British Arab Commercial Bank
Central Bank & Financial Services Authority of Ireland
Chicago Mercantile Exchange (CME) Europe
Citi Private Bank
City of London
Clifford Chance LLP
Comissao do Mercado de Capitais
Constantine Cannon
Control Risks
Credit Suisse Securities
De Nederlandsche Bank (DNB)
Deloitte
Deutsche Bank
Edmond Capital Partners LLP
Elliott Advisors UK Ltd
Ernst & Young
Euroclear SA/NV
European Investment Bank (EIB)
ExxonMobil International Ltd
Financial Reporting Council (FRC)
Financial Services Authority (FSA)
Financial Supervision Commission
Foreign & Commonwealth Office
Freshfields Bruckhaus Deringer
Fried Frank Harris Shriver & Jacobson (London) LLP
GE Capital
Genworth Financial
Herbert Smith Freehills LLP
HM Treasury
HSBC Holdings plc
HSBC Insurance Brokers Limited
HSBC Securities Services
ING Group
Institute for Financial Research
Investec Bank UK Limited
Japan Bank for International Cooperation
JP Morgan
KPMG LLP
Latham & Watkins
Linklaters LLP
Lloyd's of London
Loan Market Association
London Economics
London South Bank University
London Stock Exchange
LuxembourgforFinance
Macquarie Group
Man Group plc
Mayer Brown
Morgan Stanley
Mizuho Corporate Bank
Nationwide Building Society
Nomura International plc
Norwegian Parliament
Oliver Wyman
PricewaterhouseCoopers LLP
Prudential plc
Reed Smith LLP
Rolls-Royce International Limited
Royal Bank of Scotland
Santander Group
Shell
Simmons & Simmons
Slaughter and May
Society of Trust and Estate Practitioners (STEP)
Standard and Poor's
Standard Bank London Limited
Standard Chartered Bank
Statoil (UK) Ltd
Sumitomo Mitsui Banking Corporation Europe Ltd
SWIFT
Swiss Financial Market Supervisory Authority (FINMA)
T Rowe Price
Taipei Representative Office
Technische Universität Berlin
The Association of Corporate Treasurers
The Clearing House
The Department for Business, Innovation and Skills (BIS)
The Depository Trust & Clearing Corporation (DTCC)
The Pensions Regulator
Towers Watson
Troika Bank
University College London
University of Cambridge