DETAILED SUMMARY (pdf, 29 pages)
The EC’s Green Paper and Communication on Long-term financing launched a number of policy initiatives to increase the availability of financing for activities that will bring jobs and growth, focussing on SMEs and infrastructure. The Capital Markets Union agenda adds to these objectives. Market-based and non-bank financing are now among the main ideas being promoted, including the revival of securitisation and increased use of collateral. This conference aims to explore the public interest implications of these activities and to look at alternative policy options to achieve the LTF goals. It will include a presentation of Finance Watch’s recent position paper on long term financing.
10.00 Welcome, Christophe Nijdam, Secretary General of Finance Watch (download: speech)
10.15 Keynote speech, Dr. Lothar Blatt-von Raczeck, Deutscher Sparkassen- und Giroverband (German association of savings banks, DSGV), Delegate of the Board to the EU (download: speech)
10.45 Presentation, Frédéric Hache, Head of Policy Analysis at Finance Watch, “Securitisation and the long-term financing and Capital Markets Union agendas” (download: speech, slides)
11.00 Panel: Good securitisation – what is it? This panel will consider lessons for investors and regulators from the crisis to assess what makes good securitisation. It will ask what types of securitisation deserve a softer prudential treatment and examine how negative externalities could be managed (see summary above).
- Paul Embrechts, Professor of Mathematics at ETH, Zürich
- Luca Bertalot, Secretary General of European Covered Bond Council
- Richard Hopkin, Head of Fixed Income at AFME
- Bogdan Patriniche, Managing Partner – Lakestone Capital
- Moderator: Anna Brunetti, ThomsonReuters
13.45 Different paths to jobs and growth: This interactive session with Martin Wolf CBE, chief economics commentator, Financial Times London, hosted by Richard Spencer, Head of Sustainability at the Institute of Chartered Accountants in England and Wales (ICAEW), will explore different approaches to creating sustainable and inclusive growth, including traditional banking, public banking models, and policies to reduce inequalities and increase demand. (download: Martin Wolf slides)
15.30 Presentation, Dennis Kelleher, President and CEO, Better Markets, “Report from the US” (download: speech)
15.50 Panel: Re-plumbing the financial system? The ubiquitous use of collateral: This panel will debate the systemic benefits and negative externalities of securities financing transactions and to what extent it makes sense to further increase the central role played by collateral in our financial system versus other forms of financing (see summary above).
- Werner Bijkerk, Head of the Research Department, IOSCO
- Daniela Gabor, Associate Professor, Bristol Business School
- Andy Hill, Director of Market Practice and Regulatory Policy, International Capital Market Association (ICMA)
- Kevin McNulty, CEO, International Securities Lending Association
- Moderator: Paulina Przewoska, Senior Policy Analyst at Finance Watch
17.00 Closing keynote address, Jonathan Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (speech)
“The long term financing agenda – the way to sustainable growth?”
This Finance Watch conference on Capital Markets Union, good securitisation, the ubiquitous role of collateral and alternative paths to jobs and growth took place at The Square, Brussels Meeting Centre, on 4 February 2015.Square - Square - Brussels Meeting Centre, Mont des Arts, Brussels Finance Watch email@example.com aDFdtugMkzeEXUhHCmVG49806