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Calendar

Oct
11
Tue
The European Banking Union and Its Instruments – Experience from the First Years of an Interplay with National Banking Supervision and Resolution @ Sala del Consiglio, Villa Salviati
Oct 11 @ 9:00 am – 7:00 pm

After two years of existence, it is time to focus on what happened in practice for the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM), i.e. in the core of the Banking Union, in Member States and beyond the EU. The workshop gathers as broad a range of perspectives as possible with a variety of countries (ins and outs, including non-participating Member States and third countries, crisis and non-crisis countries), levels (national, supra- and international), and backgrounds (academic and supervisory practice).

A good range of the most important issues will be discussed, namely: to what extent does the regulatory framework under the Single Rulebook assist or hinder centralized decision-making? Have the Joint Supervisory Teams (JST) proven to be a tool to have both a sufficiently high information basis on the local level of the banks supervised and robust enough a membership to avoid capture? Has the split of supervisory competences in the SSM created problems or can it be seen as a sensible scheme?

But also, if the purpose of the SRM, as part of the Banking Union project, is to centralize resolution decision-making, to what extent does discretion remain within the national authorities? To what extent should all classes of retail financial services be exempted from bail-in? To what extent does Minimum Requirement for own funds and Eligible Liabilities (MREL) under the BRRD framework and the Total Loss Absorbing Capacity (TLAC) standard developed by the Financial Stability Board (FSB) give raise to a one size fits all approach to resolution?

Oct
20
Thu
“Is It Made of Timber or Steel? State of Play of the Banking Union” @ Villa Schifanoia, Sala Belvedere
Oct 20 @ 3:00 pm – 5:00 pm
“Is It Made of Timber or Steel? State of Play of the Banking Union” @ Villa Schifanoia, Sala Belvedere | Firenze | Toscana | Italy
Joint-seminar organised by the Law Department’s EU Financial and Monetary Law working group and the Robert Schuman Centre 

Stefaan De Rynck (DG FISMA, European Commission) will present a paper on the state of banking union, covering the issues of supervision, resolution and deposit guarantees. The paper reviews competing explanations for the emergence of banking union on the EU agenda. It also discusses the first indications on the effectiveness of banking union, both for a more centralized EU banking policy and for breaking the nexus between national banks and their sovereigns in the context of Euro Area crisis management.
Mr. De Rynck is an EU official who worked with Commissioner Michel Barnier on the creation of the single supervisory mechanism and the new resolution regime for EU banks. He is currently Head of Unit in DG FISMA for free movement of capital and enforcement of financial regulation. He teaches at the Collegio Carlo Alberto (University of Turin) and the College of Europe (Bruges), and has a PhD from the EUI, and has recently published in JEPP on the creation of the banking union. Currently he is drafting a chapter on banking union for a Routledge Handbook on EU Public Policy.

Discussants:
  • Manuela Moschella (Associate Professor in International Political Economy, Scuola Normale Superiore, Florence)
  • Christy Petit (Law Department, European University Institute)

The session will be chaired and moderated by Pierre Schlosser, Florence School of Banking and Finance
Dec
1
Thu
Framing the ECB’s role during the crisis: the rise of a ‘gouvernement des banquiers’? @ Sala Belvedere, Villa Schifanoia
Dec 1 @ 2:00 pm – 3:30 pm
Framing the ECB’s role during the crisis: the rise of a ‘gouvernement des banquiers’? @ Sala Belvedere, Villa Schifanoia | Firenze | Toscana | Italy
Joint seminar organized by the Robert Schuman Centre and the Law Department’s EU Financial and Monetary Law Working Group. Gabriel Glöckler (ECB) will make a presentation on the changing ECB’s role in the EU governance, focusing on its perceived power concentration as the Bank started to use more controversial non-standard monetary policy tools, became involved in the Troika and eventually was given powers to supervise Eurozone banks. The presentation will address the interplay with politics, questions surrounding the means of holding the ECB accountable and ultimately the Bank’s legitimacy in the evolving EMU set-up. Mr. Glöckler has been with the European Central Bank since 1999 and recently joined the Bank’s senior management as Principal Adviser in the Directorate General Communications, where he focuses, in a deputy spokesman role, on the ECB’s outreach towards the general public, politics, and academia and the strategic direction of communications. Previous positions include Head of the Bank’s General Secretariat, Deputy Head of the EU Institutions Division (and in that capacity, member of the EU’s Economic Policy Committee) and Counsellor/Chief of Staff to the ECB’s Vice-President Lucas Papademos. Mr. Glöckler, who grew up in Leipzig, studied Philosophy, Politics and Economics at Oxford University and holds a Master’s degree from the College of Europe in Bruges. He is Visiting Professor at the College of Europe, a regular public speaker, and has published in renowned journals, most recently on the creation of banking union. First reactions on the presentation will be provided by:
  • Manuela Moschella (Associate Professor in International Political Economy, Scuola Normale Superiore, Florence)
  • Deirdre Curtin (EUI, Law Department)
The event will be chaired and moderated by Brigid Laffan (Director, Robert Schuman Centre for Advanced Studies). The event will be held under Chatham House Rules.
Jan
18
Wed
‘Lost in TLAC’ Online seminar @ FBF Online Platform
Jan 18 @ 1:00 pm – 2:00 pm
'Lost in TLAC' Online seminar @ FBF Online Platform

