Tags

Securities (15)

Investment services and regulated markets (MiFID) (4)

Session 05B EU Priorities for UCTS & Securities Infrastructures

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169.35 Ko

09-11-2008

Summarized Text :

Eurofi 2008 - Thursday 11/09/08 Session [5B] - EU PRIORITIES FOR INVESTMENT FUNDS AND EU SECURITIES INFRASTRUCTURES: Evolution of the UCITS regulatory framework, remaining challenges for securities infrastructures

The Panel
Moderators: Piia-Noora Kauppi, MEP, Committee on Economic and Monetary Affairs, European Parliament; Wolf Klinz, MEP, Committee on Economic and Monetary Affairs, European Parliament Panellists: Marc Raynaud, Global Head of Mutual Fund Distribution, BNP Paribas Investment Partners; David Wright, Deputy Director General, DG Internal Market and Services, European Commission Carlo Comporti, Secretary General, Committee of European Securities Regulators (CESR); Gertrude Tumpel-Gugerell, Member of the Executive Board, European Central Bank (ECB); Alain Closier, Global Head of Securities Services, Société Générale;

The Debate
The non-harmonised market was growing considerably faster than harmonised funds, commented Wolf Klinz, MEP, Committee on Economic and Monetary Affairs, European Parliament, the moderator, opening the debate. UCITS funds were set up for the retail investor and yet a quarter of them were being sold to institutions. This suggested the need for more instruments to be eligible for inclusion, he said.
In addition, the brand had proved successful in places such as the Far East and Latin America, but competition within the European fund industry was hampering efforts to expand the brand even further. “With problems such as manual processing, we are unable to exploit economies of scale,” argued Mr Klinz.

Tags : Investment services and regulated markets (MiFID), Non harmonised funds, UCITS, Competing products, Custody, T2S, Collateral, Code of conduct, Consolidation,

Type : Event Report

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Session 11B EU Securities_Infrastructures & Properties Of Transatlantic Infrastructures

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199.8 Ko

09-11-2008

Summarized Text :

Eurofi 2008 - Thursday 11/09/08 Session [11B] - PRIORITIES FOR EU SECURITIES INFRASTRUCTURES AND PROSPECTS OF TRANSATLANTIC INFRASTRUCTURES

The Panel
Moderator: Tommaso Padoa-Schioppa, Former Italian Minister of the Economy and Finance Panellists: Diana Chan, Chief Executive, European Central Counterparty (Euro CCP); Alain Closier, Global Head of Securities Services, Société Générale; Jean-François Théodore, Deputy Chief Executive Officer, NYSE EuroNext; Bob Wigley, Chairman EMEA, Merrill Lynch International; Piia-Noora Kauppi, MEP, Committee on Economic and Monetary Affairs, European Parliament; David Wright, Deputy Director General, DG Internal Market and Services, European Commission Gertrude Tumpel-Gugerell, Member of the Executive Board, European Central Bank (ECB);

The Debate
Securities infrastructures are a key component of European capital markets and have been a major area of focus of Eurofi’s work over the last years. A summary of the latest assessments conducted and proposals made by Eurofi was distributed to all the participants in the conference. Two sessions were dedicated to securities infrastructures in Europe, outlining the progress made over recent years and the main priorities for ensuring the competitiveness of EU securities infrastructures in increasingly global markets. This first session, moderated by Tommaso Padoa-Schioppa, former Italian Minister of the Economy and Finance, gave a general and strategic perspective on these issues and examined prospects of transatlantic infrastructures.

Tags : Custody, Interoperability, T2S, Investment services and regulated markets (MiFID), Clearing, Trading, Code of conduct, Consolidation,

Type : Event Report

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Session 12B are improvements in EU post trading on track

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199.41 Ko

09-11-2008

Summarized Text :

Eurofi 2008 - Thursday 11/09/08 Session [12B] - SECURITIES INFRASTRUCTURES: ARE IMPROVEMENTS IN EU POST TRADING ON TRACK? Improvements brought on and expected by on-going actions of the public and private sector, potential limits, priorities and solutions to speed up and facilitate progress.

