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The Eurofi Financial Forum 2015

Organised in association with the Luxembourg EU Council Presidency

EU and Eurozone growth and integration challenges:


the moment of truth?

Luxembourg
9, 10, 11 September 2015
Draft agenda
31.08.2015
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Eurofi Financial Forum 2015 - Luxembourg
Overall agenda - Draft
Wednesday 9 September 2015 Thursday 10 September 2015 Friday 11 September 2015
Emerging trends in the financial sector
Opening remarks Supervisory challenges raised by emerging Ensuring the resilience of the EU financial sector
trends in the financial sector (digitalisation, alternative financing
mechanisms) Remaining issues and
forthcoming challenges EMIR review and CCP
8:00-9:30 Evolution of financial services in the context of increasing reg. bank prudential Recovery & Resolution
digitalisation regulation

Mitigating potential
9:45-10:00 Profitability and competitiveness of EU banks: Addressing cybersecurity
financial stability risks in
main challenges (Exchange of views) the insurance and asset challenges
management sectors
10:30-11:45 Financing climate change Addressing global data
initiatives availability challenges Developing the international attractiveness
of the EU economy (Exchange of views)
The evolving role of banks in financing the economy EU & international governance
11:45-12:00 (Exchange of views)
Ensuring an appropriate global coordination
Strategic and regulatory challenges with emerging of financial regulations
12:00-12:45 financial trends (Exchange of views) (11:00-12:00)
Closing session:
REGISTRATIONS BUFFET LUNCH Towards an effective economic convergence
in the EU area
Implementing the Capital Markets Union (12:00-13:15)
Growth and integration challenges in the EU
& asset management future prospects
Opening remarks / debate: The Capital Markets Union (CMU) action plan:
14:00-14:45 How to achieve stronger growth in the EU? key priorities and roadmap 13:30-15:00

Key forthcoming challenges and prospects for the EU 15:00-15:20


First achievements of the Juncker Plan asset management sector (Exchange of views)
14:45-16:00 and forthcoming challenges
Maximizing the
contribution of asset Balancing debt 15:30-16:45
SSM / SRM / ESRB key Accounting challenges in management to the CMU and equity financing
challenges and the context of the EU (products, frameworks)
16:00-17:15 remaining issues long term agenda Facilitating the cross-
border distribution of EU Structuring an effective EU 16:45-18:00
Mitigating the impacts investment funds securitisation market
of lasting low interest Mitigating marketl
17:30-19:00 rates for the iquidityshortagerisks Wrap-up on CMU challenges and next steps
financialsector 18:15-18:30
(Exchange of views)
18:30-19:00
Ensuring the coherence of EU financial regulation Keynote speeches
19:15-19:45 (Exchange of views)
EU growth and competitiveness: 19:00-20:15
getting back on the right track
19:45-20:00 Concluding remarks
COCKTAIL 20:15-21:00

COCKTAIL
20:00-21:30 GALA DINNER 2
(Keynote speeches) 21:00-22:30
Eurofi Financial Forum 2015 - Luxembourg
Key speakers confirmed: public authorities
L. Angeloni, Supervisory Board, ECB T. Kelam, MEP
C. Bavagnoli, Min. of Economy and Finance, France K. Knot, Central Bank of Netherlands
G. Bernardino, EIOPA E. Knig, Single Resolution Board (SRB)
R. Berner, US Treasury (OFR) L. Holle, Ministry of Finance, Germany
A. Bucher, EU Commission (DG ECFIN) V. La Via, Min. of Economy and Finance, Italy & FSC
P. Callesen, Central Bank of Denmark S. Maijoor, ESMA
B. Coeur, ECB G. Medcraft, IOSCO
J. Cunliffe, Bank of England Y. Mersch, ECB
P. de Backer, MEP A. J. Murton, FDIC
K. Braddick, UK Treasury R. Ophele, Banque de France
P. Del Castillo Vera, MEP S. Pietikainen, MEP
A. Dombret, Bundesbank M. Prada, IFRS
V. Dombrovskis, EU Commission P. Praet, ECB
A. Enria, EBA G. Reinesch, Central Bank of Luxembourg
M. Ferber, MEP D. Riquet, MEP
E. Fernandez-Bollo, ACPR C. Roux, Central Bank of Ireland
G. Gelos, IMF K. Regling, ESM
J. Guill, CSSF J.P. Servais, FSMA
S. Goulard , MEP L.F. Signorini, Banca dItalia
P. Gramegna, Min Finance, Luxembourg P. Simon, MEP
N. Gill, MEP K. M. Stein, SEC
R. Gualtieri, ECON Committee G. Thomas, DG Energy, EU Commission
O. Guersent, EU Commission C. Van Nieuwenhuizen , MEP
J. Hill, European Commission G. Vegas, Consob
F. Hufeld, BaFin M. Verwey, DG ECFIN, EU Commission
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P. Kazimir, Deputy Prime Minister, Slovakia D. Wright, IOSCO
Eurofi Financial Forum 2015 - Luxembourg
Key speakers confirmed: Eurofi members