A key policy consequence drawn from the great financial crisis of 2007 and 2008 has been to compel private sector loss participation in case of a bank’s failure. Not only would such a bail-in of investors in banks spare tax payers but also re-instill market discipline by undoing implicit government guarantees. A crucial precondition for this strategy is that banks exhibit sufficient loss bearing capacity. Regulators both globally and in Europe thus prescribe minimum standards for the amount and quality of loss bearing capital to be held by banks. This online seminar looks at the crucial features of the requirements of the Financial Stability Board’s Total Loss-Absorbing Capacity (TLAC) requirements with a particular view to the Minimum Requirement for own Funds and Eligible Liabilities (MREL) prescriptions in the Bank Recovery and Resolution Directive (BRRD) and highlights some important implementation issues.

Click here to download the slides of the presentation

Speaker: Tobias Tröger (Goethe-Universität Frankfurt)

Tobias Tröger holds since 2011 the Chair of Private Law, Trade and Business Law, Jurisprudence at Goethe-University Frankfurt am Main. His research interests include contract law and contract theory, corporate law (particularly, comparative corporate governance and corporate finance), banking law and the economic analysis of law. He holds a Ph.D.-degree from the Eberhard Karls University of Tübingen, where he received the qualification of post-doctoral lecturer, and an LL.M. from Harvard Law School. Throughout his academic career, he received various scholarships and awards, among others the Award of the Reinhold and Maria Teufel- Foundation for his Ph.D.-Thesis, and the Irving Oberman Memorial Award from Harvard Law School, John M. Olin Center for Law, Economics and Business. Professor Tröger is Program Director Corporate Finance at the Research Center Sustainable Architecture for Finance in Europe (SAFE) in Frankfurt and Chairman of the Board of the European Banking Institute (EBI). He is an advisor to the European Parliament on matters regarding the Single Supervisory Mechanism (SSM). During recent years he taught as a visitor at various universities, inter alia at Stanford Law School and The University of Pennsylvania Law School.

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. 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. In preparation for the event, please access the following link to test your computer and network for compatibility (please note that the “Adobe Connect Add-in” is optional): http://admin.adobeconnect.com/common/help/en/support/meeting_test.htm

If you wish to attend the online seminar through a smartphone or tablet, we strongly suggest installing the free Adobe Connect App, available on the following platforms:

Mar
1
Wed
‘The Future of CoCos’ Online seminar @ FBF Online Platform
Mar 1 @ 1:00 pm – 2:00 pm
'The Future of CoCos' Online seminar @ FBF Online Platform

Watch the recording of the seminar


Contingent Convertible bonds – also known as CoCo bonds – have attracted growing attention over the past years, both from regulators and industry practitioners. CoCos can be seen as a creation of the last financial crisis. They are a hybrid security that takes the form of a debt instrument upon issuance that may be turned into equity or written down altogether when a pre-determined trigger is activated.

In theory, CoCos thus constitute an ideal risk-absorbing instrument. It provides more agility and flexibility to banks in distress while at the same time – through its preventive effects – improving the resilience of the banking system. But under which exact design conditions can they support ‘going concern’ restructuring and market discipline in practice? Moreover, given the current volatile and unpredictable demand for CoCos in the market, is there a risk that CoCos might contribute instead to financial instability? Looking ahead, will the CoCo market reach maturity any time soon?

These are a few of the questions that will be addressed in this interactive online seminar on the future of CoCos with the lead presenter Enrico Perotti (University of Amsterdam) and the commentator Simon Gleeson (Clifford Chance).