The Panel
Moderator: Bob Wigley, Chairman EMEA, Merrill Lynch International Panellists: Alain Closier, Global Head of Securities Services, Société Générale; Satvinder Singh, Managing Director & Head of Direct Custody and Clearing EMEA GTS, Citi; Katja Rosenkranz, Member of the CBF Executive Board, Clearstream Banking; Paul Symons, Director and Head of Public Affairs, Euroclear Mario Nava, Head of Unit, Financial Markets and Infrastructure, DG Internal Market and Services, European Commission; Jean-Michel Godeffroy, Director General, Payment Systems and Market Infrastructure, European Central Bank (ECB);

The Debate
This second session of two on EU securities infrastructures, moderated by Bob Wigley, Chairman EMEA at Merrill Lynch, focused on progress towards the delivery of solutions to the issues in EU clearing and settlement.
Answering Mr Wigley’s opening question as to what had changed so far and what were the concrete benefits of the Code, of the lifting of the barriers and of MiFID, Alain Closier, Global Head of Securities Services, Société Générale, and Satvinder Singh, Managing Director & Head of Direct Custody and Clearing EMEA GTS, Citi, agreed that much progress had been made in transparency and unbundling of services, potentially benefiting clients.

Tags : Investment services and regulated markets (MiFID), T2S, Code of conduct, Investment services and regulated markets (MiFID),

Type : Event Report

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Session 12C Revised EU Integration Prioriries For 2010-2015

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198.75 Ko

09-11-2008

Summarized Text :

Eurofi 2008 - Thursday 11/09/08 Session [1A] - TAKING INTO ACCOUNT INNOVATION IN THE EU INVESTMENT FUND REGULATORY FRAMEWORK: Keeping up with innovation in secured conditions through potential evolutions in the product or distribution framework of investment funds.

The Panel
Moderator: André Villeneuve, Chairman, Liffe Panellists: Ariane Obolensky, Director General, French Banking Federation François Villeroy de Galhau, Head of French Retail Banking, BNP Paribas Guiseppe Zadra, Director General, Italian Banking Association and Chairman, European Banking Federation Executive Committee Jacques Maire, Director of European Affairs at AXA Richard Britton, Consultant to the International Capital Market Association

The Debate
André Villeneuve, the chairman of derivatives exchange Liffe, said his role as moderator stemmed from another function, as chairman of the City of London European Union Advisory Group. The group, amongst other things, was working on EU priorities for 2010-2015. Writing priorities now, he said, you sometimes had the impression you were writing the same priorities as you did five years ago for the present Commission. Though a great deal had been achieved in building the single market, there was a sense of déjà vu. It would be interesting to hear from the audience and the panel “whether there isn’t something a bit more ambitious we should be thinking about,” he said. “This is the time you can think radically, before the sober assessment of what actually can be done happens in the leadup to the new Commission.”

Tags : Investment services and regulated markets (MiFID), T2S, Code of conduct, Investment services and regulated markets (MiFID),

Type : Event Report

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Transparency (1)

Session 06 Learning from the Financial Crisis

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260.58 Ko

09-11-2008

Summarized Text :

Eurofi 2008 - Thursday 11/09/08 Session [6] - LEARNING FROM THE FINANCIAL CRISIS: KEY DRIVERS AND EU INSTITUTIONS INITIATIVES for reducing procyclical effects; For an effective surveillance of off-balance sheet risks; For an appropriate setting of the banks’ amount of prudential own funds; For providing reliable information to investors (rating agencies, market information…)

The Panel
Moderator: Jacques de Larosière, Co-President, Eurofi Panellists: Joaquín Almunia, EU Commissioner for Economic and Monetary Affairs Fernando Teixeira dos Santos, Portuguese Minister of State and for Finance Dominique Hoenn, Senior Adviser, BNP Paribas Daniel Daianu, MEP, Committee on Budgets, European Parliament Deven Sharma, President, Standard & Poor’s Nout Wellink, Governor, De Nederlandsche Bank and Chairman of the Basel Committee Tommaso Padoa-Schioppa, Former Italian Minister of the Economy and Finance

The Debate
Joaquín Almunia, EU Commissioner for Economic and Monetary Affairs said the main question was how to restore stability in our economies after more than one year of turmoil. “This turmoil has posed serious challenges to the financial industry and our economies. The experience has been instructive, but after more than one year of turbulence, we now have to turn lessons into action.” The European Union had not been passive. It acted quickly last autumn, adopting a road map of policy actions covering transparency, valuations, supervision and market function, including the regulatory system.

