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Nov
18
Mon
Online seminar – What is the bank business model today? @ FBF Online Platform
Nov 18 @ 3:00 pm – 4:00 pm

Joint online seminar by the Florence School of Banking and Finance and IESE Business School.


Banks are under siege because of persistently low interest rates, damaged reputation and, some segments still with, at times legacy assets from the crisis, increased regulatory burden and compliance costs, and the need to restructure to face digital disruption as well as new entrants. The result is low profitability in many jurisdictions, and in particular in Europe and Japan. We will examine, taking stock of the theoretical and empirical literature, how disruptive forces affect traditional banking functions, and what to expect in the future restructuring of banking. We will focus on the impact of FinTech and BigTech competitors, the role of data, the introduction of digital currencies, and the possible emergence of new dominant players. We will sum up with implications for the strategies of the players, and the challenges faced by regulators in fostering innovation while maintaining financial stability.

 

Speakers

Xavier Vives
Xavier Vives is professor of Economics and Finance, Abertis Chair of Regulation, Competition and Public Policy, and academic director of the Public-Private Research Center at IESE Business School. He holds a Ph.D. in Economics from UC Berkeley. He is Research Fellow of CESifo, and was member of its European Economic Advisory Group from 2001 to 2011. Research Fellow of the Center for Economic Policy Research, where he served as Director of the Industrial Organization Program in 1991-1997. Fellow of the Econometric Society since 1992 and elected member of its Council in 2006-2008; of the European Economic Association since 2004 and elected member of its Council 1991-1995; and Research Associate of the European Corporate Governance Institute. He was member of the Advisory Board for Economic Recovery of the Government of Catalonia (2011-2015), and from 2011 to 2014 he was Special Advisor to the Vicepresident of the European Commission and Commissioner for Competition, Mr Joaquín Almunia. President of the Spanish Economic Association in 2008, Duisenberg Fellow of the European Central Bank in 2015, and President of EARIE for 2016-18. From 2001 to 2005 he was Professor of Economics and Finance and The Portuguese Council Chaired Professor of European Studies at INSEAD, and from 1991 to 2001, Director of the Institut d’Anàlisi Econòmica, CSIC. He has taught at Harvard University, Universitat Autònoma de Barcelona, Universitat Pompeu Fabra, the University of California at Berkeley, the University of Pennsylvania, and New York University (King Juan Carlos I Chair). From 2003 until 2013, he was member of the Economic Advisory Group on Competition Policy at the European Commission. His current research interests include dynamic rivalry, innovation and competition, banking crisis and regulation, information and financial markets, and competition policy. Further details are available here: https://www.iese.edu/faculty-research/faculty/xavier-vives/.

Elena Carletti
Elena Carletti is Professor of Finance at Bocconi University and Scientific Director of the Florence School of Banking and Finance at the European University Institute. She is also a member of Board of Directors of Unicredit SpA and a member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. Ms Carletti was Professor of Economics at the European University Institute from 2008 to 2013, holding a joint chair in the Economics Department and the Robert Schuman Centre for Advanced Studies. Prior to that, she was Associate Professor at Goethe University in Frankfurt and Assistant Professor at the University of Mannheim. Among other appointments, she has worked as consultant for the OECD and the World Bank, has served in the review panel of the Irish Central Bank and of the Riskbank and has been a board member of the Financial Intermediation Research Society and of the Fondazione della Cassa di Risparmio di La Spezia. Ms Carletti graduated from Bocconi University and received her Ph.D. in Economics from the London School of Economics and her Habilitation in Economics from Mannheim University. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

Stijn Claessens
Stijn Claessens represents the BIS externally in senior groups, including the Financial Stability Board, the Basel Committee on Banking Supervision and the G20. Within the BIS, he leads policy-based analyses of financial sector issues and oversees the work of the Committee on the Global Financial System and other committee secretariats. Between 1987 and 2006, he worked at the World Bank in various positions. From 2007 to 2014, he was Assistant Director in the Research Department of the International Monetary Fund. From 2015 to early 2017, he was Senior Adviser in the Division of International Finance of the Federal Reserve Board. He holds a PhD in business economics from the Wharton School of the University of Pennsylvania and a master’s degree from Erasmus University, Rotterdam. He taught at the New York University business school and the University of Amsterdam. Mr Claessens is author of numerous publications in the fields of finance, international finance and international capital flows and further details are available here: https://www.bis.org/author/stijn_claessens.htm.