Speaker: Enrico Perotti (University of Amsterdam)

Enrico Perotti (PhD in Finance at MIT, 1990) is Professor of International Finance at the University of Amsterdam. His broad research output has appeared in the top journals in economics, finance and law. He has been a frequent guest to the IMF, Federal Reserve Board and ECB Visiting Scholar programs. Since 2009 he acted as senior advisor on banking and financial regulation to the European Commission, Federal Reserve Board, ECB, DNB and the Bank of England. He visited the Bank of England in 2011-12 as Houblon-Normal Fellow and the ECB in 2015 as Wim Duisenberg Fellow.

Commentator: Simon Gleeson (Clifford Chance, London)

Simon Gleeson is Partner at Clifford Chance, specializing banking and financial markets law and regulation, clearing, settlement and derivatives. He is described by all of the major legal directories as one of the world’s leading experts in financial services and banking regulation, capital markets and derivatives. He is the lead legal advisor to the main UK banking and financial services industry bodies regarding Brexit. In addition to his private practice, he chairs the Institute for International Finance’s cross-border resolution committee, has been called to give evidence to UK and EU parliamentary committees, has advised the World Economic Forum on its 2009 Report on The New Global Financial Architecture, and was involved in the establishment of the UK’s Banking Standards Board.

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. 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. In preparation for the event, please access the following link to test your computer and network for compatibility (please note that the “Adobe Connect Add-in” is optional): http://admin.adobeconnect.com/common/help/en/support/meeting_test.htm

If you wish to attend the online seminar through a smartphone or tablet, we strongly suggest installing the free Adobe Connect App, available on the following platforms:

Mar
3
Fri
Resolution and its frontiers – an integrated law and economics approach @ European University Institute
Mar 3 all-day
Resolution and its frontiers - an integrated law and economics approach @ European University Institute

The global financial crisis and the European fiscal crisis raised a set of cardinal questions concerning the organization of an economic integrated area. The bank resolution rules introduced by the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation have created a whole new area of law in the EU but touch on many areas of substantive law, including insolvency law and competition law – some already harmonized at European level, others only partially. This area of law is to further extended for institutions other than banks, such as insurance companies and central counterparties. In this PhD-workshop economists and legal scholars shall jointly discuss the current challenges related to the emergence of this new area of law by looking at its boundaries. The organizers are interested in all topics which fall under the umbrella of the broad workshop topic.

With this focus, the seminar is addressed to PhD-students of law, economics and related disciplines, who will present current research-projects that relate to recent or future European legal developments and challenges in the field of resolution law or the European Banking Union in the broader context.

Two topical keynotes from experts in the field will complement the workshop.

Application Procedure:
Early stage researchers (Ph.D.-students or Post-docs) which are interested in participating in the workshop shall submit a full paper or an extended abstract related to the workshop topic via email to Agnieszka Smoleńska (agnieszka.smolenska@EUI.eu) or Lynette Janssen (l.g.a.janssen@law.leidenuniv.nl) no later than December 31, 2016. The decision of including papers for presentation at the workshop will be communicated by January 15, 2017.

The European University Institute will cover hosting expenses for presenters. Travel costs are not covered.

Apr
27
Thu
FBF Annual Conference: “The Changing Geography of Finance and Regulation in Europe” @ Villa Schifanoia
Apr 27 all-day
FBF Annual Conference: "The Changing Geography of Finance and Regulation in Europe" @ Villa Schifanoia | Firenze | Toscana | Italy

The annual conference of the Florence School of Banking and Finance, organised at the European University Institute (EUI), brings together leading economists, lawyers, political scientists and policy makers to discuss the current economic situation in Europe.

Organisers:

Franklin Allen | Brevan Howard Centre Imperial College
Elena Carletti | BAFFI CAREFIN Bocconi University and European University Institute
Joanna Gray | Birmingham University
Mitu Gulati | Duke University

Background:

The financial world is undergoing a profound technological change. The advent of innovative technologies is unsettling the industry’s modus operandi which will soon enough disrupt the current practices of both supervisors and central banks. Big data, block-chain and the proliferation of distributed ledgers are only a few illustrations of a wider financial technology industry build-up – known as FinTech – which will revolutionise the global financial infrastructure.
As a result of this, the geography of finance is evolving at a rapid pace. In this new context of digital transformation and innovation, how should regulation respond? Is regulatory arbitrage and the reliance on more decentralised regulatory regimes a possible solution or is the top-down central model resilient enough to sustain these changes? Can regulators turn these new challenges into opportunities?

