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Exchange of views: Can global cooperation on financial services be deepened in the foreseeable future?

Day 1 Afternoon

Wednesday 11 September

Room :

Fennia II - Exchange of views

Speakers

Chair
Burkhard Balz - Member of the Executive Board, Deutsche Bundesbank
Public Authorities
Paul P. Andrews - Secretary General, IOSCO
Ryozo Himino - Vice Minister for International Affairs, Japan FSA
Brian D. Quintenz - Commissioner, U.S. CFTC
Industry Representatives
Shannon Lilly - Deputy Chief Executive Officer, BofA Securities Europe SA
Faryar Shirzad - Managing Director, Goldman Sachs
George Stansfield - Deputy Chief Executive Officer & Group General Secretary, Axa Group

Objectives of the session

A global economy requires a global financial system. Regulatory barriers on global activities have the same negative impacts as trade barriers. An open and resilient financial system, grounded on agreed international standards, is indeed crucial for the support of sustainable growth.

Following the 2008 crisis, global cooperation on financial regulation has become increasingly important over the last decade to achieve a resilient financial system. In 2009, the G20 launched a comprehensive programme of reforms to increase the resilience of the global financial system while preserving its open and integrated structure. Timely and consistent implementation of these reforms is essential to achieve sustainable growth.

Financial markets are experiencing a weakening multilateralism and increasing levels of fragmentation. The Japanese G20 Presidency asked the FSB and IOSCO to explore issues around market fragmentation and to consider tools to address these challenges, where appropriate. FSB and IOSCO have published their reports. In June, the G20 welcomed them and is looking forward to receiving progress updates in October. It is committed to addressing unintended, negative effects of market fragmentation, including through regulatory and supervisory cooperation.

The objectives of this exchange of views is to identify the areas where banking and financial markets are affected by fragmentation, their consequences and the priorities needed to mitigate them. Speakers will also be invited to express their views on the new areas where global coordination is necessary.

The session will not deal in detail with the problems posed by the current systems of equivalence and deference and solutions to improve them. A specific session will address these points.

Points of discussion

Is global fragmentation emerging again? What are the consequences?

What are the new global policy challenges and G20 priorities to address financial fragmentation and emerging vulnerabilities?