Past event

Conference

Financial Regulation

Towards a Global Regulatory Framework?

Chatham House, London

After the financial crisis there was a drive towards global integration of financial regulation. This conference will ask whether this can be maintained as governments face the realities of political pressure from their electorates and their banks.

As governments and regulators act to protect taxpayers from bail-outs, there is a tendency to discourage risky cross-border investments. As a result, capital is being renationalized, and business is withdrawing to within regulatory regimes.

This conference will assess the emerging global regulatory architecture, and focus on key issues such as:

  • The possibility of creating a non-conflicting, global regulatory framework

  • The emerging pan-European regulatory architecture

  • The impact of global regulation on cross-border financial flows

  • Proposed solutions to ‘too big to fail’ (ring-fencing, subsidiarization, resolution)

  • The likely consequences of OTC derivatives legislation

  • The extent to which ‘shadow banking’ can be regulated

Keynote speakers include Vítor Constâncio, Vice President, European Central Bank.

Registration

 

  • Melissa Allen

    • Partner, Financial Services Risk Consulting
  • Svein Andresen

    • Secretary General
  • Andrew Bailey

    • Executive Director and Member of the Financial Policy Committee, Bank of England and
  • Hugo Dixon

    • Editor-at-Large
  • Jonathan Faull

    • Director General, Internal Markets and Services
  • Dame Clara Furse DBE

    • Non-Executive Director
  • Alexa Lam

    • Deputy Chief Executive Officer
  • Vítor Constâncio

    • Vice President
  • Arlene McCarthy MEP

    • Member of the European Parliament
  • Eric Pan

    • Associate Director, Office of International Affairs
  • Barney Reynolds

    • Partner, Shearman & Sterling
  • Matías Rodríguez Inciarte

    • Vice Chairman, Member of the Board and Chief Risk Officer
  • Verena Ross

    • Executive Director
  • Sir John Vickers

    • Oxford University, former Chair of UK Independent Commission on Banking
  • Bill Winters

    • CEO
  • Mark Woodward

    • Director of Corporate Development

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

KPMG logo

Shearman & Sterling logo

If you are interested in becoming a sponsor for this event, please contact Alison Archer on +44 (0)20 7314 3643 or email aarcher@chathamhouse.org.

COOConnect logo

DerivSource logo

European Banking Federation logo

Eurekahedge logo

Hedge Compliance logo

Hedge Connection logo

Hedge Fund Alert

ICMA logo

MLex logo

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 W1Y 7RA
Tel: + 44 (0)20 7499 2964
Fax: + 44 (0)20 7499 1817
Standard Single £180 + VAT
Book Flemings online

The Cavendish London
81 Jermyn Street
London
SW1U 6JF
Tel: + 44 (0)20 7930 2111
Fax: + 44 (0)20 7839 2125
Standard Single £200 + VAT
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

Session One
The New Pan European Regulatory Architecture

It can be argued that in order for the Eurozone to survive, greater integration of banks and banking regulation is necessary. But in the EU's current crisis, capital is being renationalized.

  • How are national regulators reacting to this decline in cross-border financial flows in the name of domestic financial stability? Will they push for further repatriation of capital?

  • What steps is the European Central Bank (ECB) taking to support intra-eurozone financial flows and reduce repatriation of capital?

  • Will a single supervisory mechanism in Europe create greater stability? How will the ECB balance its roles as monetary authority and bank supervisor?

  • What form would 'banking union' take?
    • It is proposed that an integrated bank resolution structure should be created. What tensions may this cause?
    • What would the impact be on Europe’s national banks?

  • How will the UK and other non-euro EU members operate in the new environment?

  • The US, the EU and the UK are all considering 'ring fencing' proposals.  What are the respective merits of each? Will one system dominate?

Chair
Lord O’Donnell GCB
House of Lords

09.00 
Keynote Speaker

Vítor Constâncio (on the record)
Vice President
European Central Bank

Speakers
Arlene McCarthy MEP
Member of the European Parliament
Vice Chair of the Economic and Monetary Affairs Committee

Andrew Bailey
Executive Director and Member of the Financial Policy Committee, Bank of England, and Managing Director, Prudential Business Unit, FSA

Matias Rodriguez Inciarte
Vice Chairman, Member of the Board and Chief Risk Officer
Banco Santander

Sir John Vickers
Oxford University
Former Chair of UK Independent Commission on Banking

Questions and discussion

11.00  - 11.30  Refreshments

Session Two
OTC Derivatives

  • The Financial Stability Board has promoted a global regulatory framework on derivatives. Will this limit regulatory arbitrage?

