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Shadow Banking: Financial Intermediation beyond Banks

33rd SUERF Colloquium & Bank of Finland Conference

Shadow Banking: Financial Intermediation beyond Banks

Date:    14-15 (Thursday-Friday) September 2017
Venue:  House of the Estates, Snellmaninkatu 9-11, Helsinki, Finland

Motivation
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
13:00 Registration and Coffee
13:30 Opening and Welcome

Urs W. Birchler, SUERF President

Esa Jokivuolle, Head of Research, Bank of Finland

 
14:00 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)
Speech by Tobias Adrian, International Monetary Fund

 
14:45 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)
A critical review of statistics assessing the size and the riskiness of the securitization market: evidence from Italy and other euro area countriesA critical review of statistics assessing the size and the riskiness of the securitization market: evidence from Italy and other euro area countries


Vulnerable Funds?
Christoph Fricke (Deutsche Bundesbank), and Danile Fricke (LSE)
see Paper Vulnerable Funds?Vulnerable Funds?


Traditional and shadow banks during the crisis
Victor Lyonnet (HEC Paris, École Polytechnique), and Edouard Chrétien (ACPR, École Polytechnique)
see PaperTraditional and shadow banks during the crisis Traditional and shadow banks during the crisis


Shadow Banking, macroprudential regulation and financial stability
Margarita Rubio (University of Nottingham)
see PaperShadow Banking, macroprudential regulation and financial stabilityShadow Banking, macroprudential regulation and financial stability


A Securitization-based model of shadow banking with surplus extraction and credit risk transfer
Patrizio Morganti (Tuscia University in Viterbo)
see PaperA Securitization-based model of shadow banking with surplus extraction and credit risk transfer A Securitization-based model of shadow banking with surplus extraction and credit risk transfer


Shadow Banking and Financial Stability Under Limited Deposit Insurance
Lukas Voellmy (University of Bern)
see Paper Shadow banking and financial stability under limited deposit insuranceShadow banking and financial stability under limited deposit insurance


Liquidity creation, capital requirements, and regulatory arbitrage
Paul Schempp (University of Cologne), and Stephan Luck (Federal Reserve Board)
Liquidity creation, capital requirements, and regulatory arbitrageLiquidity creation, capital requirements, and regulatory arbitrage


Profit sharing: A contracting solution to harness the wisdom of the crowd
Jiasun Li (George Mason University)
Profit sharing: A contracting solution to harness the wisdom of the crowdProfit sharing: A contracting solution to harness the wisdom of the crowd

 
15:45 Coffee Break
16:00 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
C. Upper - presentationC. Upper - presentation

Tuomas Peltonen, The European Systemic Risk Board (ESRB)
T. Peltonen - presentationT. Peltonen - presentation

Yasushi Shiina, The Financial Stability Board (FSB)
Y. Shiina - presentationY. Shiina - presentation

Antti Suhonen, Aalto University
A. Suhonen - presentationA. Suhonen - presentation

 
17:30 Keynote Speech II

Chair: Ernest Gnan, Head of Division, Oesterreichische Nationalbank and SUERF


Financial Disrupters: Disintermediation & Driving Synergies
Phillip Straley, President, ECO World Alliance, Regional Head, APAC

 
18:20 Presentation of the Marjolin Prize 2017
18:30 End of first day’s proceedings
19:30 Dinner
Dinner hosted by Seppo Honkapohja, Deputy Governor, Bank of Finland

Seppo Honkapohja, Deputy Governor, Bank of Finland
Welcome Remarks

 
Friday, 15 September 2017
09:00 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

Speech by Danièle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism

 
10:00 Coffee Break
10:30 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

Richard Portes, Professor (London Business School) , President CEPR, Chair ESRB Advisory Scientific Committee
R. Portes - presentationR. Portes - presentation

Dimitris Zafeiris, Head of Risks and Financial Stability Department, EIOPA

Stan Maes, Deputy Head of Unit Macroprudential Policy, European Commission
S. Maes - presentationS. Maes - presentation

 
12:15 Lunch
13:45 Keynote Speech III

Chair: Seppo Honkapohja, Deputy Governor, Bank of Finland


Shadow banking and systemic risks
Nicola Gennaioli, Professor, Bocconi University
N. Gennaioli -  presentationN. Gennaioli - presentation

 
14:30 Panel III - Looking ahead: Forthcoming financial innovations and institutions – opportunities and risks

Moderator: Michala Marcussen, Global Head of Economics, Société Générale Corporate & Investment Banking and SUERF

Henrik Normann, CEO, Nordic Investment Bank

Aleksi Grym, Head of Digitalisation, Bank of Finland

Risto Murto, CEO, Varma Pension Fund

Saskia de Vries-van Ewijk, Head of Department, Financial Stability, De Nederlandsche Bank

 
16:00 End of Colloquium

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