23.11.2017
09:00-17:00

2017 ECMI AC: Moving Europe’s capital markets to the next level

Published in 
Auditorium Chancellerie – BNP Paribas Fortis, Rue de la Chancellerie 1, 1000 Brussels – BE

For six years running, ECMI has brought together an excellent line-up of leading academics, policy-makers and market participants to share their expertise on capital markets at its Annual Conference, attracting more than 300 participants from across Europe and beyond. This year's event aims to take stock of the progress made so far in building a genuine European capital market, to identify the many challenges and opportunities that lie ahead and most importantly to assess whether more ambition is required. To this end, all stakeholders need to perform a new round of ‘reality’ checks in many areas, including the long-term savings and investment channel, implementation of regulatory reforms, institutional redesign, supervisory architecture, and fintech.

PROGRAMME

08:15 – 09:00  Registration

09:00 – 09:10  Welcome remarks by Fabrice Demarigny, Chairman of ECMI

09:10 – 09:30  Opening speech

09:30 – 11:00  Session 1. Short vs Long-term Investment: What will capital markets deliver? 

At present, capital markets have attained varying stages of development throughout Europe, and there remains a marked mismatch between supply and demand on a cross-border basis. The degree of (in)direct participation of retail investors and also the size/structure of the non-bank financial sector vary significantly across member states. The strengthening of long-term savings and investment channels through well-functioning, deeper and highly integrated capital markets remains a priority. Many factors ­– changing economic/financial conditions, evolving demographics, regulation as well as technological developments – will impact asset allocation in the coming years. What themes are likely to dominate the investment space? Does the current supply of products meet the needs of retail investors? Are institutional investors equipped for major market/regulatory/technological shifts? Does the regulatory framework provide adequate incentives for long-term, sustainable investment?

Keynote address 

Panel debate 

Q&A session 

Moderator

11:00 – 11:30  Coffee break

11:30 – 13:00  Session 2. Reforming the Derivatives Markets: Is the puzzle complete?

The UK’s withdrawal from the EU seems to have injected an extra boost into the on-going reform process. Proposals to relax the central clearing obligations for some end-clients have been expanded with additional provisions for a more centralised supervisory mechanism within ESMA. Moreover, the existing prudential, operational, oversight and risk-management rules are being complemented with a recovery and resolution framework for central counterparties (CCPs). Is the continuity of the critical functions of CCPs guaranteed without an unlimited backstop? Are resolution colleges well placed to resolve CCPs? What role can ESMA play in CCP supervision and recovery and resolution in a post-Brexit environment? Are the Commission proposals sufficient to make the derivatives markets Brexit-proof? Is there a need for transitional arrangements? And are additional reforms required to make the European derivatives markets more efficient without harming financial stability?

Keynote address 

Panel debate 

Q&A session  

Moderator

13:00 – 14:00  Lunch

14:00 – 15:00  Session 3.  2017 Best Paper: Presentation and Award Ceremony

Presentation by Author(s) 

Remarks by the Chair of the Academic Committee

Q&A session 

15:00 – 16:30  Session 4. DLT and its Applications: Revolution or evolution?

Distributed ledger technology (DLT) is still at an early stage, but more solutions will come to the market in the next 5 years and be subject to ‘business’ proof-of-concept testing. In particular, the financial services industry needs to address long-standing operational inefficiencies and find ways to enable further simplification, standardisation and transparency. Most benefits are expected in the areas of trade and post-trade. Nonetheless, there remain many questions related to the robustness, accessibility, interoperability, governance and the risk-management framework. In which segments is DLT most likely to bring about major benefits and gain the necessary scale? How can be the potential risks introduced by DLT be mitigated? Will DLT lead to further disintermediation in the financial sector? How does DLT interact with the existing EU regulatory framework for securities markets (MiFID 2)?

Keynote address 

Panel debate 

Q&A session  

Moderator

16:30 – 16:50  Closing speech

16:50 – 17:00  Final remarks by Karel Lannoo, General Manager of ECMI

ECMI is supporting the 2017 Invest Week.

JOINTLY ORGANISED BY

                            

HOSTED BY 

PAST EDITIONS  

POST-CONFERENCE REPORTS

9 Nov 2016       Towards the right policy mix for a thriving European capital market              

20 Oct 2015      Navigating the Storm - Setting long-term goals in volatile market conditions?

29 Oct 2014      The Five Years Ahead - A new action plan for Europe’s financial markets?

17 Oct 2013       Closing the Funding Gap - Competition at the heart of the single market

18 Oct 2012       Capital Markets for Growth

27 Jun 2011       Unravelling the Puzzle - Challenges for global asset allocation