2018 ECMI AC: Sustaining Growth through Innovation in Capital Markets
Well-functioning, deeper and highly integrated European capital markets are expected to play a greater role in providing alternative corporate funding and better investment opportunities. To this end, the Capital Markets Union (CMU) project should aim beyond the actions set for end-2019, towards a revamped strategy for EU-27. This year's annual conference will contribute to the public debate about the capacity of capital markets to enable long-term value creation in the real economy, namely supporting innovative companies and sustainable economic growth.
08:30 – 09:30 Registration
09:30 – 09:40 Opening remarks
- Fabrice Demarigny, Global Head of Financial Advisory Services, Mazars and Chairman, ECMI Board
09:40 – 10:00 Keynote address
- John Berrigan, Deputy Director General, DG FISMA, European Commission
10:00 – 11:15 Session 1. Financing innovation through capital markets
Europe’s innovative firms are still facing tremendous bottlenecks in financing their growth. Traditional bank channels are not sufficiently accessible or simply not suitable for this type of companies. Alternative funding sources (IPOs, direct listings, private equity, venture capital and crowdfunding) are unevenly available across Europe. Companies have very different experiences in raising capital on public or private markets, sometimes taking advantage of better opportunities on other continents. How to make these markets more efficient?
Keynote by Alexander Ljungqvist, Stefan Persson Family Chair of Entrepreneurial Finance, Stockholm School of Economics
Panel debate
- Gareth McCartney, Head of EMEA ECM Cash and Global Head of Syndicate, UBS
- Wilfrid Xoual, Senior Vice President, Moody’s Investors Service
- Stefano Corvo, Managing Director, GPI Group
- Paul Tang, MEP, ECON Committee
Moderated by Florencio Lopez de Silanes, Professor of Finance, SKEMA Business School
11:15 – 11:45 Coffee break
11:45 – 13:00 Session 2. Building the framework for sustainable investments
Sustainable finance has a great potential to bring investors into sync with the long-term needs of the real economy. It can also provide powerful incentives for corporates to transform their operations and processes more swiftly and effectively. The incorporation of material Environmental, Social and Governance (ESG) factors across their supply and investment chains would in turn enable compelling value propositions. Financial regulation should work alongside sectoral policies. How can sustainable finance be mainstreamed?
Panel debate
- Ana María Martínez-Pina, Vice-President, CNMV and Chair of the Corporate Reporting Standing Committee, ESMA
- Jan G. Loeys, Senior Advisor, Long-Term investment Strategy, J.P.Morgan
- Vicky Sins, Global Director, Energy & Commodities, ABN AMRO Clearing
- Erick Decker, CIO Southern Europe & International and New Markets, AXA Group
- Paulo Garcia, CFO, Unilever Europe
Moderated by Karel Lannoo, CEO, CEPS and General Manager, ECMI
13:00 – 14:00 Lunch
14:00 – 15:15 Session 3. Developing capital markets across Europe
In Europe, capital markets reached varying stages of development. In the CEE region, these are relatively small and lack sufficient liquidity and depth. Companies and households continue to rely heavily on the banking sector. Recent reports find that around €250bn in private capital could be unlocked if necessary reforms were pursued. Most governments and market participants have already issued national strategies, and also intensified regional cooperation efforts. Moreover, the CMU project has received strong political support. But is it delivering on its promises?
Panel debate
- Daiga Auzina-Melalksne, Head of Baltic Exchanges, Nasdaq
- Ian Firla, Chief Operations Officer, OSTC
- Zoltán Bakay, Senior Analyst, Erste Group
- Dimitris Zafeiris, Head of Risks & Financial Stability Department, EIOPA
- Hannes Takacs, Associate Director, Local Currency and Capital Market Development, EBRD
Moderated by Franklin Allen, Professor of Finance and Economics, Imperial College London
15:15 – 16:00 2018 ECMI Best Paper: Presentation & Award Ceremony
Best Papers:
- Rosanne Vanpée, Assistant Professor of International Finance, KU Leuven: "How do sovereign credit ratings help to financially develop low-developed countries” by Rosanne Vanpée and Prabesh Luitel
- Nordine Abidi, Economist, European Central Bank: “Unconventional Monetary Policy and Credit Rating Dynamics” by Nordine Abidi, Matteo Falagiarda, Ixart Miquel-Flores
- Katharina Bergant, PhD Student, Trinity College Dublin: “International capital flows at the security level - evidence from the ECB’s asset purchase programme” by Katharina Bergant, Michael Fidora, Martin Schmitz
Remarks by:
- Andrei Kirilenko, Imperial College London (Chair, Academic Committee)
- Florencio Lopez de Silanes, SKEMA Business School (Vice Chair)
16:00 – 16:20 Keynote speech
- Antonio J. Zoido, Executive Chairman, BME Group
16:20 – 16:30 Closing remarks
- Karel Lannoo, CEO, CEPS and General Manager, ECMI
A DINNER DEBATE with the participation of Danuta Hübner (Member of the European Parliament) and Robert Ophèle (Chairman, Autorité des Marchés Financiers) was organised on the 9 October 2018.
