Past event

Conference

European Capital Markets

Expanding market-based finance for sustainable growth

Chatham House, London

Liquid and connected capital markets are crucial to Europe’s growth prospects. The EU’s roadmap for Capital Markets Union (CMU) is an opportunity to remould European markets and channel investor capital into asset classes that can deliver returns as well as drive economic growth, but how can it deliver on its ambitious vision?

This Chatham House ‘City Series’ conference on European Capital Markets will consider the political and economic obstacles to achieving the goals of CMU and the implications of potential EU reforms. Discussions will also assess the practical challenges for creating a single capital market, channelling investment to foster growth, and reviving trust at a time of increased volatility in global markets.

The Chatham House Rule 
To enable as open a debate as possible, this conference will be held under the Chatham House Rule.

Twitter 
Suggested hashtag: #CHcity

Pricing

For any questions about which rate applies to you, please call +44 (0) 20 7314 2785

                       FULL RATE
 EXCL. VATINCL. VAT
Major corporate member rates  
All organizations£595£714
Corporate member rates  
Commercial organizations£1,180£1,416
Government departments£700£840
NGOs and academics£460£552
Standard rates  
Commercial organizations£1,295£1,554 
Government departments£750£900
NGOs and academics£510

£612

Monday 21 March
09:30

Session One | Ever Closer Capital Markets Union
09:30 – 11:00

The opening session will assess the proposal for Capital Markets Union (CMU) and the challenges ahead for reviving EU stock, bond and securitization markets, reducing the over-reliance on bank finance, and creating optimal policy and regulatory frameworks to foster economic growth.

  • In order to scale up European capital markets, how can an investment culture be fostered in countries typically averse to investment risks?
  • In what ways can market-based finance be expanded to reduce the predominance of bank lending relative to other sources of financing? 
  • To what extent can a single capital market enable cross-border risk sharing and work for all types of asset owners to connect capital to real economy sectors in need of investment?
  • What types of monetary and fiscal policies are needed in Europe to manage financial stability risks and ensure that any integration of capital markets is appropriately regulated?
  • What does a potential 'Brexit' mean for the financial services market and for Europe’s capital market reforms? What would it mean for the legal and regulatory reforms needed to achieve the goals of CMU?

Chair’s opening remarks 
Sharon Bowles, Non-Executive Director, London Stock Exchange Group and Chair, Economic and Monetary Affairs Committee, European Parliament (2009-14)

Keynote speakers
Vítor Constâncio, Vice President, European Central Bank (on the record)
Dr Andreas Dombret, Member of the Executive Board, Deutsche Bundesbank (on the record)
Sam Dean, Co-Head of Banking for EMEA, Barclays

Questions and discussion

Panel discussion

Moderator
Sharon Bowles, Non-Executive Director, London Stock Exchange Group and Chair, Economic and Monetary Affairs Committee, European Parliament (2009-14)

Panellists
Barney Reynolds, Head, Global Financial Institutions Advisory & Financial Regulatory Group & Partner, Shearman & Sterling LLP
James Esposito, Chief Strategy Officer of the Securities Division, Goldman Sachs 
Niall Bohan, Head of Unit, Capital Markets Union, DG FISMA, European Commission 
Elizabeth Corley, Non-Executive Vice-Chair, Allianz Global Investors

Questions and discussion

11:30 – 12:00 Refreshments

Session Two | Channelling Capital into Markets
12:00 – 15:00

The following two panel discussions will explore the challenges for creating an open, accessible pan-European capital market to enable institutional and retail investors to allocate their savings in a more efficient way; focusing on fostering trust and delivering choice in the context of recent market volatility, and restoring market liquidity.

Panel Discussion: Trust and Choice

  • In a continued low-interest environment, how can large pools of European household savings be redirected to investment opportunities currently constrained by a lack of financing?
  • Will better access to guidance and advice be enough to revive investor trust in capital markets? 
  • Is there enough investment choice across retail investor risk profiles and how should the concept of choice be addressed within the objectives for expanding capital markets?
  • How should policy-makers address the issue of protection for consumers and investors?
  • What lessons can European capital markets learn from the global experience on how to make retail investments more ‘sticky’?

