12 November 2013, 14.00-18.00, registration and welcome coffee from 13.30
Thon Hotel EU, Rue de la Loi 75, 1040 Brussels
Benchmarks play an important role in the financial system. The suspected manipulation of indices has however also highlighted their weaknesses. Uncertainties regarding the accuracy and integrity of financial indices may jeopardize market confidence and could as a consequence hurt the real economy. Hence, it is essential that we find a way forward to restore the confidence in financial benchmarks. On the international level, work has been carried out by IOSCO and ESMA in order to put forward principles for the benchmark-setting process. At the same time the European Commission is working on a proposal for a regulation of benchmarks.
13.30-14.00 Welcome coffee & mingle
14.00-14.10 Introduction by moderator
14.10 – 15.50 Panel 1: Restoring the confidence in financial benchmarks
Possible discussion points:
- How can the integrity of benchmarks be enhanced?
- What are the advantages and disadvantages of regulating benchmarks on the EU level?
- How can conflicts of interest best be avoided?
- How do we protect retail users of benchmarks, i.e. consumers and investors?
- Should there be any restrictions on the use of benchmarks?
- Who should ensure that the benchmark used is fit for purpose?
- Are there specific concerns regarding benchmarks in commodity markets?
- How should third country benchmarks be treated?
Speaker line-up
Dr Kay Swinburne Member of the European Parliament
Philip Tod Deputy Head of Unit G3 – Securities Markets, DG MARKT, European Commission
Pierre Davis Associate General Counsel, McGraw Hill Financial
Alain Dubois Managing Director and Head of New Business and Product Development, MSCI
Susanne van Dootingh Managing Director, Head of Regulatory Strategy, State Street Global Advisors
Moderator: Alp Eroglu Advisor, IOSCO
15.50-16.10 Coffee break
16.10 – 18.00 Panel 2: Transparency and governance of benchmarks
Possible discussion points:
- What transparency and governance arrangements should be put in place?
- Should the submission of data be a regulated activity?
- How can we create clear and transparent rules regarding contribution of data?
- How do we increase the transparency regarding the accuracy of a benchmark, what it measures and what it should and should not be used for?
- Who should audit the contributed data, the index provider, an external auditor or the financial supervisor?
Speaker line-up
Philip Tod Deputy Head of Unit G3 – Securities Markets, DG MARKT, European Commission
Ola Ajadi Head of Market Conduct and Infrastructure, Financial Services Group, HM Treasury
Dan Tanz Vice President, Platts Editorial Group
Stuart Sloan Executive Director, NYSE Euronext Rate Administration Limited
Sophia Dancygier Managing Director, Indices, Markit
Iain Coke Head of Financial Services Faculty, ICAEW
Moderator: Dr Diego Valiante Head of Research, ECMI – moderator