Past event

Conference

Global Financial Services

The impact of regulation on competitiveness

18 Mar 2010 - 00:00 to 19 Mar 2010 - 00:00

Chatham House, London

Global financial services and regulation: friends or foes?

As the global financial crisis shows early signs of receding, this is a key moment to ask what will be the likely future shape and structure of financial services firms. If moves to regulate the industry more tightly are successful, what impact will this have on financial firms' ability to do business?

Policymakers and financial services industry leaders from the major economies will discuss the role, structure and regulation of the financial services industry, and which forums, mechanisms and institutions will be effective in restoring confidence in its activities.

  • Chris Gibson-Smith

    • Chairman
  • Poul Nyrup-Rasmussen

    • President, Party of European Socialists and
  • Gary Gensler

    • Chairman
  • Antonio Borges

    • Chairman
  • E Gerald Corrigan

    • Chairman
  • Mark Hoban MP

    • Shadow Financial Secretary
  • John Kay

    • Economist and Author
  • John Liver

    • Partner
  • Nobuchika Mori

    • Deputy Director-General
  • Barnabas Reynolds

    • Partner
  • Sir Michael Snyder

    • Senior Partner
  • Huw van Steenis

    • Managing Director and Head of EMEA Banks and Diversified Financials
  • Paola Subacchi

    • Research Director, International Economics
  • Jonathan Taylor

    • Managing Director, Financial Services and Stability
  • Elemer Tertak

    • Director for Financial Institutions
  • Gillian Tett

    • Assistant Editor
  • Edouard Vieillefond

    • Managing Director, Regulatory Policy and International Affairs Division

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

Press can request a press pass using the form below.

 

Thursday 18 March 2010
9.00 am

Keynote Session
What is the role of financial services in the global economy?

  • What sort of financial services industry do we need?
  • Are banks adding to the value of the real economy?
  • Given the implicit state guarantees now given to all deposit-taking institutions, should the state play a bigger role in dictating their activities?

Chair

Paola Subacchi
Research Director, International Economics
Chatham House

Keynote Speakers

Chris Gibson-Smith (on the record)
Chairman
The London Stock Exchange

Poul Nyrup-Rasmussen (on the record)
President, Party of European Socialists and
Former Prime Minister of Denmark

Gary Gensler (on the record)
Chairman
US Commodity Futures Trading Commission

10.30 -11.00 Refreshments


Session One 11.00-12.30
Governance: How should financial firms be run?

  • What is the best way to link compensation with employee performance? How can the interests of shareholders and managers best be aligned?
  • What is the best way to structure risk management? How can risk best be addressed? Will regulation on risk management create consensual thinking, which can create risk?
  • What constitutes appropriate oversight by boards of directors? What are the pros and cons of personal liability?
  • What is the appropriate level of government involvement and prescription in the way that financial firms operate? To what extent should governments regulate firms to achieve government aims, e.g. access to credit for SMEs?

Chair

Sir Michael Snyder
Senior Partner
Kingston Smith LLP

E Gerald Corrigan
Chairman
Goldman Sachs Bank USA

Jonathan Taylor
Managing Director, Financial Services and Stability
HM Treasury, UK

John Liver
Partner
Ernst & Young LLP

Mark Hoban MP
Shadow Financial Secretary
HM Treasury, UK

Elemer Tertak
Director for Financial Institutions
European Commission

12.30 pm Lunch


Session Two 13.45-16.00
Winners and Losers: The impact of regulation on institutions

  • What constitutes a systemically important firm? Should the largest institutions be subject to higher standards than their smaller competitors?
  • Should all financial institutions, including private equity funds and hedge funds, be subject to the same supervisory and disclosure requirements?
  • If it is passed, what impact will the EU's Directive on Alternative Investment Fund Managers have on cross border investment?
  • What are the risks and benefits of standardizing and centralizing the clearing of over-the-counterderivatives?
  • Can regulations be framed to avoid the tendency of those subject to regulations to devise ways of circumventing them, or is there an alternative solution to tackling systemically risky behaviour?


Chair

Gillian Tett
Assistant Editor
Financial Times

Speakers
John Kay
Economist and Author

Edouard Vieillefond
Managing Director
Regulatory Policy and International Affairs Division
Autorité des Marchés Financiers, France

Barnabas Reynolds
Partner
Shearman & Sterling LLP

Nobuchika Mori
Deputy Director-General
Supervisory Bureau

Discussants

Antonio Borges
Chairman
Hedge Fund Standards Board

Huw van Steenis
Managing Director and Head of EMEA Banks and Diversified Financials
Morgan Stanley

John Kay

Edouard Vieillefond

16.00 Reception sponsored by Sherman & Sterling

17.00 End of conference

© The Royal Institute of International Affairs 2010