Antonio Fatás
Antonio Fatás is the Portuguese Council Chaired Professor of Economics at INSEAD, a Senior Policy Scholar at the Center for Business and Public Policy at the McDonough School of Business (Georgetown University, Washington DC), a Research Fellow at the CEPR (London) and a Senior Fellow at ABFER (Singapore). He received a Masters and Ph.D. in Economics from Harvard University. He has worked as an external consultant for the International Monetary Fund, the World Bank, the Board of Governors of the US Federal Reserve, the European Parliament, the OECD, and the UK government. His research interests are in the area of macroeconomics. His work explores the causes and shape of business cycles, the determinants of long-term growth and the impact that economic policies (monetary and fiscal) have on economic outcomes. His current interest also include the understanding of how new technologies are changing the way we think about money and the financial sector. He is currently the lead researcher of the CEPR Policy and Research Network on Fintech and Digital Currencies.

 


 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
Nov
20
Wed
Autumn School on FinTech @ EUI Premises, Florence
Nov 20 – Nov 22 all-day

Course dates: 20-22 November 2019

Place: EUI Premises, Florence

Course Director: Philipp Paech (London School of Economics)

Area: Regulation, Supervision and Resolution

Level: Introductory/Intermediate

Target: EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, private sector economists.

Nov
27
Wed
Forecasting for Banking Using Time Series Methods @ EUI Premises, Florence
Nov 27 – Nov 29 all-day

Course dates: 27-29 November 2019

Place: EUI Premises, Florence

Course Instructor: Massimiliano Marcellino (Bocconi University and EUI)

Area: Statistical and Econometric Methods

Level: Intermediate/Advanced

Target: EBA, ESRB, SSM, SRB, EU Institutions, Financial Stability officers, Economics Departments And Forecasting Departments of Central Banks, Ph.D. and Post-doctoral researchers, Research department officers of private banks.

Click here for further information and registration

Dec
11
Wed
Online seminar – Liquidity Stress Testing for Investment Funds @ FBF Online Platform
Dec 11 @ 1:00 pm – 2:00 pm

Download the presentation

Download the ESMA report

 

Over the last decade, the asset management industry has experienced strong growth driven by rising asset valuation and steady investors’ inflows. The net asset value of EU alternative investment funds (AIFs) amounted to EUR 4.9tn in 2017, and total net assets managed by EU-domiciled undertakings for collective investment in transferable securities (UCITS) amounted to EUR 9.3tn in 2018 against EUR 6.2tn in 2007.

The development of the fund industry contributes to the diversification of the EU financial system and provides retail and institutional investors with a range of investment vehicles that can be used to gain exposures to specific asset classes (equities, bonds etc.) and investment policies. Therefore, it is crucial to make sure that the fund industry is resilient and is able to absorb economic shocks.

In that context, the Financial Stability Board has issued recommendations to address structural vulnerabilities from asset management activities, which include provisions related to stress tests. This online seminar provides an overview of the framework used by the European Securities and Markets Authority (ESMA) for fund stress simulations. The different building blocks of a stress simulation framework are outlined, along with a menu of options that can be selected by stress testers. Beyond the methodological aspects of the framework, the presentation will outline a case study showcasing how the framework can be applied, based on a sample of more than 6,000 UCITS bond funds. The presentation will be followed by a Q&A session with the public.

 

Speaker

Christian Winkler
Christian Winkler heads the Markets and Investors Team in ESMA – European Securities and Markets Authority’s Risk Analysis and Economics Unit. The Risk Analysis and Economics Unit is responsible for ESMA’s work on identification and assessment of risks to investors, markets and financial stability in the EU in the area of securities markets. Prior to joining ESMA in September 2013, Christian has worked in managing roles in the Chief Economist Department of the UK FCA and FSA and in the capital markets department of MAN AG, a large German corporate. He holds a doctoral degree in Economics from the university of Erlangen-Nuremberg and is a CFA charterholder.

