29 January 2014, 14.00-18.00, registration and welcome coffee from 13.30
Radisson Blu EU Hotel, Rue d´Idalie 35, 1050 Brussels
13.30 – 14.00 Welcome coffee & mingle
14.00 – 14.10 Introduction by the moderator
14.10 – 15.50 Panel 1: The role of shadow banking in the financial system
According to estimations shadow banking represents somewhere between 25 and 30 per cent of the total financial system. The term ‘shadow banking’ is often considered somewhat misleading in that it indicates that there it should be something obscure about the activities, which is not necessarily the case. Nevertheless, there is a need to gain better understanding of how the shadow banking sector works and how it is linked to traditional banking so as to find the right measures in terms of regulation and supervision.
Possible discussion points:
- Is shadow banking adequately regulated at present or are there loopholes to be filled?
- How can we improve the consistency between jurisdiction when it comes to regulation and supervision?
- How can we increase our understanding of how the shadow banking system works and how it is related to the core banking system?
- How can the transparency in the repo and securities lending markets be improved?
- Is there a need for further regulation of ETFs?
Speaker line-up
Dr Anastasia Nesvetailova Reader in International Political Economy, Director of City Political Economy Research Centre, City University London
David Carruthers Managing Director, Markit
Dr Kay Swinburne Member of the European Parliament
Gareth Murphy Director of Markets Supervision, Central Bank of Ireland
Moderator: Graham Bishop Independent Consultant, EU Financial Regulation
15.50 – 16.10 Coffee break
16.10 – 18.00 Panel 2: Money Market Funds
According to estimations, the global money market fund industry is worth as much as €2tn. While providing benefits to both retail and institutional investors, money market funds have come to the attention of regulators following the financial crisis and the fall of Lehman Brothers, the reason being their destabilising potential.
Possible discussion points:
- Which risks do money market funds pose? Do they represent a systemic risk?
- How can we reduce the risk of runs on MMFs?
- Should MMFs be required to hold a minimum capital buffer? Is 3 per cent of the total assets (as proposed by the Commission) the right level?
- Should MMFs be required to hold a minimum capital buffer? Is 3 per cent of the total assets (as proposed by the Commission) the right level?
- Should regulation of MMFs be differentiated between different types of MMFs (e.g. maturity or asset class)?
- Is there a need for a specific framework to address funds with constant net asset value, e.g. requiring them to adopt a variable net asset value or seek a limited-purpose banking license?
Speaker line-up
Said El Khadraoui Member of the European Parliament, Rapporteur on Money Market Funds
Franck Conrad Policy Officer, Unit G4-Asset Management, DG MARKT, European Commission
Jennifer Gillespie Head of Money Markets, Legal & General Investment Management
Richard Stobo Team Leader – Investment Management, European Securities and Markets Authority
Deborah A. Cunningham Executive Vice President, Senior Portfolio Manager, Chief Investment Officer, Global Money Markets, Federated Investors
Moderator: Graham Bishop Independent Consultant, EU Financial Regulation