APEP study program November 9-13, 2015
To take stock of the post-crisis state of affairs in the world’s main financial hubs: what has been the impact of the credit crisis on the financial sector, how effective has regulatory and supervisory reform been so far, and what are the dominant trends that will shape the sector in the coming years?
TOPICS OF DISCUSSION WILL INCLUDE:
Impact of post-crisis regulation – implementation & effects of regulatory reform, international (G20, FSB, IOSCO, EU, Basel) and national (Dodd-Frank in the US, ringfencing rules and the bank levy in the UK). How has the financial sector as a whole been affected (stability, results, employment, image), and how individual institutions (structure, liquidity, risk management, compliance, conduct of banks/insurers/investment funds etc.)?
Prudential supervision – authorities on both sides of the Atlantic have invested heavily in strengthened (macro and micro) prudential supervision. Successes & failures.
Conduct – regulatory developments, codes of conduct (are they useful?), governance and ethics debate (results?)
US/EU regulatory regimes – complementarity & conflicts, mutual recognition, compliance and interpretation issues (FATCA, EMIR, anti-money laundering, Basel etc.)
Financial institutions’ response – structural change (e.g. separation of retail/investment activities), enhanced risk & compliance operations (how fruitful so far?), and what has been/can be done to restore trust from customers and between market players?
Fintech / digital innovation – big data, P2P financing, high-frequency trading etc. are changing the financial services industry. Opportunities (efficiency, tailored services, lower costs) and risks (concerns about cybersecurity and transparency, creation of a ‘low-trust electronic jungle’ which is impossible to regulate)
Crisis management – are governments, supervisors and institutions better equipped now to adequately deal with (potential) new crises?
What lies ahead? – expected/potential impact of ongoing regulatory change, technological innovation, developments such as TTIP and capital markets integration, increasing competition (traditional banks and insurers vis-à-vis fintech start-ups, the City and Wall Steet vs. upcoming financial hubs). Is the position of London and New York as leading financial centres threatened by tighter regulation and bank levies?
regulators: Bank of England, Financial Conduct Authority
policy/lawmakers: HM Treasury (financial services director Katharine Braddick), House of Commons
industry: senior executives from banking (BBA, a large bank, Banking Standards Board), insurance group (Lloyd’s or Aviva), leading asset management firm
influential commentators/thinkers such as Hector Sants (prev. FSA, Barclays; currently leading review into City competitiveness), Martin Wolf (FT)
regulators: New York Fed, SEC, NY State Department of Financial Services
industry: major banking group (Bank of America, JPMorgan Chase), large insurer (AIG), mortgage provider, hedge fund
advocacy/watchdog group: e.g. Public Citizen, Americans for Financial Reform
a FinTech pioneer or visionary