06.11.2019
09:00-16:00

2019 ECMI AC: Unlocking Europe’s Hidden Capital Markets

Published in 
Annual Conferences
TOWNHALL EUROPE, Square de Meeûs 5-6, 1000 Brussels-BE

As the EU is setting its priorities for the next five years, a rigorous assessment of the Capital Markets Union (CMU) and a new focus is required. The CMU has been successful in terms of legislation, but much less so in its impact on markets, which remain highly fragmented. There is a need for re-branding and political support at the highest level if CMU is to achieve its objectives. Last year, our annual conference focused on equity markets. This year, we will bring together policymakers, industry representatives and academics to exchange views on the continuation of the CMU, the functioning of sovereign and corporate debt securities markets as well as feature a special debate on sustainable finance.

PROGRAMME  REPORT  PHOTOGALLERY

5 NOVEMBER 2019

19:00 – 21:00    Dinner debate with a keynote by Steven Maijoor, Chairman, European Securities and Markets Authority (ESMA)

6 NOVEMBER 2019

08:30 – 09:00   Registration

09:00 – 09:15    Opening remarks 

  • Fabrice Demarigny, Global Head of Financial Advisory Services, Mazars; Chairman of ECMI Board

09:15 – 10:00    In conversation with: How to make CMU a reality? 

  • Markus Ferber, MEP, ECON Committee 
  • Danuta Hübner, MEP, ECON Committee
  • Paul Tang, MEP, ECON Committee

Moderator: Karel Lannoo, CEO, CEPS and General Manager, ECMI

10:00 – 11:00    Panel debate: Delivering integration through a European safe asset 
The CMU initiative is essential for growth and stability in the EU as a whole. However, progress on the agenda has proven difficult and slow. Many argue for the creation of a European safe asset that will contribute to private sector risk-sharing, a deeper and more liquid bond market, enhance the international role of the euro and lower the risks on banks’ balance sheets. Others warn against the dangers of an ‘artificial’ safe asset and advocate for more portfolio diversification. Structural dispersions across EU member states and the lack of political consensus also stand in the way. How can these differences be overcome?

  • Natacha Valla, Deputy Director General of Monetary Policy, European Central Bank
  • Eva Wimmer, Deputy Director General for Financial Markets Policy, German Federal Ministry of Finance
  • Boudewijn Dierick, Head of ABS Markets, BNP Paribas

Moderator: Cinzia Alcidi, Senior Research Fellow and Head of Economic Policy Unit, CEPS

11:00 – 11:30    Coffee break

11:30 – 12:30    Panel debate: Re-shaping corporate debt markets in Europe

Corporate bond markets are providing a valuable asset class in a diversified investment strategy. The segment has grown strongly since 2007, and is not bound by localisation requirements for issuance. However, regulatory overlaps and inconsistencies, may hold back this development. New prospectus rules should ease access for SMEs, also on the equity side, while the reliability and comparability of market data should be improved. In the CMU context, financial market infrastructures have a key role to play. What opportunities lie ahead for issuers, investors and market intermediaries?

  • Mats Isaksson, Head of the Corporate Governance and Corporate Finance Division, OECD 
  • Jean-Marc Mercier, Global Co-Head of Debt Capital Markets, HSBC; Deputy Chair of ICMA Board
  • Luca Bagato, Head of Fixed Income and ETF Sales, London Stock Exchange Group (LSEG)

Moderator: Martina Tambucci, Head of Regulation Office, Consob

12:30 – 13:00     Keynote speech by Mario Nava, Director for Horizontal Policies, DG FISMA, European Commission

13:00 – 14:00    Lunch

14:00 – 15:15    In conversation with: Where next for sustainable insurance? 

  • Gabriel Bernardino, Chairman, European Insurance and Occupational Pensions Authority (EIOPA)
  • Pascal Christory, Chief Investment Officer, AXA Group
  • Swenja Surminski, Head of Adaptation Research, Grantham Research Institute on Climate Change and the Environment, LSE 

Moderator: Josina Kamerling, Head of Regulatory Outreach EMEA, CFA Institute

15:15 – 15:45    2019 ECMI Best Paper: Presentation & Award Ceremony

Presentation

Remarks by:

  • Jesper Lau Hansen, Professor of Financial Markets Law, University of Copenhagen; Member of ECMI Academic Committee

15:45 – 16:00       Final remarks

  • Karel Lannoo, CEO, CEPS and General Manager, ECMI