Tags : Procyclicality, Transparency, Rating agencies, Hedge funds, Prudential rules, Crisis,

Type : Event Report

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Rating agencies (1)

Session 06 Learning from the Financial Crisis

pdf

260.58 Ko

09-11-2008

Summarized Text :

Eurofi 2008 - Thursday 11/09/08 Session [6] - LEARNING FROM THE FINANCIAL CRISIS: KEY DRIVERS AND EU INSTITUTIONS INITIATIVES for reducing procyclical effects; For an effective surveillance of off-balance sheet risks; For an appropriate setting of the banks’ amount of prudential own funds; For providing reliable information to investors (rating agencies, market information…)

The Panel
Moderator: Jacques de Larosière, Co-President, Eurofi Panellists: Joaquín Almunia, EU Commissioner for Economic and Monetary Affairs Fernando Teixeira dos Santos, Portuguese Minister of State and for Finance Dominique Hoenn, Senior Adviser, BNP Paribas Daniel Daianu, MEP, Committee on Budgets, European Parliament Deven Sharma, President, Standard & Poor’s Nout Wellink, Governor, De Nederlandsche Bank and Chairman of the Basel Committee Tommaso Padoa-Schioppa, Former Italian Minister of the Economy and Finance

The Debate
Joaquín Almunia, EU Commissioner for Economic and Monetary Affairs said the main question was how to restore stability in our economies after more than one year of turmoil. “This turmoil has posed serious challenges to the financial industry and our economies. The experience has been instructive, but after more than one year of turbulence, we now have to turn lessons into action.” The European Union had not been passive. It acted quickly last autumn, adopting a road map of policy actions covering transparency, valuations, supervision and market function, including the regulatory system.

Tags : Procyclicality, Transparency, Rating agencies, Hedge funds, Prudential rules, Crisis,

Type : Event Report

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CESR (1)

Eurofi Report 2 Microprudentiel

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219.66 Ko

04-02-2009

Summarized Text :

The establishment of the European Monetary Union (EMU) has led to differentiation between the institutional frameworks for the monetary policy and financial stability within the eurozone. The monetary policy is decided on at eurozone level, while managing financial stability has remained primarily national. Furthermore, not all of the EU’s countries entrust prudential control to their central banks. Neither was the ECB given any direct remits in terms of control when the Maastricht Treaty was adopted; it has only a consultative role.

This structure is geared to financial activities that were primarily carried out on a national basis and the various supervision practices seen at the end of the 1980s. For their part, the successive EU treaties reflect the commitment to maintaining a European construction founded on the political and budgetary independence of the various States. The “no bail out” rule included in the Maastricht Treaty makes this commitment a reality.

Tags : CEIOPS, CESR, CEBS, Supervision, Burden sharing,

Type : Event Report

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Membership

Eurofi brings together financial institutions of different sizes and statutes: domestic and cross-border banks and insurance companies with different legal statutes, broker dealers, asset managers, market infrastructures... The members of Eurofi are companies based in the main EU countries as well as well as subsidiaries of US firms. Eurofi works with all the representative stakeholders involved in a given subject to help them solve issues or identify new ideas and interact with EU political decision makers and legislators.

Financial cross-border supervision, the Solvency II Directive, the review of the UCITS Directive and the new Alternative Investment Fund Manager Directive, Accounting and Prudential rules to favour long term investment for example are major areas of focus of the work of Eurofi. The proposals made by Eurofi are presented to the main leaders of the EU authorities and discussed at the occasion of the Financial Forums organized by Eurofi"