Reshaping Financial Services
Regulation, innovation and the new operational environment for financial institutions
Technological advances and their adoption are changing the way traditional financial institutions conduct business and the way people access services in key financial centres and in emerging economies. An increasingly innovation-driven financial sector coupled with a political and economic climate of uncertainty raises the question of how financial institutions can deliver value to the public, as well as how regulatory approaches can support the development of new ideas and services, whilst providing an effective framework to ensure adequate governance, accountability and pursuit of the public good.
This Chatham House ‘City Series’ conference will evaluate different policy and regulatory approaches in an ever-changing financial services sector, and assess the opportunities and risks that accompany innovation across different financial markets. Questions to be discussed include:
- Which regulatory models have proven successful in delivering value to consumer markets? Where can frameworks be replicated, and what role do regulators have?
- What systemic risks, as well as opportunities, accompany ongoing technological innovations across mobile, crypto and cloud? What potential do these have to change the way people do finance, and how can the risks be mitigated?
- How will ongoing political transitions continue to impact the financial services landscape? How will shifting priorities manifest themselves in regulatory approaches and frameworks?
- How do priorities and capacities differ across developed and emerging markets? How can regulators most effectively advance experimentation, inclusion and stability?
- Do regulatory approaches reflect the most relevant industry stakeholders in the finance sector and the expanding importance of technology?
In partnership with:
The Chatham House Rule
To enable as open a debate as possible, this conference will be held under the Chatham House Rule.
Monday 4 December
Session One | First Principles and Responsibilities for Financial Services
09:30 - 11:10
This session will explore the public benefits provided by the financial system, how these can be measured and prioritized, and the role of regulatory frameworks in supporting this.
- How do governments and regulators measure success in the financial system, from a commercial, social and policy perspective?
- In what different ways do financial services deliver value to incumbent consumer markets? Are there trade-offs between them, and how should they be prioritized?
- To what extent do the goals of regulators differ across regions and sectors? What threats does the absence of international regulatory convergence and consensus pose?
- To what extent does international and geopolitical competition between major markets such as the UK, US, EU and China drive financial regulatory priorities? What are the implications of this competition?
- Have recent political trends in the developed world demonstrated a public demand for greater transparency and trust in financial services? How can this demand be met through technology and innovation?
- To what extent has FinTech broken through into public consciousness in recent years? What are the implications of this for different regulatory approaches?
Welcome and chair's opening remarks
Tanya Beckett, Journalist, BBC
Xavier Rolet, Chief Executive, London Stock Exchange Group
Questions and discussion
Dr Kay Swinburne, MEP and Vice Chairman of the EU Economic and Monetary Affairs Committee
Lord Bridges of Headley, Senior Advisor on Responsible Business Practices, Santander Group
Barney Reynolds, Partner, Head of Global Financial Institutions Advisory & Financial Regulatory Group, Shearman & Sterling
Questions and discussion
11:10 - 11:40 Refreshments
Session Two | Evolving Regulatory Frameworks and Political Transitions
11:40 - 13:00
This session will examine existing regulatory frameworks in financial services, their role in driving innovation and stability, and their replicability across different markets.
- How has the framework for prudential regulation evolved in the last five to ten years as market dynamics have changed? What do these changes reveal about regulators’ perceptions of the trade-offs between experimentation and systemic risk?
- How has the significance of different stakeholders changed in the finance sector? Do existing regulatory approaches reflect the growing importance of technology-based stakeholders relative to traditional financial institutions?
- What have recent experiences with innovations such as cryptocurrency and blockchain demonstrated about inherent risks regarding specific financial services technologies? Where have these been successfully mitigated through regulation?
- What are the differences between existing frameworks for driving innovation? How do frameworks differ regionally, and are models, such as Sandbox environments, replicable across different markets?
- What can experiences such as Dodd-Frank indicate about effective regulatory implementation and ensuring consumer protection? To what extent has FinTech ‘matured’ as a topic for regulators?
- What are the implications of recent political developments for major markets, including the US, UK and EU? How will ongoing political transitions continue to affect different hubs, and how will they manifest themselves in the priorities and capabilities of regulators?
Professor Anastasia Nesvetailova, Director, City Political Economy Research Centre
William Coen, Secretary General, Basel Committee on Banking Supervision
Huw Evans, Director General, Association of British Insurers
Nicky Morgan MP, Chair, Treasury Select Committee
Alex Brazier, Executive Director, Financial Stability Strategy and Risk, Bank of England
Questions and discussion
13:00 - 14:00 Lunch
Session Three | Technological Transitions in Finance
14:00 - 15:00
This session will explore ongoing technological trends and political developments to assess their effect on global finance and the role of regulation in the sector.
- What are the latest and most significant developments in financial services technology? What business models are underpinned by new technologies, such as crypto, mobile and cloud? How will increasing dependence on these new technologies inform planning across banking, asset management, capital markets and other financial activities?
- Which innovations have the potential to upend the way people access finance, such as peer-to-peer lending, and what stability risks do these disruptions pose?