 

 


 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
Jan
9
Thu
Low interest rates: a licence to accumulate (public) debt? @ FBF Online Platform
Jan 9 @ 1:00 pm – 2:00 pm

Download the presentation by Daniel Gros

 

Conventional wisdom has is that low rates favour higher deficits. Yet, the argument is much weaker than appears at first sight. Risk free interest rates are now negative or ultra-low even for long maturities. However, the effective cost of public debt remains higher than these rates would suggest.

In this online seminar which will explore the interplay between fiscal and monetary policy, Daniel Gros (CEPS) will argue that the marginal cost of additional debt is today much higher than the interest rate for highly indebted countries. The European Central Banks’ sovereign bond purchase program (PSPP) might have increased the risk for private investors thus making additional debt more expensive. Furthermore, Dr. Gros will discuss how fiscal policy cannot save the ECB from its low inflation conundrum. Higher deficits would have little impact on inflation (flat Phillips curves). On the contrary, as Daniel Gros will argue, running a fiscal surplus is equivalent to central bank bond buying.

The online seminar will be closed by a Q&A session with the public.

 

Speaker

Daniel Gros
Daniel Gros is the Director of the think tank Centre for European Policy Studies (CEPS), which he joined first in 1986-1988 and then again in 1990. He has worked at the International Monetary Fund from 1983 to 1986, and served as economic advisor to the Directorate General II of the European Commission from 1988–1990, co-authoring the study targeted to design the Euro. He has also advised the European Parliament from 1998-2005, and 2010- present, as well as several government , including the Prime Minister and Finance Minister of France. He has taught at the College of Europe in Natolin and numerous other universities throughout Europe. In 2020 he is visiting professor at the University of California at Berkeley. His current research primarily focuses on EU economic policy, including in particular monetary and trade policy as well as the design of the institutional architecture of the euro.

 

 


 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
Jan
14
Tue
Online seminar – Three turning points in the growth of the AML architecture @ FBF Online Platform
Jan 14 @ 1:00 pm – 2:00 pm

Download the presentation by Peter Alldridge

Download the presentation by Nikita Divissenko

 

In this online seminar, Peter Alldridge (Drapers’ Professor of Law at Queen Mary University of London) will draw attention to three steps which in hindsight were decisive in the growth of the AML industry. At the time, those seemed to be small incremental steps, but were radical conceptual changes in the structure of laundering crimes, and whose consequences remain. They are:

  • (i) the move beyond treating drugs offences as the only foundation of money laundering, to a far wider category;
  • (ii) the move towards regarding laundering as an independent wrong rather than a form of complicity in the predicate and
  • (iii) the move to include tax offences among the grounds for laundering.
In his talk, Professor Alldridge will reflect upon their significance, engaging with questions from the audience in the Q&A session that will follow.

 

Speaker

Peter Alldridge
Peter Alldridge has been Drapers’ Professor of Law at Queen Mary University of London since 2003 and was Head of the Department of Law (from 2008-2012). He was Specialist Adviser to the Joint Parliamentary Committees on the draft Corruption Bill (2003) and the draft Bribery Bill (2009) and was made a Fellow of the Academy of Social sciences in 2014. He has published widely in the areas of criminal law, evidence, legal education, law and information technology, medical law and law and disability. He is the author of Relocating Criminal Law (2000), Money Laundering Law (2003), What went Wrong with Money Laundering Law? (2016), and Taxation and Criminal Justice (2017). He acted as an expert on corporate criminal liability for the UN in Indonesia in 2017. He was President of the Society of Legal Scholars In 2017-18.

 

 

Commentator

Nikita Divissenko
Nikita Divissenko is a Ph.D. researcher at the Law Department of the European University Institute (EUI). He is also a coordinator of the Finance, Innovation and Regulation Working Group. He holds LL.M degrees in European, International and Comparative Law from the EUI and from Leiden University (cum laude). Nikita is a qualified lawyer admitted to the Estonian Bar (since 2014) and has been a practicing lawyer in Tallinn (Estonia) specialising in banking and financial law prior to joining the institute. His Ph.D. project deals with the legal challenges arising from regulating technological innovation, and his research interests include economic regulation (incl. financial regulation), innovation and regulatory theory, AML and payments law.