C. Allen, Barclays R. Holmes, Standard Chartered


M. A. Autheman, Euroclear G. Harlin, AXA
E. Baur, Swiss RE W. Hoyer, EIB
J. Berg, Nykredit T. Keane, Western-Union
M. Billing, Nasdaq S. Lake, HSBC Holdings plc
P. Bordenave, BNP Paribas X. Larnaudie-Eiffel, CNP Assurances
F. Bompaire, Amundi J. Lemierre, BNP Paribas
T. Book, Eurex G. Leibbrandt, Swift
L. Bini Smaghi, Socit Gnrale I. Levine, Capital Group
M. Bodson, DTCC G. Lynch, Bank of America Merrill Lynch
P. Bordenave, BNP Paribas R. Nicastro, Unicredit
P. Brassac, Crdit Agricole S.A. M. OBrien, JP Morgan Asset Management
T. Buecheler, Allianz SE I. Redondo, CaixaBank
J.M. Campa, Grupo Santander O. Renaud-Basso, Caisse des Depts Group
M. Cole-Fontayn, BNY Mellon U. Rohner, Credit Suisse Group
G. Cox, Metlife M. Rdiger, DekaBank
H. Delcourt, BIL N. Sahai, S&P
C. Ellis, Moodys K.P. Schackmann-Fallis, DSGV
A. Fayolle, EIB R. Sharfe, Luxembourg Stock Exchange
D. Flint, HSBC Holdings plc F. Shirzad, Goldman Sachs & Co.
L. Freitas De Oliveira, Capital Group J. Taylor, EIB
L. Frieden, Deutsche Bank J. Tessler, Clearstream Banking
S. Gavell, State Street K. Timmermans, ING
D. Gepp, Federated Investors A. Weber, UBS AG
J.M. Gonzlez-Pramo, BBVA A. Wilmot-Sitwell, Bank of America Merrill Lynch 4
P. M. Hildebrand, BlackRock
Eurofi Financial Forum 2015 - Luxembourg
9 September afternoon Confirmed speakers are in bold
Growth and integration challenges in the EU

REGISTRATIONS

Opening remarks / debate: How to achieve stronger growth in the EU?


14:00-14:45 Opening remarks: G. Reinesch (Central Bank Lux )
Speakers: V. La Via (Italian Treasury & FSC), L. Frieden (Deutsche Bank)

First achievements of the Juncker Plan and forthcoming challenges


Chair: I. Goubin (Min Fin Lux)
14:45-16:00 Industry speakers: EIB (A. Fayolle), LTIC (F. Bassinini), CDC (O. Renaud Basso), AXA (L. Clamagirand), Federated Investors (D. Gepp)
Public authority speakers: EU Commission /DG EcFin (A. Bucher), FSC (L. Holle), MEP ( D. Riquet)
Expert: JJ. Bonnaud
SSM / SRM / ESRB key challenges Accounting challenges in the context of the EU long
and remaining issues term agenda
Chair: L. Bini-Smaghi (Socit Gnrale) Chair: A. Rubin de Cervin (EU COM-FISMA)
Industry speakers: Unicredit (R. Nicastro), Crdit Agricole Introductory remarks: IFRS (M. Prada)
16:00-17:15 (J. Brunel), La Caixa (I. Redondo) Industry speakers: PWC (E. Boris), Deutsche Bank (R.
Public authority speakers: SSM (L. Angeloni), SRM Leiber), AXA (G. Harlin)
(E.Knig), Banca dItalia (L.F. Signorini), Banque de France Public authority speakers: EFRAG (F. Flores), IFRS
(R. Ophle) (M. Prada), EIOPA (C. Montalvo), AFM (G. Everts)
Mitigating the impacts of lasting low interest rates for Mitigating market liquidity shortage risks
the financial sector Chair: D. Beau (Banque de France)
Chair: W. White (OECD) Industry speakers: BlackRock (B. Novick), JP Morgan
17:30-19:00 Industry speakers: Nykredit (J. Berg), CNP Assurances (G. America), Clearstream (S. Lepp), PwC (N. Forrest)
(X. Larnaudie Eiffel), Swiss RE (J. Haegeli) Public authority speakers: EU COM-FISMA (A. Rubin de
Public authority speakers: BIS (I. Fender), ECB (P. Praet), Cervin), Consob (N. Giusto), FCA (E. Schooling Latter),
MEP (C. Van Nieuwenhuizen), EIOPA (G. Bernardino) IOSCO (G. Medcraft)
Exchange of views: Ensuring the coherence of EU financial regulations
19:15-19:45 Chair: IOSCO (D. Wright)
J. Lemierre (BNP Paribas), A. Enria (EBA)