Moderator
William Wright, Managing Director, New Financial

Panellists
Nicolas Véron, Senior Fellow, Bruegel 
Martin Moloney, Head of Markets Policy Division, Central Bank of Ireland
Diego Valiante, Head of Financial Markets and Institutions Unit, Centre for European Policy Studies

Questions and discussion

13:00 – 14:00 Lunch

Panel Discussion: Market Liquidity

  • How can financial markets be integrated in a way that helps investors manage local shocks and promotes cross-border investment?
  • How can the participation of market makers and the effective functioning of secondary markets be encouraged?
  • How should securitized products be regulated in order to facilitate the growth of a simple, transparent and liquid securitization market?
  • To what extent will expanding market-based finance increase systemic risks and the potential for economic instability? For example, will rising levels of capital going into open-ended investment vehicles result in greater systemic risks for financial stability?
  • Will an integrated European capital market eventually lead to a shift away from proprietary trading to a lower risk, client-driven investment market?

Moderator
Simon Lewis, Chief Executive, Association for Financial Markets in Europe 

Panellists
Chris Allen, Global Head of Regulatory Policy, Barclays
Huw van Steenis, Global Coordinator, Banks & Diversified Financials Equity Research, Morgan Stanley
Joanna Cound, Managing Director, Head of EMEA Government Affairs & Public Policy, BlackRock
William Wright, Managing Director, New Financial

Questions and discussion

15:00 – 15:30 Afternoon refreshments

Session Three | Efficient Allocation of Capital
15:30 – 16:30

This session will focus on the allocation of capital across asset classes and how to mobilize capital into areas where it can deliver returns and support economic growth.

  • In what ways can regulatory and tax rules be aligned with the goal of allocating capital to longer-term investment?
  • Given their complexity, how can large and costly infrastructure projects attract smaller investors as well as large institutional investors with specialist expertise?
  • Are capital market investors necessarily better placed than banks to assess risks and channel investment into the SME sector and businesses with high growth potential but higher risks?

Chair
Simon Nixon, Chief European Commentator, Wall Street Journal

Speakers
Gert Wehinger, Senior Economist, OECD
Ida Levine, Director European Public Affairs, Capital Group
Áron Gereben, Senior Economist, European Investment Bank
Alain Bokobza, Head of Global Asset Allocation, Global Research & Strategy, Société Générale

Questions and discussion

Session Four | Market-Based Finance: International Perspectives and Lessons 
16:30 – 17:30

This closing panel discussion will consider international policy and regulatory approaches to scaling-up and integrating capital markets, and the lessons that might be learned for Europe’s efforts to diversify the financing environment and stimulate growth in market based-finance.

Moderator
René Karsenti, President, International Capital Market Association

Panellists
Nikhil Rathi, CEO, London Stock Exchange Plc
Dan Waters, Managing Director, ICI Global
Randall S Kroszner, Norman R Bobins Professor of Economics, University of Chicago Booth School of Business

Questions and discussion

17:30 Close of conference and drinks reception hosted by Chatham House


© The Royal Institute of International Affairs 2016

Keynote Speakers


Speakers

Chris Allen

Global Head of Regulatory Policy, Barclays

Niall Bohan to speak at the Chatham House European Capital Markets 2016 conference

Niall Bohan

Head of Unit, Capital Markets Union, DG FISMA, European Commission

Alain Bokobza to speak at the Chatham House European Capital Markets 2016 conference

Alain Bokobza

Head of Global Asset Allocation, Global Research & Strategy, Société Générale

Sharon Bowles to speak at the European Capital Markets 2016 conference

Sharon Bowles

Non-Executive Director, London Stock Exchange Group; Chair, Economic and Monetary Affairs Committee, European Parliament (2009-14)

Elizabeth Corley CBE

Non-Executive Vice-Chair, Allianz Global Investors

Joanna Cound to speak at the Chatham House European Capital Markets 2016 conference

