2014 ECMI AC: The Five Years Ahead - A new action plan for Europe’s financial markets?

The 2014 ECMI Annual Conference brought together again more than 350 academics, policy-makers and market participants from across Europe and beyond. The event focused on important challenges for Europe’s financial markets. Financial fragmentation remains a drag over some national economies and a session questioned whether the creation of the Banking Union can reverse the trend without a fiscal backstop to the resolution mechanism. The second session discussed how the law can shape liquidity in the financial system before a financial crisis, with its implementation, and after, with its relaxation. Nonetheless, more robust action to increase capital provisions for banks and to pursue similar actions into shadow banking activities is needed. Third session discussed financial markets microstructure and how high-frequency trading is reaching the end of its speed race with risks for market functioning. The panel discussed whether we are approaching the end of continuous trading. The last session offered an overview of the challenges that crowdfunding faces as a more important source of funding for advanced economies. A detailed event report will be published soon on our webpage.

Conference Report

• Please click here to download the report.

Presentations

• Mathias Dewatripont, Vice Governor, National Bank of Belgium (Session 2)
• Katharina Pistor, Columbia Law School (Session 2)
• Eric Budish, Chicago Booth School of Business (Session 3)
• Dan Marom, Co-Author of "The Crowdfunding Revolution" (Session 4)

 Agenda

• 08:15-08:45 Registration and coffee
• 09:00-11:00 Session 1: Reverting Financial Disintegration: What implications for the future of the Euro area in the European Union?
• 11:00-11:30 Coffee break
• 11:30-13:30 Session 2: Regulating under uncertainty: the impact of financial reforms on liquidity
• 13:30-14:30 Lunch break
• 14:30-15:45 Session 3: Too fast too furious? The future of market microstructure in shaping a pan-European financial markets architecture
• 15:50-17:00 Session 4: Sourcing from the crowd: the ‘democratisation’ of finance?
• Click here to download the agenda and biographies of speakers.

Keynote speakers:

• Eric Budish, Associate Professor of Economics, Chicago Booth School of Business 
• Mathias Dewatripont, Vice Governor, National Bank of Belgium
• Barry Eichengreen, Pitt Professor of American History and Institutions, University of Cambridge and Professor of Economics and Political Science, University of California, Berkeley
• Dan Marom, Co-Author of "The Crowdfunding Revolution", Entrepreneur, Consultant and Researcher
• Katharina Pistor, Michael I. Sovern Professor of Law, Columbia Law School
• Thomas Wieser, President of the Eurogroup Working Group and the Economic and Financial Committee, Council of the EU

Discussants:

• Franklin Allen, Executive Director, Brevan Howard Centre for Financial Analysis, Imperial College London
• Fabian Amtenbrink, Professor of European Union Law, Erasmus University Rotterdam and EURO-CEFG
• Paul Belleflamme, Professor of Economics, Louvain School of Management
• Rebecca Christie, Bloomberg News Correspondent
• María Teresa Fábregas, Head of Unit, Securities Markets, DG MARKT, European Commission
• Ed Fishwick, Co-head of Risk & Quantitative Analysis Group, BlackRock
• Oliver Gajda, President, European Crowdfunding Network
• Peter Grasmann, Head of Unit, Economic Analysis of Financial Markets and Financial Stability, European Commission
• Philippe Gudin de Vallerin, Chief European Economist, Barclays
• Mark Hemsley, Chief Executive Officer, BATS Europe
• Karen Kerrigan, Legal & Financial Director, Seedrs
• Johannah Ladd, Secretary General, FIA European Principal Traders Association
• Yves Lemay, Managing Director, Financial Institutions and Sovereigns, Moody’s
• Florencio Lopez de Silanes, Professor of Finance and Law, EDHEC Business School
• Gundars Ostrovskis, Financial Market Analyst, European Commission
• Alessio Pacces, Professor of Law and Finance, Erasmus University Rotterdam and EURO-CEFG
• Enrico Perotti, Professor of International Finance, University of Amsterdam
• Rhodri Preece, Head Capital Markets Policy, CFA Institute
• Rainer Riess, Interim Director General, Federation of European Securities Exchanges
• Frederik ten Veen, Chief Risk Officer Europe, ABN AMRO Clearing Bank

Registration

• Registration is free of charge for ECMI members, EU/national officials, full-time academics, students (subject to seats availability), NGOs (not representing a commercial interest) and press.
• CEPS, ECRI and BFF members may register up to one delegate free of charge; additional delegates are welcome at the 'early bird' rate (175€ incl. VAT). Please contact karin.lenk@ceps.eu before registering.
• Paid registration applies to all other participants. The ‘early bird’ rate (175 euros) will apply until 1 October 2014. The ordinary rate (300 euros) will apply thereafter. 'Group discounts' are available.
• For any queries contact karin.lenk@ceps.eu or +32 2 229 39 78. Cancellation and refund: 100% refund for cancellations by 1 October 2014, 50% refund for cancellations by 7 October 2014, no refund thereafter. Registration deadline: 27 October at 10:00am.