19:45-20:00 Concluding remarks

J. de Larosire

20:00-21:30 COCKTAIL
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Eurofi Financial Forum 2015 - Luxembourg
10 September morning Confirmed speakers are in bold
Emerging trends in the financial services sector

Opening remarks: J. Guill (CSSF)


8:15-8:30 Regulatory and supervisory challenges raised by emerging trends in the financialsector (digitalisation, alternative financing
mechanisms)

Evolution of financial services in the context of increasing digitalisation


Chair: ECB (Y. Mersch)
8:30-10:00 Industry speakers: BIL (H. Delcourt), BBVA (T. Paavola), Western Union (T. Keane), Swift (G. Leibbrandt),
ING (K. Timmermans)
Public authority speakers: EU COM DG Connect (P. Zilgalvis), MEP (P. del Castillo Vera), Bundesbank (A. Dombret), UK
Treasury (K. Braddick)

10:00-10:15
Exchange of views: Profitability and competitiveness of EU banks: main challenges
P. Bordenave (BNP Paribas), D. Wright (IOSCO)

Financing climate change initiatives


Chair: EIB (J. Taylor) Addressing global data availability challenges
Chair: R. Berner (US OFR)
Industry speakers: HSBC (S. Lake), Novethic (A-C. Husson),
10:30-11:45 Industry speakers: DTCC (L. Thompson), State Street
S&P (Y. Le Pallec), Swiss Re (E. Baur)
(S. Gavell), Moodys (C. Ellis)
Public authority speakers: EU COM Climate action /DG Energy
Public authority speakers: ECB (B. Coeur), IOSCO
(G. Thomas), Min Fin France (C. Bavagnoli),
(D. Wright), ESMA (V. Ross), Bank of England (J. Cunliffe)
MEP (S. Pietikanen)
Expert: P. Canfin

11:45-12:00 Exchange of views: The evolving role of banks in financing the economy
G. Lynch (BAML), J. de Larosire

Exchange of views: Strategic and regulatory challenges with emerging financial trends
12:00-12:45 Moderator: J. de Larosire
HSBC (D. Flint), Crdit Agricole (P. Brassac), ESMA (S. Maijoor), EBA (A. Enria)

12:30-13:15 BUFFET LUNCH

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Eurofi Financial Forum 2015 - Luxembourg
10 September afternoon Confirmed speakers are in bold
Implementing the CMU & asset management future prospects

The Capital Markets Union (CMU) action plan: key priorities and roadmap

Chair: O. Guersent (EU COM - FISMA)


Introductory remarks: ECB (Y. Mersch) BNY Mellon (M. Cole-Fontayn), BAML (A. Wilmot-Sitwell)
Industry speakers: Socit Gnrale (L. Bini Smaghi), DSGV (K.P. Schackmann-Fallis), S&P (N. Sahai),
13:30-15:00
Euroclear (MA. Autheman)
Public authority speakers: ESMA (S. Maijoor), FCA (E. Schooling Latter)
Expert: F. Villeroy de Galhau

Exchange of views: Key forthcoming challenges and prospects for the EU asset management sector
15:00-15:20
D. Wright, JP. Morgan (M. OBrien)