Joanna Cound

Managing Director, Head of EMEA Government Affairs & Public Policy, BlackRock

James Esposito to speak at the Chatham House European Capital Markets 2016 conference

James Esposito

Chief Strategy Officer of the Securities Division, Goldman Sachs

Aron Gereben to speak at the Chatham House European Capital Markets 2016 conference

Áron Gereben

Senior Economist, European Investment Bank

René Karsenti to speak at Chatham House European Capital Markets 2016 conference

René Karsenti

President, International Capital Market Association

Randall Kroszner to speak at the Chatham House European Capital Markets 2016 conference

Randall S. Kroszner

Norman R. Bobins Professor of Economics, University of Chicago Booth School of Business

Ida Levine to speak at the Chatham House MENA Energy 2016 conference

Ida Levine

Director of European Public Affairs, Capital Group

Simon Lewis to speak at the Chatham House European Capital Markets 2016 conference

Simon Lewis

Chief Executive, Association for Financial Markets in Europe

Martin Moloney to speak at the Chatham House European Capital Markets 2016 conference

Martin Moloney

Head of Markets Policy Division, Central Bank of Ireland

Simon Nixon

Chief European Commentator, Wall Street Journal

Nikhil Rathi to speak at the Chatham House European Capital Markets 2016 conference

Nikhil Rathi

CEO, London Stock Exchange Plc

Barney Reynolds

Head, Global Financial Institutions Advisory & Financial Regulatory Group & Partner, Shearman & Sterling LLP

Diego Valiante to speak at the European Capital Markets 2016 conference

Diego Valiante

Head of Financial Markets and Institutions Unit, Centre for European Policy Studies

Huw van Steenis

Global Coordinator, Banks & Diversified Financials Equity Research, Morgan Stanley

Nicolas Véron to speak at Chatham House City Series 2016 conference

Nicolas Véron

Senior Fellow, Bruegel

Dan Waters to speak at the Chatham House European Capital Markets 2016 conference

Dan Waters

Managing Director, ICI Global

Gert Wehinger to speak at Chatham House European Capital Markets 2016 conference

Gert Wehinger

Senior Economist, OECD

William Wright to speak at the European Capital Markets 2016 conference

William Wright

Managing Director, New Financial

Sponsored by

Barclays to sponsor the Chatham House European Capital Markets 2016 conference
Shearman and Sterling to sponsor Chatham House European Capital Markets 2016


If you are interested in becoming a sponsor for this event, please contact
Kamil Hussain on +44 (0) 20 7314 2783         

Media partners

AFME to partner with Chatham House on the European Capital Markets 2016 conference

AIMA to partner with Chatham House on the European Capital Markets 2016 conference

IBDE to partner with Chatham House on the European Capital Markets 2016 conference

ICA to partner with Chatham House on the European Capital Markets 2016 conference
The Investment Association to partner with Chatham House on the European Capital Markets 2016 conference

World Federation of Exchanges to partner with Chatham House on the European Capital Markets 2016 conference



If you are interested in becoming a media partner for this event, please contact
Amy Smith on +44 (0)20 7957 5755

Venue

Chatham House
10 St James's Square
London
SW1Y 4LE
UK
conferences@chathamhouse.org

Telephone: +44 (0)20 7314 2785 
Fax: +44 (0)20 7957 5710

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

Directions
The nearest tube station is Piccadilly Circus which is on the Piccadilly and the Bakerloo Underground lines. From Piccadilly follow Regent Street southwards towards Pall Mall and take the first road on the right called Jermyn Street. Duke of York Street is the second road on the left and leads to St James's Square. Chatham House is immediately on your right.

Map

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 from £195 + 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

Book The Cavendish online

The Stafford London 
St James's Place
London - SW1A 1NJ

Tel: 020 7518 1125
Fax: 020 7493 7121

Standard Single £235 +VAT

The Savoy London
Strand
London - WC2R 0EU

Tel: 020 7836 4343
Fax: 020 7240 6040 

Standard Single from £250 +VAT

This conference will be held under the Chatham House Rule. Information for journalists.

Press can request a press pass.