Past event

Conference

Market-based Finance: Creating Resilient Markets for Growth

Chatham House, London

Overview

In a low-growth environment, attention is shifting from mitigating financial crisis to how growth can be stimulated. In a context of regulatory constraints for banks and insurers, can market-based finance be made more effective and sufficiently resilient to provide finance and support economic growth?

As regulation to manage the last financial crisis is being embedded, now is an opportune time to ask what steps should be taken to create an effective and robust global financial system. Speakers will discuss:

  • Whether further regulation, supervision and enforcement is needed.
  • The level of risk posed by the interconnectedness of banks and non-bank credit intermediaries.
  • How the level of systemic risk represented by major asset managers can be determined and mitigated.
  • What needs to be in place to create a single market for financial capital in the EU.
  • How market-based businesses can deliver real cultural change.

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 2782.

                       FULL RATE
 EXCL. VATINCL. VAT
Major corporate member rates  
All organizations£575£690
Corporate member rates  
Commercial organizations£1,150£1,380
Government departments£680£816
NGOs and academics£445£534
Standard rates  
Commercial organizations£1,255£1,506
Government departments£725£870
NGOs and academics£495£594

Monday 9 March
Session One | Is the Financial System Working for End Users?
09:30-10:45 

  • In the current economic context, what steps need to be taken to provide credit for business, finance for infrastructure, and support necessary growth?
  • How are global financial markets working? Is any further – appropriate – regulation, supervision and enforcement needed?  What other measures would reinforce capital markets and build trust?

Chair
Rachel Lomax, Deputy Governor, Bank of England (2003-08)

Questions and discussion

Discussants
Richard Dobbs, Director, McKinsey Global Institute

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

Catherine L Mann, Chief Economist, Organisation for Economic Co-operation and Development

Elizabeth Corley, Chief Executive Officer, Allianz Global Investors

Questions and discussion

10:45-11:15 Refreshments

Session Two | Developing Europe’s Capital Markets: Moderated discussion 
11:15–12:45

  • What needs to be in place to deepen and integrate the European Union’s capital markets? Will this be sufficient to create a single market for financial capital in the EU? 
  • Does there need to be a single supervisor, or will deregulation and harmonization remove barriers to the free movement of capital? 
  • What are the priorities and what is the timescale?
  • Is there support for capital markets union among Europe’s policymakers? Is there appetite for addressing existing legal and tax barriers?

Chair
Patrick Jenkins, Financial Editor and Assistant Editor, Financial Times

Speaker
Philip Tod, Acting and Deputy Head of Unit Capital Markets Union, European Commission

Discussants
Huw van Steenis, Managing Director, Bank Analyst, Morgan Stanley

William Wright, Founder and Managing Director, New Financial 

Philip Tod, Acting and Deputy Head of Unit Capital Markets Union, European Commission

Questions and discussion

12:45-13:45   Lunch

Chair
Stephen Pickford, Senior Research Fellow, International Economics, Chatham House

Keynote Speaker
Martin Wheatley, Chief Executive, Financial Conduct Authority (on the record)

Questions and discussion 

Session Three | Creating Resilient and Effective Market-based Finance
14:15-16:00

  • Non-bank forms of finance are already filling the lending gap left by banks. What are the opportunities for lending to SME’s, mid-market businesses, and for long-term investments such as infrastructure?  What are the risks?
  • How can the risks of asset concentration and procyclical herding behaviour in markets be addressed? 
  • Is greater transparency sufficient to raise confidence in market-based finance? Should leverage, complexity, and interconnectedness be monitored and if so, how? 
  • What will enable banks to continue to be market-makers?
  • How can the policy framework for securitization be strengthened?  Can securitization be made simple, transparent and comparable?
  • In Europe, the private placement market is regulated at national level. What new approach to regulation would create greater efficiency and expand the market?

Chair
Stephen Pickford, Senior Research Fellow, International Economics, Chatham House

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

Steven Maijoor, Chair, European Securities and Markets Authority 

Andrew Hauser, Director of Markets Strategy, Bank of England

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

Barbara Novick, Vice Chairman, BlackRock

Questions and discussion

16:00-16:30 Refreshments

Session Four | Regulation for Alternative Credit Intermediaries: Moderated Discussion 
16:30-17:45

  • The Financial Stability Board (FSB) will propose a framework by the end of 2015 for governments and regulators to assess the financial stability risks presented by non-bank finance.  What recommendations should be included in this framework? 
  • The SEC has imposed new rules for money market funds (MMFs) used by institutional investors, aimed at creating more pricing transparency; and for MMFs used by retail investors,  new tools – liquidity fees and redemption gates – to manage redemptions and discourage ‘runs’. Are these sufficiently robust?  Will the EU’s proposed rules focus on liquidity requirements and transparency be sufficient?
  • Is providing greater transparency, and comparable and comprehensible information, sufficient to address the problem of risky chains of intermediation? What are responses to the FSB’s proposals to impose ‘haircut floors’ for securities transactions between non-banks?
  • Should rules differ according to whether activity is proprietary or on behalf of end-users?

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

Speakers
Eric Pan, Associate Director, Office of International Affairs, Securities and Exchange Commission (SEC) 

David Rushford, General Counsel, Hayfin Capital Management LLP

Edwin Hagan-Emmin, Chief Executive Officer, Aztec Money

Questions and discussion

17:45 Close of conference and drinks reception hosted by Chatham House

© The Royal Institute of International Affairs 2015

Keynote Speakers

Speakers

Elizabeth Corley CBE

Non-Executive Vice-Chair, Allianz Global Investors

Richard Dobbs

Director, McKinsey Global Institute

Edwin Hagan-Emmin

CEO, Aztec Money

Andrew Hauser

Director of Markets Strategy, Bank of England

Patrick Jenkins

Financial Editor and Assistant Editor, Financial Times

Rachel Lomax

Deputy Governor, Bank of England (2003-08)

Steven Maijoor

Chair, European Securities and Markets Authority

Dr Catherine L Mann

Chief Economist, OECD

Barbara Novick to speak at Chatham House Europe's Strategic Choices 2015 conference

Barbara Novick

Vice Chairman, BlackRock Inc

Eric J Pan

Associate Director, Office of International Affairs, US Securities and Exchange Commission

Barney Reynolds

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

Stephen Pickford

Senior Research Fellow, International Economics, Chatham House

David Rushford

General Counsel, Hayfin Capital Management LLP

Huw van Steenis

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

Philip Tod

Acting and Deputy Head of Unit Capital Markets Union, European Commission

David Wright

Secretary General, International Organization of Securities Commissions

William Wright to speak at the European Capital Markets 2016 conference

William Wright

Managing Director, New Financial

 

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.

 

 

 

  

 

 

 

Venue

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

Telephone: +44 (0)20 7957 5729
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 £199 + 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 by Kempinski
St James's Place
London - SW1A 1NJ

Tel: 020 7518 1125
Fax: 020 7493 7121

Standard Single £230 +VAT

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

Press can request a press pass.