Maximizing the contribution of asset management to Balancing debt and equity financing
the financing of the economy (products, frameworks)
Chair: B. de Juvigny (AMF) Chair: Ph. De Backer (MEP)
15:30-16:45
Industry speakers: Amundi (F. Bompaire), Federated Industry speakers: Luxembourg Stock Exchange (R.
Investors (D. Gepp), JPMorgan (M. Greco), DekaBank Scharfe), Tradition (V. Remay), VB/Nord LB (G.
(M. Rdiger) Dunkel), BME (tbd)
Public authority speakers: EU COMFISMA (T. Lueder), Public authority speakers: Min Fin Germany (L. Holle),
MEP (N. Gill), Consob (G. Vegas), Central Bank of Ireland Min Fin Slovakia (K.Sasko), Banque de France (R. Ophle)
(C. Roux) Expert: Better Finance (G. Prache)

Structuring an effective EU securitisation market


Facilitating the cross-border distribution
of EU investment funds
Chair: G. Medcraft (IOSCO)
Industry speakers: BAML (A. Batchvarov), KPMG
Chair: W. Klinz
16:45-18:00 (G. Williams), Natixis (E. Lefort), Moodys (K. Frey),
Industry speakers: CACEIS (E. Derobert), Capital Group
CdP (E. Reviglio)
(L. Freitas De Oliveira), Euroclear (J. Van de Velde)
Public authority speakers: EIOPA (C. Montalvo),
Public authority speakers: EU COM FISMA
EU COM-FISMA ((A. Rubin de Cervin), Min Fin NL (M.
(T. Lueder), FSMA (J-P. Servais), CSSF (J-M. Goy)
Heijdra), MEP (P. Simon)

Continued on next page


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Eurofi Financial Forum 2015 - Luxembourg
10 September afternoon - Confirmed speakers are in bold
Implementing the CMU & asset management future prospects

Continuation of 10 September afternoon

Exchange of views: wrap-up on CMU challenges and next steps


18:15-18:30
D. Wright, J. Tessler (Clearstream)

Keynote speeches
18:30-19:00
K. Stein (SEC), J. Hill (EU COM)

EU growth and competitiveness: getting back on the right track

19:00-19:45 Chair: J. de Larosire

R. Gualtieri (EU Parliament), A. Weber (UBS), JM Gonzalez-Paramo (BBVA)

20:15-21:00 COCKTAIL

GALA DINNER
21:00-22:30 Keynote speech
P. Gramegna

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Eurofi Financial Forum 2015 - Luxembourg
11 September morning Confirmed speakers are in bold
Ensuring the resilience of the EU financial sector

Remaining issues and forthcoming challenges regarding EMIR Review and CCP Recovery & Resolution
bank prudential regulation
Chair: ECB (B. Coeur)
8:00-9:15 Chair: EBA (A. Enria) Industry speakers: Eurex (T. Book), BPSS (L. Caron-
Industry speakers: HSBC (D. Flint), Santander (JM Habib), Goldman Sachs (J. Cosco), Nasdaq (M. Billing),
Campa), Standard Chartered (R. Holmes), Credit Suisse (U. Capital Group (I. Levine)
Rohner) Public authority speakers: EU COM- FISMA (M. Fabregas),
Public authority speakers: Central Bank Denmark ESMA (V. Ross), MEP (K. Swinburne), Bank of England
(P. Callesen), Central Bank Netherland (K. Knot), ACPR (D. Bailey)
(E. Fernandez-Bollo), US FDIC (A.J. Murton)

Mitigating potential financial stability risks Addressing cybersecurity challenges


in the insurance and asset management sectors
Chair: IOSCO (D. Wright)
Chair: J. Berrigan (EU COM FISMA) Industry speakers: Zurich (J. Goss), BNY Mellon
9:15-10:30 Industry speakers: Blackrock (B. Novick), Allianz (Daniel Crisp), Deutsche Boerse AG (F. Fischer)
(T. Buecheler), Metlife (G. Cox) Public authority speakers: EU COM DG Connect
Public authority speakers: BAFIN/IAIS (T. Schmitz-Lippert), (P. Zilgalvis), MEP (T. Kelam), ENISA (E. Ouzounis),
EIOPA (G. Bernardino), IMF (G. Gelos) CFTC (J. Bandman)

Exchange of views: Developing the international attractiveness of the EU economy


10:30-11:00
Chair: J. de Larosire
M. Ferber (EU Parl.), P. Hildebrand (BlackRock), P. Kazimir (Min. of Finance, Slovakia)

