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ICMA European Repo and Collateral Council General Meeting
 
This event was hosted in conjunction with the Euroclear Collateral Conference.

Date and Venue

Date:
14 November 2017
Time: 13.30-17.00

Venue:
Square
Rue Mont des Arts
1000 Brussels
Belgium



Event Overview

The ICMA European Repo and Collateral Council (ERCC) was established by ICMA in 1999 to provide a forum for practitioners in cross-border repo to discuss ways of enhancing the functioning of this pivotal financial market and to consult with market users, infrastructure-providers, policy-makers and regulators. The ERCC hosts two General Meetings each year.

The Autumn 2017 General Meeting was used as an opportunity to deepen the exchange of ideas between the market, the public sector and academia at this critical time in the post-crisis programme of regulatory reform. Between keynote addresses from the IMF and the ECB, there were two panel discussions, involving industry representatives, regulators and academics. These panel discussions addressed general market conditions and operational challenges affecting the effectiveness of repo markets and their macro-financial implications on the path towards greater financial integration across Europe, while making clear the valuable and important role of the repo market at the heart of a collateralised financial market system.



Tuesday, 14 November 2017

 
13.30
Registration

14.00
Welcome Remarks
Godfried De Vidts,
Chairman ICMA ERCC


Opening Keynote Address
Mahmood Pradhan, Deputy Director, European Department, International Monetary Fund



Panel 1: Macro-financial Linkages of Repo Markets and Financial Stability Implications
Moderator:
Andreas Jobst, Adviser to the Managing Director and CFO, World Bank

Panellists:
Peter Grasmann, Head of Unit E1, Directorate E, DG FISMA, European Commission
Steffen Kern, Head of Risk Analysis and Economics Department, ESMA
Michael Manna, Head of Fixed Income Financing Trading Europe, Barclays
Alberto Gallo, Head of Macro Strategies, Algebris

The panel will explore the macro-financial implications of the changes in the repo market, being driven by new regulation in the context of unconventional monetary policy. What does structural deleveraging mean for market functioning? Did the post-crisis narrative on the purpose of the repo market fully appreciate its importance for financial stability and the real economy?


Panel 2: Post-crisis Regulatory Reforms and the Functioning of Repo Markets
Moderator:
Natasha de Teran,
Head of Corporate Affairs, SWIFT

Panellists:
Benedict Roth, Senior Technical Specialist, Prudential Policy, Bank of England
Greg Markouizos, Global Head of Fixed Income Finance & Collateral Management, Citigroup
Richard Comotto, Senior Visiting Fellow, ICMA Centre
Richard H‎ochreutiner
, Director, Head Global Collateral, SwissRe

In the wake of the Global Financial Crisis, comprehensive financial regulatory reforms have been introduced by G20 countries with a view to making the global financial system safer and more resilient in order to better serve the real economy. While regulators argue that the global benefits of these reforms will outweigh the costs, there is growing concern over unintended consequences. The panel will explore key regulatory initiatives affecting the repo market and identify potential pressure points.

More specifically, the discussion will cover:
(i)    the prudential requirements introduced via the Basel framework;
(ii)    transparency and reporting requirements; and
(iii)    the impact of post-trade regulation, particularly CSDR settlement discipline.

In assessing the impact of the different sets of regulatory requirements, the panel will also consider the trade-off between consistent international standards and the flexibility needed to accommodate regional and national specificities.



Closing Keynote Address
Benoît Cœuré,
Member of the Executive Board, European Central Bank (ECB)

17.00
 Event Close


This event will be followed by a short networking reception.




Please note that this programme is subject to change.