House of the Estates, Snellmaninkatu 9-11, Helsinki, Finland




Thursday, September 14, 2017
Friday, September 15, 2017

In cooperation with


Shadow banking is a broad concept. A possible definition is that it comprises non-bank institutions which do bank-like activities. Another characteristic, to which the word “shadow” refers to, is that the sector is less regulated. Shadow banks can increase competition and spur new innovation in the financial sector. The benefits could come in the form of i) improving efficiency and quality of financial services, and ii) offering better returns and risk diversification opportunities, especially for institutional investors and wealthy individuals. Markets may also become more liquid. On the downside, opacity and risks may increase. The lack of regulation implies that it is difficult to monitor and prevent the build-up of leverage and concentrated risks in the shadow banking sector. Hence, the sector can be a source of systemic risks. Further, traditional banks may utilize the shadow banking sector for regulatory arbitrage. Hence, a big question is whether regulation should be extended to the shadow banking sector, to make it come “out of the shadows”? Will new regulatory loopholes between banks and non-banks develop? Will risks simply pile up in the shadow banking sector now that banks are more heavily regulated? Or will market discipline suffice to do the job of regulation in this sector? Is the growth of shadow banking this time more about FinTech; the provision of financial services making use of technological innovations? What are the fundamental problems of financial frictions they might have solved differently? Are new digital technologies key to finding solutions to the traditional financing frictions? Or are we experiencing just another boom in novel-looking financial services which ultimately share the same problems and risks as more traditional banks?

We have the great pleasure to announce that the 15th SUERF Marjolin Lecture will be given by Daniéle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism.


Thursday, 14 September 2017
Registration and Coffee
Opening and Welcome
Urs W. Birchler, SUERF President
Esa Jokivuolle, Head of Research, Bank of Finland
Keynote Speech I

Shapes in the shadows: What do the data (not) tell us?

Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department, International Monetary Fund (IMF)
Poster Session

A critical review of statistics assessing the size and the riskiness of the securitization market: evidence from Italy and other euro area countries

Giorgio Nuzzo (Bank of Italy), presentation

Vulnerable Funds?

Christoph Fricke (Deutsche Bundesbank), and Danile Fricke (LSE) presentation

Traditional and shadow banks during the crisis

Victor Lyonnet (HEC Paris, École Polytechnique), and Edouard Chrétien (ACPR, École Polytechnique) presentation

Shadow Banking, macroprudential regulation and financial stability

Margarita Rubio (University of Nottingham), presentation

A Securitization-based model of shadow banking with surplus extraction and credit risk transfer

Patrizio Morganti (Tuscia University in Viterbo), presentation

Shadow Banking and Financial Stability Under Limited Deposit Insurance

Lukas Voellmy (University of Bern), presentation

Liquidity creation, capital requirements, and regulatory arbitrage

Paul Schempp (University of Cologne), and Stephan Luck (Federal Reserve Board) presentation

Profit sharing: A contracting solution to harness the wisdom of the crowd

Jiasun Li (George Mason University), presentation
Coffee Break
Panel I - The current landscape: Markets and players, competitors and complementarities
Moderator: Christian Upper, Head of Emerging Markets Monetary and Economic Department, Bank for International Settlements (BIS) and SUERF presentation
Tuomas Peltonen, The European Systemic Risk Board (ESRB) presentation
Yasushi Shiina, The Financial Stability Board (FSB) presentation
Antti Suhonen, Aalto University presentation
Keynote Speech II

Financial Disrupters: Disintermediation & Driving Synergies

Phillip Straley, President, ECO World Alliance, Regional Head, APAC
Chair: Ernest Gnan, Head of Division, Oesterreichische Nationalbank and SUERF
Presentation of the Marjolin Prize 2017 and Award Ceremony - SUERF Honorary Membership

Mind the Gaps (pdf)
Speech given by Morten Balling, Professor Emeritus, Department of Economics, Aarhus University, on the occasion of receiving the SUERF Honorary Membership Award

End of first day’s proceedings

Dinner hosted by Seppo Honkapohja, Deputy Governor, Bank of Finland

Seppo Honkapohja, Deputy Governor, Bank of Finland
Friday, 15 September 2017
2017 Marjolin Lecture
Chair: Urs W. Birchler, SUERF President

Gaming the rules or ruling the game? – How to deal with regulatory arbitrage

Daniéle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism
Coffee Break
Panel II - Out of the shadows? The role of regulation and supervision
Moderator: Jakob de Haan, Head of Research, Economics and Research Division, De Nederlandsche Bank and SUERF
Bengt Holmström, Nobel laureate 2016, MIT
Dimitris Zafeiris, Head of Risks and Financial Stability Department, EIOPA
Stan Maes, Deputy Head of Unit Macroprudential Policy, European Commission presentation
Richard Portes, Professor (London Business School) , President CEPR, Chair ESRB Advisory Scientific Committee presentation
Keynote Speech III

Shadow banking and systemic risks

Nicola Gennaioli, Professor, Bocconi University presentation
Chair: Seppo Honkapohja, Deputy Governor, Bank of Finland
Panel III - Looking ahead: Forthcoming financial innovations and institutions – opportunities and risks
Saskia de Vries-van Ewijk, Head of Department, Financial Stability, De Nederlandsche Bank
Moderator: Michala Marcussen, Global Head of Economics, Société Générale Corporate & Investment Banking and SUERF
Risto Murto, CEO, Varma Pension Fund
Henrik Normann, CEO, Nordic Investment Bank
Aleksi Grym, Head of Digitalisation, Bank of Finland
End of Colloquium