  • The US and the EU are refining rules on derivatives in the US Dodd-Frank Wall Street Reform and Consumer Protection Act and the European Market Infrastructure Regulation (EMIR) respectively. To what extent are they co-operating?

  • What are plans for rules on margins for non-cleared trades?

  • What impact will the US' extraterritoriality on derivatives rules have on global harmonization? Could mutual recognition and equivalence address this issue, or will the effect be to make the US the centre of global derivatives trading? If so, how will emerging economy regulators respond?

Chair
Dame Clara Furse DBE
Non-Executive Director, Nomura Holdings, Legal & General, Amadeus IT Holdings and the UK’s Department for Work and Pensions

Speakers   
Verena Ross
Executive Director
European Securities and Markets Authority

Jonathan Faull
Director General, Internal Markets and Services
European Commission

Eric Pan
Associate Director, Office of International Affairs
Securities and Exchange Commission

Alexa Lam
Deputy CEO and Executive Director, Hong Kong Securities and Futures Commission and
Co-chair, Working Group on Margining Requirements of the Basel Committee on Banking Supervision and the International Organization of Securities Commissions

Melissa Allen
Partner, Financial Services Risk Consulting
KPMG

Mark Woodward
Director of Corporate Development
ICE Clear Europe

Questions and discussion

13.30  - 14.30  Lunch

Session Three
Rules for 'Shadow' Banking

The Financial Stability Board and other regulatory authorities are looking at the role of credit intermediaries, taking place outside or partly outside the banking system. How can regulators ensure greater stability whilst retaining shadow banks' willingness to lend?

  • It can be argued that alternative intermediaries promote stability and resilience in the financial system by providing an alternative route for finance. What risks do they pose?

  • What form should regulation of alternative intermediaries take? Should it differ between different types of intermediary eg money market funds, hedge funds?

  • Would greater transparency in 'shadow' banking activities raise confidence?

  • Will it be possible to have a global set of rules given the different positions of major financial centres on insurance, hedge funds, and money market funds?

Chair
Hugo Dixon
Editor-at-Large
Reuters News

Speakers
Svein Andresen
Secretary General
Financial Stability Board

Alexa Lam

Bill Winters
CEO
Renshaw Bay

Barney Reynolds
Head of European Financial Institutions Advisory, Partner
Shearman & Sterling

Questions and discussion

16.15    Close of conference and drinks reception hosted by Chatham House

© The Royal Institute of International Affairs 2013

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
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
BG Group
Bingham McCutchen LLP
BNY Mellon
Brevan Howard
British Arab Commerical Bank
Central Bank & Financial Services Authority of Ireland
Chicago Mercantile Exchange (CME) Europe
Citi Private Bank
City of London
Clifford Chance LLP
Control Risks
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 Services Authority (FSA)
Foreign & Commonwealth Office
Freshfields Bruckhaus Deringer
Fried Frank Harris Shriver & Jacobson (London) LLP
GE Capital
Genworth Financial
Herbert Smith LLP
HM Treasury
HSBC Holdings plc
ING Group
Investec Bank UK Limited
KPMG LLP
Linklaters LLP
Lloyd's of London
Loan Market Association
London Economics
London South Bank University
London Stock Exchange
Macquarie Group
Man Group plc
Morgan Stanley
Nationwide Building Society
Nomura International plc
Norwegian Parliament
PricewaterhouseCoopers LLP
Prudential plc
Reed Smith LLP
Rolls-Royce International Limited
Royal Bank of Scotland
Shell
Slaughter and May
Society of Trust and Estate Practitioners (STEP)
Standard and Poor's
Standard Chartered Bank
Statoil (UK) Ltd
Sumitomo Mitsui Banking Corporation Europe Ltd
SWIFT
T Rowe Price
Taipei Representative Office
Technische Universität Berlin
The Association of Corporate Treasurers
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