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Eurofi Financial Forum 2015 - Luxembourg
11 September morning Confirmed speakers are in bold
EU and international governance

Continuation of 11 September morning

Ensuring an appropriate global coordination of financial regulations

11:00-12:00 Chair: S. Goulard (MEP)


Industry speakers: BAML (J. Hughes), DTCC (M. Bodson), Goldman Sachs (F. Shirzad), Barclays ( C. Allen)
Public authority speakers: US SEC (K. Stein), EU COM ESMA ((S. Maijoor), IOSCO (G. Medcraft)

Closing session: Towards an effective economic convergence in the EU

12:00-13:15 Chair: J. de Larosire

Discussants: V. Dombrovskis (EU Commission), K. Regling (ESM), R. Gualtieri (EU Parliament), W. Hoyer (EIB)

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ABOUT EUROFI
The European think tank dedicated to financial services
! A not-for-profit organization chaired by Jacques de Larosire
! A platform for exchanges between the financial services industry and the public authorities addressing issues related to the evolution of financial regulation
and supervision and the economic and monetary context impacting the EU financial sector

Main activities Researchand documentation:


! Assessments and proposals taking into account economic, risk and end-user impacts are prepared with
The main objectives of Eurofi are to help industry and public decision-makers reach a common
the support of cross-sectoral working groups comprising members of Eurofi.
understanding of possible evolutions required in the regulation and supervision of financial services and
to open the way to legislative or industry-driven solutions that may enhance the safety and effectiveness ! Topics addressed include prospective and on-going regulatory proposals at the EU and global levels,
of the EU financial sector and its contribution to economic growth. industry trends as well as the impacts for the financial sector of the economic challenges the EU is facing.
Eurofi acts in a general interest perspective, facilitating exchanges of views between diverse financial Main topics currently addressed
industry players and the public authorities. These exchanges are prepared by objective fact finding 111

and issue analyses. ! Measures and instruments needed to ensure an appropriate financing of the EU economy:
assessment of the economic challenges to be addressed in the EU impacting the financial sector and of
the impact of on-going monetary actions, measures to support bank financing (securitisation) and
Eurofi has two main types of activities conducted by Didier Cahen, Secretary General of Eurofi, further diversify the financing of SMEs and infrastructure projects, proposals for developing a long term
Jean-Marie Andrs and Marc Truchet, Senior Fellows: investment perspective, measures to stimulate EU bond and equity markets
! Prospects of further EU integration: implementation of the Banking Union, priorities for implementing
Events and meetings: a Capital Markets Union, possible evolution towards a fiscal union and further economic integration in the
! Eurofi organizes annually two major international events (the High Level Seminar in March / Eurozone, evolution of the EU regulatory and supervisory authorities (ESRB, ESAs).
April and the Financial Forum in September) gathering industry leaders and EU and non-EU public ! Optimizing the EU financial services internal market: conditions for enabling a sustainable SEPA
decision makers for discussions on the major on-going regulatory projects in the financial area and the business case, review of the IORP directive, regulation of CRAs, prospects of further banking integration
role of the financial sector in fostering growth as well as informal networking. ! Evolutions of the prudential and regulatory framework of banks and insurance companies:
fine-tuning and implementation of banking and insurance prudential frameworks (liquidity provisions,
! These events are regularly organised in association with the EU Presidencies in parallel with informal RWA evaluations, Solvency II), recovery and resolution of banks and non-banks, digital financial services...
ECOFIN councils and in some cases with the G20 Presidencies. They are organised with the support ! Capital markets and investment products regulations: Capital Markets Union, regulation of
of Virginie Denis and her team. securities, derivatives and commodities markets and infrastructures, recovery and resolution of CCPs,
cybersecurity, SFT and collateral requirements, asset management regulations, investor protection
! Additional workshops involving the members of Eurofi are set up to exchange views on regulatory regulation (PRIPs, MiFID, IMD), regulation of shadow banking
issues. Bilateral meetings are also regularly organised with representatives of the public authorities ! Financial regulation at the global level: feasibility of bank crisis management at the global level,
and other stakeholders (e.g. end-users, experts) to fine-tune assessments and proposals. coordination of capital markets regulations at the global level, systemicity of non-banks non-insurers

EUROFI MEMBERS
The membership of Eurofi comprises many leading global and European financial institutions from different sectors of the industry (banking, insurance, market infrastructures, asset management,
credit rating agencies).

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