Global Challenges, Regional Responses: How Can We Avoid Fragmentation in the Financial System?

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Global Challenges, Regional Responses: How Can We Avoid Fragmentation in the Financial System? SALZBURG GLOBAL FORUM ON FINANCE IN A CHANGING WORLD Global Challenges, Regional Responses: How Can We Avoid Fragmentation in the Financial System? SESSION BROCHURE DATE Session 580 June 26 to 28, 2017 LOCATION Schloss Leopoldskron, Salzburg, Austria PROGRAM DIRECTOR Tatisana Lintouskaya Salzburg Global Seminar 2017 PARTNERS & SPONSORS PARTNERS SPONSOR SESSION INFO Please contact: Tatsiana Lintouskaya Program Director m [email protected] CO-SPONSORS SERIES INFO Please visit: m finance.SalzburgGlobal.org GENERAL INFO Please visit: m www.SalzburgGlobal.org Session 580 June 26 to 28, 2017 Global Challenges, Regional Responses: How Can We Avoid Fragmentation in the Financial System? OVERVIEW MULTI-YEAR SERIES The seventh session of the Salzburg Global Forum on Finance SALZBURG GLOBAL FORUM in a Changing World will bring stakeholders from different ON FINANCE IN A CHANGING WORLD sectors and regions to discuss emerging risks to the financial system and potential solutions; to review obstacles to global Since 2011, Salzburg Global Seminar has held a series of coordination and cooperation in the light of increasing high-level programs focusing fragmentation; to assess progress in implementing the on issues critical to the future regulatory reform agenda against the backdrop of ongoing of financial markets and global realignment in the global economy as well as to outline priority economic growth and stability. steps to strengthen diversity, trust, and openness of the The Salzburg Global Forum on financial system. Finance in a Changing World convenes an internationally representative group of leaders Nearly nine years since the financial crisis, much has been done to strengthen from financial services firms, financial systems around the world. However, new challenges are mounting supervisory and regulatory in global financial markets which face weak economic growth prospects, authorities, and consultancies, protectionism, low interest rates, diverging policy stances among major auditors, law firms and other jurisdictions, high levels of global debt, and uncertainty about the full professional service providers impact of reforms and implementation challenges. At the same time, in a small and intimate setting. regulators are now shifting their attention to data security, data privacy, The annual gathering at Schloss and cybersecurity- with concerns for customer safety as well as safety and Leopoldskron offers private soundness of the financial system. As new signs of fragmentation are emerging, and public sector leaders an better coordination among regulators and supervisors as well as coordinated opportunity for in-depth, foresight in policy formulation across jurisdictions will be critical to meet off-the-record conversations needs of the industry and society. on the issues affecting the future of global markets. Although banking systems in advanced economies have been strengthened For more info please visit: and recapitalized, adjustments to new regulations have significantly altered m finance.SalzburgGlobal.org banks’ business practices and affected liquidity in the financial markets. There RECENT SESSIONS is an increasing evidence of financial retrenchment as demonstrated by a sharp reduction in cross-border lending and an increased home bias. European banks Financing the Global Economy: in particular have been cutting their foreign exposure. Regulators will need to How Can Traditional and continue to pay attention to the cumulative effects of various reforms in order Non-Traditional Sources to constrain any potential negative consequences for the real economy. Banks Be Integrated? also need to take a longer-term view – by tackling structural challenges and by (June 27 to 29, 2016) better formulating and communicating their positive role in society. Crucial m SalzburgGlobal.org/go/563 factors affecting banks’ contribution to the global economy will include the final interpretation and implementation of the latest regulations (such as The Future of Financial TLAC and requirements related to resolution and recovery planning), the Intermediation: way banks adapt to the new financial services landscape, and more general Banking, Securities Markets, economic and financial conditions. or Something New? (June 30 to July 2, 2015) Continued overleaf m SalzburgGlobal.org/go/552 Salzburg Global Seminar OVERVIEW (CONTINUED) SESSION CO-CHAIRS Capital markets have gained significant prominence since the 2008 crisis. RANJIT AJIT SINGH They are likely to continue to grow in importance, not only in terms of Chairman, Securities funding long-term pension liabilities but also in filling big lending gaps Commission, Malaysia for infrastructure