Sessions:

  • Session 1: The New World of FinTech
  • Session 2: Regulatory Arbitrage across Jurisdictions
  • Session 3: A Case Study: BREXIT

MORE INFORMATION AND REGISTRATION

Apr
28
Fri
EUI-Nomics 2017: Debating the Economic Conditions in the Euro Area and Beyond @ Villa Schifanoia
Apr 28 all-day
EUI-Nomics 2017: Debating the Economic Conditions in the Euro Area and Beyond @ Villa Schifanoia | Firenze | Toscana | Italy

The EUI-Nomics workshops provide a forum for discussion among academics and economists in public and private institutions about the current and expected future global economic conditions, with a special focus on the euro area and its member countries. For each country/area there will be short presentations by leading experts followed by general discussion. The workshops will be completed by a policy panel debating on key economic policy issues for the euro area.

The workshop is organised by Massimiliano Marcellino, Bocconi University and EUI.

The 2017 event will feature roundtables discussing the following topics:

  • France, Germany, Spain
  • The Italian Economic Perspectives
  • Global Conditions
  • Euro Area Macroeconomic Outlook: Alternative Views?
  • EU and the UK after Brexit

FULL PROGRAMME

Jun
12
Mon
International Risk Management Conference 2017 @ Various locations, Florence, Italy
Jun 12 – Jun 14 all-day
International Risk Management Conference 2017 @ Various locations, Florence, Italy

The International Risk Management Conference – 10th Edition of the Annual Meeting of The Risk, Banking and Finance Society takes place in Florence on June 12-14, 2017.

This event brings together professionals and leading experts from various academic disciplines, among others: Davide Alfonsi (Intesa Sanpaolo), Edward I.Altman (NYU Stern), Menachem Brenner (NYU Stern), Michael Gordy (Principal Economist – Board of Governors of Federal Reserve System), Rossella Locatelli (University of Insubria), Anthony Saunders (NYU Stern) and David Yermack (NYU Stern).

In the framework of the conference, the Florence School of Banking and Finance is organizing a professional workshop entitled “Financial Markets and Institutions. This half-day workshop, taking place at the EUI premises in San Domenico di Fiesole on June 14th, will explore the increasingly intertwined nature of risk management and regulation.

 

The Call for Papers for the IRMC conference is now open.
To celebrate the 10th edition of the conference, RBF and Classis Capital SIM will offer a € 3000 cash prize for the Best Conference Paper. The winner will be selected by a World Review Committee and will be announced at the Gala dinner.

The conference welcomes all theoretical, methodological and empirical contributions relevant to the theme “Assessing 10 Years of Changes in the Financial Markets: How will the Future be impacted?”. 
Full papers must be submitted by March 15, 2017. The accepted papers will be presented in parallel sessions. Complete information regarding the Call for Papers can be found on the IRMC website.

 

Further information on the event can be found on the conference website: http://www.therisksociety.com/.
Jun
13
Tue
Practitioners’ Workshop on Financial Markets and Institutions @ EUI, Villa Schifanoia
Jun 13 @ 2:45 pm – 6:00 pm
Practitioners’ Workshop on Financial Markets and Institutions @ EUI, Villa Schifanoia | Firenze | Toscana | Italy

Click here for more information

This half-day workshop, held in the context of the International risk Management Conference co-organized by the New York University Stern Salomon Center for the Study of Financial Institutions and the University of Florence, will explore the increasingly intertwined nature of risk management processes and regulation. The focus will be put on the practitioners perspective.
The workshop will thus come to grips with the interplay of regulation and risk management in a period where risk assessment methodologies are becoming increasingly complex and the regulatory and supervisory framework of the financial sector is getting more intrusive (e.g. increasing monitoring of business models of FIs; additional capital buffers: new powers for resolution authorities on early intervention and resolution planning).
Some of the key questions which the workshop is likely to address are the following:

  • Should financial stability be achieved through activist supervision or should legislators and regulators rely on the production of limited yet credible rules?
  • Do regulators have the administrative and resource capacity to actively supervise financial institutions’ conduct, including internal risk management processes and business models?
  • Knowing the excessive risk-taking that characterised the financial industry in the past and the un-encouraging effectiveness of self-regulation, does the alternative, light-weighted regulatory approach still has a future?
  • Last, but not least, how can risk managers deal with regulatory risk in the financial sector?

The workshop will bring together both bank and non-bank actors to illustrate, analyse and engage with those challenges.