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Global financial fragmentation: can progress be made?

Day 1 Afternoon

Wednesday 14 April

Track :



David Wright
President - EUROFI
Public Authorities
John Berrigan
Director-General, DG FISMA - European Commission
Jon Cunliffe
Deputy Governor, Financial Stability - Bank of England
Thomas Hirschi
Head of Asset Management Division - Swiss Financial Market Supervisory Authority (FINMA)
Tajinder Singh
Acting Secretary General - International Organization of Securities Commissions (IOSCO)
Industry Representatives
Dermot McDonogh
Chief Operating Officer - Goldman Sachs International
Bernard Mensah
President of International - Bank of America
Markus Ronner
Group Chief Compliance and Governance Officer - UBS Group AG
Shinsuke Toda
Chief Executive Officer for for Europe, Middle East and Africa - Mizuho Financial Group, Inc. / Mizuho Bank, Ltd.


The objective of this session is to discuss whether differences in policy responses to Covid-19 have fragmentary effects or give rise to cross-border and cross- sectoral spillovers that may warrant enhanced international coordination.

The progress made in the four areas identified by the Financial Stability Board – i) deference; (ii) pre-positioning of capital and liquidity within global systemically important bank; (iii) regulatory and supervisory coordination and information-sharing; and (iv) market fragmentation – will also be assessed as well as the best approaches and measures that would appropriately address such global financial fragmentation.

Points of discussion

  1. Is global financial fragmentation increasing again following the Covid crisis?
  2. How best to address global financial fragmentation? What measures could enhance international cooperation among authorities?