development and growth of small and medium-sized enterprises. Non-bank financial sector assets have grown by 130% over the SYLVIE MATHERAT past decade and are now equivalent to 120% of global GDP. While the growth Chief Regulatory Officer, Deutsche Bank in the sector is positive, it is unclear how capital markets will perform under stressed conditions, especially with regard to the question of market liquidity. At the same time, banks and non banks alike are innovating faster than ever. SELECT SPEAKERS However, risks and vulnerabilities stemming from new technologies and market-based financing still need to be better understood and addressed. As new companies seek access to financial markets, payment rails, and warehouse PAUL ANDREWS Secretary General, customer data, protection of their systems and networks – from both internal International Organization and external threats – is paramount. To achieve its full potential for public of Securities Commissions good, the financial system must remain global. Effective frameworks of international cooperation are particularly important for countries at different LORENZO BINI SMAGHI stages of development – such as emerging and developing economies that Chairman of the Board, need to ensure solutions are consistent with their markets and policy goals, but Société Générale still avoid regulatory arbitrage. The relative costs of regulation and the way in which cross-border laws and regulations are coordinated are key factors driving DOUGLAS FLINT Group Chairman, the business decisions of financial firms, which can in turn impact capital HSBC Holdings market development and economic growth in emerging markets. STEVEN MAIJOOR Chair, European Securities and Market Authority GREG MEDCRAFT Chairman, Australian Securities and Investment Commission SANDRA O’CONNOR Chief Regulatory Affairs Officer, JPMorgan Chase & Co JEROME POWELL Member, Board of Governors, Federal Reserve System Session 580 June 26 to 28, 2017 Global Challenges, Regional Responses: How Can We Avoid Fragmentation in the Financial System? KEY QUESTIONS ADVISORY COMMITTEE Forum participants will take a forward look at changing economic and regulatory environment and will examine a SANDRA O’CONNOR (CHAIR) Chief Regulatory broad range of critical themes, including: Affairs Officer, JPMorgan Chase & Co Emerging Risks • What are the major risks of the future and are we coordinated for a LORENZO BINI SMAGHI structured response? Chairman of the Board, • Which frameworks around the resiliencies related to cybersecurity are needed Société Générale to address issues across jurisdictions and various types of players? What are the fundamental responsibilities of an established banking organization ANDREAS DOMBRET regarding cyber security versus new entrants or market infrastructures? Member of the Executive Can regulators and industry improve collaboration in this space? Board, Deutsche Bundesbank • As the non-bank sector (e.g. fintech) grows to meet customer and market needs, how do we balance innovation with consumer and markets DOUGLAS FLINT protection? Group Chairman, • What remains to be done to address risks arising from non-banks as well as HSBC Holdings to better integrate non-banking institutions into the regulatory ecosystem? • How do we address the uncertainty over the compound impact of the many EDWARD GREENE policy changes initiated in the past decade? Senior Counsel, • What should be done to advance financial crime coordination? Cleary Gottlieb Supporting Economic Growth Within a Safe Financial System PATRICK KENADJIAN • Adjunct Professor, What are the prospects for sustained growth in the future? How can central Institute for Law & Finance, banks, policymakers, and the financial industry work together? How should Goethe University policymakers balance the tasks of reducing vulnerabilities and promoting growth? Are these tasks mutually exclusive? SYLVIE MATHERAT • How can emerging market countries harness innovative technologies while Chief Regulatory Officer, also build robust regulatory frameworks? Are there lessons learned that Deutsche Bank could be applied globally about “leapfrogging”? ANNETTE NAZARETH Partner, Davis Polk Global Policy Coordination • Where does policy coordination survive? Where does it not? And what RANDAL QUARLES explains the difference? What can be done to foster coordination where it is Managing Director, most needed? The Cynosure Group • Should we aspire to a global rulebook as a long-term goal? • Is there a better system to coordinate global financial regulation than the DAVID WRIGHT one we have now? Chair, EUROFI Continued overleaf Salzburg Global Seminar KEY QUESTIONS (CONTINUED) SERIES REPORT Increasing Fragmentation and Protectionism • What are the risks arising from the increasing fragmentation of markets? What are the implications of the fragmentation of the
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