 

 


 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
Feb
3
Mon
Models for Financial Stability and Prudential Policy @ EUI Premises, Florence
Feb 3 – Feb 5 all-day

Course dates: 3-5 February 2020

Place: EUI Premises, Florence

Course Instructors: Jean-Charles Rochet (University of Geneva), Bruno Maria Parigi (University of Padova)

Area: Financial Stability and Macroprudential policy

Level: Intermediate/Advanced

Target: Financial stability and research department of Central Banks, Ph.D. and Post-doctoral researchers, Assistant Professors, Research departments of private banks, EU officials.

More information and registrations
Feb
10
Mon
Online debate – A European Perspective on Securitisation @ FBF Online Platform
Feb 10 @ 4:00 pm – 4:45 pm

Slides by Bart Joosen

Slides by Richard Hopkin

Slides by Simon Broxham

 

Securitisation is a technique that financial actors can use to create liquid instruments from a range of real economy-related illiquid products, allowing them, amongst others, to liberate regulatory capital on their balance sheets or to generate an alternative source of funding. Knowing the rules underpinning securitisation is crucial to understand the roles played by market participants and regulatory institutions, and how they can act to maximise their benefits and minimise their risks.

This online debate will engage with both the practical and regulatory dimensions of securitisation. In particular, the debate will review the key characteristics of the current regulatory frameworks for securitization in Europe. Speakers will highlight the historical evolution – the 2008 financial crisis and the revision of the rules undertaken in 2015-2019. They will also discuss the need for transparent and simple rules to ensure financial stability on the one hand and the need to keep the regulatory burden sufficiently proportionate in order not to undermine market development on the other.

Lastly, the debate will also review the current securitisation trends – both in the US and in Europe – on the basis of recent data and in the context of the European Capital Markets Union reboot.

 

Speakers

Bart Joosen
Bart JoosenProf. dr. Bart P.M. Joosen is a professor of Financial Supervision Law at the VU University Amsterdam and founder of Regulatory Counsel Financial Services. He is also President of the Academic Board of the European Banking Institute. He has expertise on financial services supervision with a focus on micro-prudential supervision of banks, insurance companies and investment firms and payment services. Previously to working as a lawyer in private practice, he worked as in-house legal counsel at Philips Electronics in Eindhoven. Bart Joosen holds a position as non-executive board member of Santander Consumer Finance Benelux and is furthermore active in a number of other positions. He graduated from Tilburg University in 1987 and was promoted to doctor in law science (PhD) at the same university in 1998. He completed the post-academic education Finance and Securities Interest at the Grotius Academy and the Harvard Business School ‘Leadership Skills Programme’.

 

Simon Broxham
Simon BroxhamSimon Broxham has over 25 years’ experience in financial markets as a trader, structurer and managing director specialising in credit, securitisation and interest rate markets. For well over a decade he led the European credit business for Bank of Montreal in London, managing a multi-billion dollar complex credit derivative and structured credit portfolio during and after the Global Financial Crisis. After successfully winding down this large portfolio Simon established and managed for a number of years a client-focussed credit trading business consisting mainly of European financials and corporate bonds. built a client focussed credit business. Simon is the Director of Duver Consulting advising banks, asset managers and fintech companies on regulatory and market change projects and offering training in aspects of wholesale markets. Simon holds MA and MEng degrees in Engineering from the University of Cambridge.

 

Richard Hopkin
Richard HopkinRichard Hopkin is Head of Fixed Income and a managing director in the Securitisation Division at the Association for Financial Markets in Europe (AFME). Richard joined AFME in June 2010 after a 25-year career in the law and finance during which he held leadership positions at J.P. Morgan, Deutsche Bank and Société Générale. He has originated, structured and distributed securitisations funding the real economy through a wide variety of asset classes including mortgages, credit cards, auto, consumer and SME loans, from across Europe, Australia and the US. Richard has led and negotiated industry positions on many critical regulatory initiatives in recent years, including most recently the new standard for “simple transparent and standardised securitisation” in Europe. A frequent visitor to Brussels, he has helped rehabilitate the securitisation industry in the eyes of key European policymakers and continues to be a strong advocate for the benefits of securitisation for the European economy. Born and brought up in Wales, Richard read law at Cambridge University and before his investment banking career qualified as a solicitor with leading international law firm Clifford Chance.