- How will new developments in financial services technology interact with existing regulatory postures? What is the risk of stifling innovation, and how can this be proactively addressed?
- How critical are data flows in facilitating technology-driven innovation in financial services? Have regulators responded to this?
- Do different regulatory approaches and priorities present opportunities for different business models to take advantage of key technological offerings in specific economies? Where will new financial sectors grow, and where will innovation be inhibited?
- What are the latest developments in RegTech, and where do they have the potential to reduce compliance risk?
Stefania Palma, Asia Editor, The Banker
Andrei Kirilenko, Director Centre for Global Finance and Technology, Imperial College London
Larry Thompson, Vice Chairman, DTCC and Chairman of the Board, DTCC Deriv/SERV LLC
Andreas Gustafsson, General Counsel, Europe, Nasdaq
Questions and discussion
15:00 - 15:30 Refreshments
Session Four | Financial Innovation in Emerging Markets
15:30 - 17:00
This session will assess the role of financial services innovation in developing economies and examine policy and industry strategies to advance priorities such as inclusion and transparency.
- Which specific innovations, such as mobile banking, have the potential to revolutionize personal finance across emerging markets? What role do regulators play in maximizing consumer benefits and minimizing risks, such as the potential for new forms of ‘shadow banking’?
- How do regulatory pressures and priorities differ for regulating financial services in emerging markets? How do the demands placed on regulators compare with their capacities in developing regions, and what challenges do these present?
- How can success in enhancing financial inclusion be measured, and where have the most pronounced successes occurred? Can these models be replicated?
- What examples exist of successful regulation of financial services in emerging markets? What are the drivers behind their success, and what mistakes can be avoided?
- How can FinTech be used to enhance governance? Where has this been successful?
Jonathan Wheatley, Deputy Emerging Markets Editor, Financial Times
Joaquim Levy, Managing Director and Chief Financial Officer, World Bank Group
Questions and discussion
Lotte Schou-Zibell, Chief of Finance Sector Group, Asian Development Bank
Baroness Falkner of Margravine, Chair of EU Financial Affairs Sub-Committee
Dr Ernest Addison, Governor, Bank of Ghana
Questions and discussion
17:00 Close of conference and drinks reception
© The Royal Institute of International Affairs 2017
Dr Ernest Addison
Governor, Bank of Ghana
Executive Director, Financial Stability Strategy and Risk, Bank of England
Lord Bridges of Headley MBE
Senior Adviser to Group Executive Chairman, Banco Santander
Secretary General, Basel Committee on Banking Supervision
Director General, Association of British Insurers (ABI)
Baroness Falkner of Margravine
Chairman of the EU Financial Affairs Sub-Committee, House of Lords, UK
General Counsel, Europe, Nasdaq
Professor Andrei Kirilenko
Director, Centre for Global Finance and Technology, Imperial College Business School
Managing Director and Chief Financial Officer, World Bank Group
Nicky Morgan MP
Chair, Treasury Select Committee
Professor Anastasia Nesvetailova
Director, City Political Economy Research Centre
Asia Editor, The Banker
Head, Global Financial Institutions Advisory and Financial Regulatory Group and Global Co-Head of Financial Institutions, Shearman & Sterling
Chief Executive, London Stock Exchange
Lotte Schou Zibell
Chief of Finance Sector Group, Asian Development Bank
Dr Kay Swinburne MEP
Member of the European Parliament for Wales and Vice Chairman of the EU Economic and Monetary Affairs Committee
Larry E. Thompson
Vice Chairman of DTCC and Chairman of the Board of DTCC Deriv/SERV LLC
Deputy Emerging Markets Editor, Financial Times
Pricing and booking information
Ways to book:
- Online: Click here to complete the online registration form
- Phone: Call Georgia Dalton on +44 (0)20 7314 2785
- Email / Post: Download a PDF registration form, complete and return to Clare Smyllie via email or post: Chatham House, 10 St. James’s Square, London, SW1Y 4LE
|Partners and major corporate members|
|Standard corporate members|
|NGOs and academics||£460|
|NGOs and academics||£510|
Your delegate pass includes:
- Conference attendance
- Lunch and refreshments
Travel and accommodation are not included. View a list of recommended hotels here.
If you are interested in becoming a sponsor for this event, please contact
Ben Cumming on +44 (0) 20 7957 5729
If you are interested in becoming a media partner for this event, please contact
Amy Smith on +44 (0)20 7957 5755
10 St James's Square
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
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.
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.
13 Half Moon Street
London - W1J 7BH
Tel: + 44 (0)20 7499 2964
Fax: + 44 (0)20 7499 1817
Classic Double without breakfast: £195 +VAT
The Cavendish London
81 Jermyn Street
London - SW1U 6JF
Tel: + 44 (0)20 7930 2111
Fax: + 44 (0)20 7839 2125
Classic Room without breakfast: £205 +VAT
The Stafford London
St James's Place
London - SW1A 1NJ
Tel: 020 7493 0111
Fax: 020 7493 7121
Classic Queen without breakfast: £247 +VAT
Quote Chatham House