Past event

Conference

Nowhere to Hide? Financial Reform in the US, Europe and the UK

14 Mar 2011 - 00:00 to 15 Mar 2011 - 00:00

Chatham House, London

Will financial reform succeed in preventing regulatory and sectoral arbitrage?

The governments of the US, Europe and the UK are legislating for financial reform at speed. To what extent will there be global co-ordination of financial regulation?

This conference will bring together senior figures from governments, financial institutions, and international organizations to discuss the political realities of financial regulation and to assess the impact that it will have on financial institutions and markets.

  • To what extent will principles agreed at the G20 and Basel be written into national regulatory regimes and enforced?
  • Will regulatory competition emerge?
  • Will financial business move to Asia?
  • Who will address the issue of cross-border bank resolution and how?
  • Will the use of central counterparties reduce risk, or centralize it?
  • Is there a conflict between central banks' roles in setting monetary policy and their new roles as macro prudential supervisors?

 

  • John Authers

    • Editor, ‘Lex’
  • Diana Chan

    • Chief Executive Officer
  • Vicky Ford MEP

    • European Conservative and Reformist Group
  • Martina Garcia

    • Head of Banking and Financial Sector Analysis
  • Chris Giles

    • Economics Editor
  • Charles Haswell

    • Group Head of Regulatory Policy and Development
  • David Nason

    • Senior Vice President, Global Regulatory Management and Compliance Officer
  • Robin Niblett

    • Director
  • Patrick Pearson

    • Head, Financial Markets Infrastructure
  • Barnabas Reynolds

    • Partner, Head of Financial Institutions Advisory and Financial Regulatory Group
  • David Sayer

    • Global Head of Retail Banking
  • Mark Sobel

    • Deputy Assistant Secretary for International Monetary and Financial Policy
  • Paola Subacchi

    • Research Director, International Economics
  • Paul Tucker

    • Deputy Governor Financial Stability
  • Andrew Tyrie MP

    • Chair, Treasury Select Committee
  • Martin Wheatley

    • Chief Executive Officer
  • Bill Winters

    • Member, Commission on Banking, UK and
  • Eddy Wymeersch

    • Former Chairman

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

Press can request a press pass using the form below.

Complinet

Corporate Financing Week

Emerging Markets Monitor

Global Macro Monitor

HedgeWeek

PrivatEquityWire

mLex

 

Monday 14 March 2011

Session One
The Political Realities of Financial Regulation

  • To what extent will principles agreed at the G20 and Basel be written into national regulatory regimes and enforced?
  • Will the principles be implemented consistently, or will regulatory competition or protectionism emerge?
  • What are the substantive differences between the US and European approaches to financial regulatory reform? Will non-bank financial firms be included in regulation?
  • What will be the impact of the concurrent restructuring of the European and UK regulatory architecture?
  • Will a bank levy be imposed in the EU and the UK, and if so would the revenue be retained in a 'troubled banks' fund?
  • What are the prospects for a Financial Activities Tax or a Financial Transaction Tax?

09.30 Chair

Robin Niblett
Director
Chatham House

Keynote Speaker
David Sayer
Global Head of Retail Banking
KPMG

Speakers

Vicky Ford MEP
European Conservative and Reformist Group, Economic and Monetary Affairs Spokesperson
European Parliament

Mark Sobel
Deputy Assistant Secretary for International Monetary and Financial Policy
U.S. Department of the Treasury

Eddy Wymeersch
Former Chairman
Committee of European Securities Regulators

Andrew Tyrie MP
Chair, Treasury Select Committee
House of Commons

10.30 Questions and discussion

11.10 Refreshments

Session Two
Embedding Capital and Liquidity Rules

  • What will be the impact of Basel III on banks' profitability and on their willingness to lend?
  • How consistently will Basel III rules be applied? Will the US adopt Basel III?
  • If states reform at different speeds, what challenges will arise? Will regulatory competition emerge?
  • Will emphasis on government bonds as eligible instruments for liquidity have implications such as moral hazard, protectionism?
  • Are strengthened capital and liquidity requirements sufficient to address the 'too big to fail' question?
  • Will rules on capital and liquidity apply to non-bank financial actors?
  • When and how will the issue of resolution of cross-border banks and other systemically important institutions be addressed?
  • Will restrictions that align remuneration to longer-term profitability of a firm restrain risk-taking?

11.40 Chair

Paola Subacchi
Research Director, International Economics
Chatham House

Speakers

Martina Garcia
Head of Banking and Financial Sector Analysis
HM Treasury

Charles Haswell
Group Head of Regulatory Policy
HSBC

David Nason
SVP Regulatory Management and Compliance Officer
GE Capital

12.10 Questions and discussion

12.40 Lunch

Session Three
Derivatives Trading and Central Counterparties

Derivatives legislation in the US and Europe will have a profound impact on the industry and is the area where most regulatory change has occurred. But in US legislation, some key areas of territorial scope are still uncertain. Will the scope of supervision and regulation extend to all financial actors?

  • Will the compulsory use of central counterparties (CCPs) reduce risk or simply centralize systemic risk?
  • Should CCPs have the same capital requirements as banks? Should they be subject to 'stress testing'? Should they have access to Central Bank liquidity, and will this have implications for their governance?
  • What impact will these rules have on bilateral trade?
  • Are trade-reporting requirements sufficiently transparent and do regulators have the resources to regulate this area effectively?
  • What will be the effect of interoperable arrangements and competition on these rules?
  • Will CCPs become global infrastructures in the future, and, if so, how will their risk-management models change? If not, how can regulatory arbitrage be prevented?
  • With Wall Street reform, banks are likely to move all of their swaps trading into subsidiaries. Is this safeguard necessary or adequate?

13.40 Chair

John Authers
Editor, Lex
Financial Times

Speakers

Patrick Pearson
Head, Financial Markets Infrastructure
Internal Market Directorate General, European Commission

Martin Wheatley
Chief Executive Officer
Securities and Futures Commission, Hong Kong

Diana Chan
Chief Executive Officer
EuroCCP

Bill Winters
Member, Commission on Banking, UK and
Former Co-Chief Executive Officer, JPMorgan Chase & Co

Barnabas Reynolds
Partner
Head of Financial Institutions Advisory and Financial Regulatory Group
Shearman & Sterling LLP

14.30 Questions and discussion

15.00 Refreshments

Session Four
The Role of Central Banks

  • Is there a conflict between central banks' roles in setting monetary policy and their new roles as macro prudential supervisors?
  • Do central banks have the capacity to carry out their mission as macro-prudential supervisors?
  • Is this new role compatible with the principle of political non-interference?
  • What impact will global political pressure on currency rates have on Central Banks' national roles?

15.30 Chair

Chris Giles
Economics Editor
Financial Times

In conversation with
Paul Tucker
Deputy Governor
Bank of England

16.30 Refreshments and end of conference


© The Royal Institute of International Affairs, 2011