Agenda

08:30 – 08:55

Registration and Welcome Coffee

08:55 – 09:00

Welcome

Stefano Micossi , Director General, Assonime

09:00 – 09:20

Keynote Address

Olivier Guersent , Head of Cabinet for Commissioner Barnier, European Commission

09:20 – 09:40

Keynote Address

Michael Dithmer , Permanent Secretary, Danish Ministry of Business and Growth

09:40 – 09:50

Question and answer session

09:50 – 11:00

Session 1: Finance: renewal or retrenchment?

Banking and financial services are the lifeblood of economic development, and will be more crucial than ever as Europe seeks to reinvigorate its position in global markets. How successful has the financial services sector been in reforming its most controversial practices and reassuring public opinion that it is a responsible economic actor?

Are continental European and the 'Anglo-Saxon' financial centres and their chief institutions yet on the same page in matters of regulatory reform, and how much consensus on global financial services rules exists between the developed and developing worlds? Are banks and market participants in Asia's emerging (and creditor) economies content with the trend in financial services regulation and supervision? And how safe is the world economy from a replay of the near-meltdown in autumn 2008 of financial markets?

Moderator: Jonathan Moulds , Bank of America Merrill Lynch. President, Europe & CEO, Merrill Lynch International

09:50 – 11:00

Panel Discussion

Sharon Bowles MEP , Chair of the Committee on Economic and Monetary Affairs, European Parliament
Koos Timmermans , Vice-Chairman, ING Bank
Emil Paulis , Director - Financial Markets, DG Internal Market & Services, European Commission
Gabriele Galateri di Genola , Chairman, Assicurazioni Generali

11:00 – 11:20

Coffee Break

11:20 – 12:45

Session 2: Re-thinking the trading landscape

The trading landscape is evolving rapidly. Consolidation is all around us, but at the same time there is also increasing competition between different types of trading venues. Is the consolidation of exchanges combining with the revision of MiFID to radically reduce the number of venues available to market participants, or is a more complex and deep-seated reorganisation underway? And what are the implications for the post-trading industry?

Accelerating technological change is raising fundamental questions about disclosure rules, both pre- and post trading; in a world where orders may be automatically executed, withdrawn and added on the book within seconds, what is the optimal trade-off between transparency and security? Should Europe be taking note of the U.S. National Market System (NMS) as a way of ensuring availability of consolidated data on trades or can Europe find its own path? What do reforms contained in MiFID, the European Market Infrastructure Regulation and the Transparency Obligations Directive mean for data availability across markets and asset classes?

Moderator: Anthony Belchambers , CEO, Futures & Options Association

11:20 – 12:45

Panel Discussion

Markus Ferber , Member, European Parliament
Verena Ross , Executive Director, ESMA
Dan Waters , Managing Director, ICI Global
William Goodell , Chairman, Managed Funds Association
Giovanni Prezioso , Partner, Cleary Gottlieb Steen & Hamilton LLP

12:45 – 14:30

Lunch Session: The eurozone and global stability (by invitation only)

With overall EU debt levels lower than in other comparable regions, why is the eurozone experiencing such crisis? Are the euro’s biggest problems political, compounded by ineffective and often contradictory messaging? Do proposals for fiscal integration and stronger central surveillance address this problem? Are assistance programmes for debtors of sufficient length and with bearable conditions?

Are changes needed to the European Stability Mechanism and the European Financial Stability Fund to ensure sufficient resources and operational flexibility? Is collaboration with the IMF working well? Under what circumstances is debt restructuring feasible and how should the private sector share the burden of restoring financial viability to sovereign debtors? Can the ECB and the eurosystem as a whole realistically be relieved of some of the burden of ensuring external financing to sovereign debtors? What is the likely impact on global growth, and what role do creditor regions have in resolving the eurozone crisis?

Moderator: John Houston , Senior Partner, Kreab Gavin Anderson
Mark Sobel , Deputy Assistant Secretary for Monetary and Financial Policy, US Department of the Treasury
Mickey Levy , Chief Economist, Bank of America
Christian Clausen , President, EBF, and CEO, Nordea

14:15 – 14:30

Questions & Discussion

14:30 – 14:35

Conference Closure