 


 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
Feb
12
Wed
From Bank Recovery to Bank Resolution @ EUI Premises, Florence
Feb 12 – Feb 14 all-day

Course dates: 12-14 February 2020

Place: EUI Premises, Florence

Course Instructors: Jens-Hinrich Binder (Eberhard Karls University of Tübingen); Ralf Bock (European Central Bank); Svetlana Dimova (BaFin); Katerina Theodossiou (Bank of Greece); Jean-Jacques Van Helten (Robert Schuman Centre, EUI)

Area: Regulation, Supervision and Resolution

Level: Introductory/Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, financial stability and research department of Central Banks, Ph.D. students, financial institutions in the private sector, law firms.

More information and registrations
Feb
17
Mon
Online seminar – Emergency Liquidity Assistance in the Eurosystem @ Online
Feb 17 @ 1:00 pm – 2:00 pm

Download the presentation by Christos Gortsos


Last-resort lending is usually understood as the provision of liquidity by central banks to individual solvent banks in exceptional circumstances, on a temporary basis and against adequate collateral. Since it constitutes a liquidity crisis management instrument, it is distinguished from monetary policy measures implemented by central banks. As part of a traditional approach often referred to as ‘constructive ambiguity’, the conditions under which central banks may exercise their power to act as lenders of last resort are not set out explicitly in legislative or regulatory provisions. This applies also in the context of the Eurozone, since the provision of central bank credit in the form of Emergency Liquidity Assistance (ELA) to solvent credit institutions established in the euro area is not provided for in the EU Treaties. The relevant procedural arrangements are indeed laid down in the 2017 ECB “Agreement on emergency liquidity assistance” which Prof. Gortsos has comprehensively analysed as part of his upcoming book European Central Banking Law – The Role of the European Central Bank and National Central Banks under European Law (Palgrave Macmillan). Against this background, Prof. Gortsos will engage with the following questions in this online seminar:
  • Who provides Emergency Liquidity Assistance (ELA) in the Eurosystem and under which conditions?
  • When and where was ELA provided during the euro crisis and what have we learned from these episodes?
  • When and how can ELA provision interfere with the objectives and tasks for the Eurosystem?
As always, the presentation will be followed by a Question and Answers session with seminar participants.  

Speaker

Christos Gortsos

Christos Gortsos is Professor of Public Economic Law at the Law School of the National and Kapodistrian University of Athens, as well as member of the Academic Board of the European Banking Institute (EBI). He studied law, economics and finance at the Universities of Athens, Zürich, Pennsylvania (Wharton Business School) and Geneva (Graduate Institute of International Studies). The main fields of his research, teaching and publications include central banking law, financial regulation and institutional economics. He is a main instructor in the Florence School of Banking and Finance’s upcoming (23-25 March) course on Liquidity: Regulation, Practice and Stress Testing.

       

Commentator

Vítor Constâncio

Vítor Constâncio was Vice-President of the European Central Bank from 1 June 2010 to May 2018. In the Portuguese Government, he was Secretary of State for the Budget and Planning in 1974 -76 and Finance Minister in 1977-78. At the central bank of Portugal, he was Director of the Economics Department, Deputy Governor and then from 2000 to 2010, Governor of the Banco de Portugal and consequently, member of the European Central Bank Governing Council. He was Assistant Professor at the Lisbon School of Economics and Management (ISEG), University of Lisbon, from 1968 to 1973 and later, coordinator Professor of the Master´s degree on Monetary Policy from 1989 to June 2010. He is now President of the School Board at ISEG and Professor at the Master’s Degree in Banking and Financial Regulation at the School of Economics, University of Navarra, Madrid, and member of the respective Advisory Board.

   
 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.