06.11.2020
09:00-13:00

Is Europe’s Capital Markets Union now in sight?

Published in 

The pandemic is a brutal reminder of the need to strengthen the resilience of our economies. Political and corporate leaders are under pressure to devise adequate strategies to support the recovery of Europe’s economy. Without doubt, the capital markets union (CMU) project has now taken on new relevance. The EU is about to become a major issuer and thereby advance the integration of government debt securities markets. It will provide more active support for equity capital in the case of SMEs – so far a domain mostly in the hands of member states. Further consolidation of the market players can thus be expected. To this end, the ECMI annual conference will provide insights from policymakers, industry representatives and academics on the continuation of the CMU project, the structure of equity and debt securities markets, and feature a special debate on the evolving role of credit rating agencies.


AGENDA 


Thursday, 5 November 2020


13:00 – 14:00     2020 ECMI Best Paper: Presentation & Award Ceremony

This year ECMI is calling for research/working papers in the area of capital markets and their role in tackling the Covid-19 crisis. The committee of academics and international experts will select the best paper and award the author(s) the prize.

Moderated by: Franklin Allen, Professor of Finance and Economics & Executive Director, Brevan Howard Centre, Imperial College London

15:00 – 16:30     ECMI Annual General Meeting (AGM)


Friday, 6 November 2020


09:00 – 10:00     Panel debate: Mobilising funding for sustainable recovery

In Europe, capital markets have reached different stages of development, and are far from integrated. A fresh agenda for the financial sector that is both anchored in the needs of the real economy and shows regulatory quality is essential in the current institutional cycle. To this end, we need a more ambitious second phase of the CMU project. How to ensure policy synergies with sustainable finance, digitalisation and industrial competitiveness?

Speakers:

  • John Berrigan, Director-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
  • Stéphanie Yon-Courtin, Member of European Parliament, ECON Committee
  • Niamh Moloney, Professor of European Capital Markets Law, London School of Economics
  • Corien Wortmann-Kool, Chairwoman, Stichting Pensioenfonds ABP

Moderated by: Fabrice Demarigny, Global Head of Financial Advisory Services, Mazars & Chairman of ECMI Board

10:30 – 11:30     In conversation with: Credit rating agencies back in the spotlight?

Regulating and supervising CRAs has evolved considerably in the last decade. At present, priorities range from monitoring risks in outstanding securities to the access and usability of credit ratings, the quality and robustness of methodologies, and the overall effectiveness of CRAs’ control environment. The incorporation of ESG factors has also gained prominence. What challenges lie ahead for issuers and investors?

Speakers:

  • Verena Ross, Executive Director, European Securities and Markets Authority
  • Bo Becker, Cevian Capital Professor of Finance, Swedish House of Finance, Stockholm School of Economics
  • Yann Le Pallec, Executive Managing Director & Head of Global Rating Services, S&P Global Ratings

Moderated by: Josina Kamerling, Head of Regulatory Outreach EMEA, CFA Institute

12:00 – 13:00     Panel debate: Easing financing conditions for corporates

Private sector asset purchases continue to be a targeted element in the ECB’s toolkit, in response to the disruption caused by the current crisis. Relying on the entire spectrum of bond markets would also facilitate the transmission of monetary policy. For example, the commercial paper segment, crucial for corporates in managing their short-term financing needs, is rather underdeveloped. How can these market failures be overcome?

Speakers:

  • Imène Rahmouni-Rousseau, Director General of Market Operations, European Central Bank
  • Petra De Deyne, Advisor for Strategic Developments, European Money Markets Institute
  • Alberto Gallo, Portfolio Manager and Head of Macro Strategies, Algebris Investments

Moderated by: Karel Lannoo, CEO, CEPS and General Manager, ECMI


REGISTER


Instructions

  • The 2020 ECMI Annual Conference will be held in a virtual format. The registration details will be sent upon registration. 
  • The sessions will also be livestreamed via CEPS YouTube Channel.

For any questions (including sponsorship), please do no hesitate to contact Beatriz Pozo (beatriz.pozo@ceps.eu, +32 222 93 987).