Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

27th International Financial Congress programme

Results of the 27th International Financial Congress

Plenary session: How does regulation affect financial system stability and economic growth? Plus 4 panel sessions:

  1. Birth traumas and acquired illnesses in the Russian banking system: on the way to recovery

  2. How economic trends will shape the financial sector

  3. Competition on the financial market: obstacles and solutions

  4. Three development strategies: financial market, information technologies, and financial inclusion

15 roundtables:

  • RT 1.1: The impact of low inflation on the economy

  • RT 1.2: Modernizing banking supervision: initial results

  • RT 1.3: A single EAEU financial market: development parameters

  • RT 1.4: The digital transformation of the financial sector: challenges and opportunities

  • RT 2.1: Preventive supervision: internal procedures for assessing capital adequacy and conducting stress tests

  • RT 2.2: Microfinance under new conditions: reducing the loan cost and the stability of microfinance institutions

  • RT 2.3: Hot trends in cybersecurity

  • RT 2.4: Attracting investment: banks vs capital markets

  • RT 3.1: Technology as a competitive factor in the financial market: a solution for everyone or everyone for themselves?

  • RT 3.2: Fair competition on the financial market: countering illegal participants

  • RT 3.3: Proportionate regulation and supervision on the financial market

  • RT 3.4: Human capital in the financial sector: challenges, strategies, and values

  • RT 4.1: Current issues in compulsory third-party liability motor insurance (CTPLM)

  • RT 4.2: Creating long-term money institutions: international practices for developing the Russian market

  • RT 4.3: The search for new brokerage opportunities in mediation by professional securities market participants

Address by Governor of the Central Bank of Russia Elvira Nabiullina

Address by keynote speaker – Willem Bauter, Special Economic Advisor, Citigroup

Signing of an agreement on information security cooperation between the Bank of Russia and the National Bank of the Republic of Kazakhstan

Signing of an agreement on cooperation and exchanging confidential and other data between the Bank of Russia and the National Bank of the Republic of Kazakhstan for the purposes of financial market supervision

Separate presentation area programme, featuring the following sessions and presentations:

  • Presentation of RuData: a new system for assessing the cost, liquidity, and activity of Russian bonds using data from Interfax, the National Settlement Depository (NSD) Price Centre, and Thomson Reuters

  • Bank of Russia analytical report – The Post-Crisis Decade in the Russian Banking Sector: General Trends and Challenges

  • Presentation of Marketplace prototype and pilot project

  • Presentation by Rostelecom: Demonstrating Remote Biometric Identification via Post Bank Remote Banking

  • Presentation of Bank of Russia analytical report with the participation of FAS Russia: Competition on the Financial Market

  • Presentation of the Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF) report: In Search of the Optimal Depth and Structure for the Financial Sector from the Perspective of Economic Growth and Macroeconomic Stability

  • Presentation of the Bank of Russia Banknotes mobile app

  • Session on Financial Education: The Role of Market Participants

  • Session on XBRL: Initial Results of Reporting. Next Steps

As part of an additional programme, a Summer School in Macroeconomics was organized for undergraduate, postgraduate, and doctoral students, together with a Bank of Russia Economic Research Conference titled ‘Inflation: New Insights for Central Banks’

Six conferences and roundtables took place ahead of the main conference programme:

  • Roundtable: Current Issues in Asset Management Regulation (NAUFOR)

  • Roundtable: Bonds and other financial tools and capital market mechanisms for funding infrastructure projects (NAKDI)

  • Conference: Current issues in microfinance (NAUMIR)

  • Conference: Strengthening the rationality and integrity of financial organization directors: a toolset (Bank of Russia)

  • Roundtable: Conduct supervision, from concept to practice: agency schemes for selling financial products (Bank of Russia)

  • Roundtable: What should the pension system of the Russian Federation look like? Key issues (National Association of Non-Governmental Pension Funds)

The Congress business programme touched on all aspects of how the financial market operates. Discussions at the International Financial Congress 2018 focused on regulation of the financial environment, the role of the financial system in supporting economic growth, monetary policy, the banking industry, the pension savings market, insurance, microfinance, financial technologies, financial inclusion, and many other topics.

IFC-2018 saw the launch of the first presentation area as part of the Congress. This served as the venue for five presentations, two business sessions, the presentation of two analytical reports, and the signing of two agreements.

IFC-2018 also featured an exhibition at which ten companies were represented: VTB Bank, Mir National Payment System, Moscow Exchange, Russian Agricultural Bank, Sberbank, Rostelecom, Goznak, SME Bank, Rosinkas, Fintech Association, and FinCERT.

The 2018 International Financial Congress was attended by approximately 1,200 participants from 41 countries: Armenia, Austria, Belarus, Belgium, British Virgin Islands, Canada, China, Cyprus, Czech Republic, Egypt, Finland, France, Germany, Hungary, Iran, Israel, Italy, Japan, Jersey, Kazakhstan, Kyrgyzstan, Luxembourg, Malaysia, Mauritius, Moldova, Mongolia, Montenegro, Netherlands, Poland, Republic of Korea, Russia, Serbia, Spain, Sweden, Switzerland, Tajikistan, Turkey, United Kingdom, USA, US Virgin Islands, and Uzbekistan. Attendees included 169 heads of Russian and foreign businesses.

The following organizations were represented at the Congress:

  • 85 credit organizations from 15 cities. Among these were leading Russian banks: Sberbank of Russia, VTB Bank, Gazprombank, Russian Agricultural Bank, Otkritie FC Bank, Alfa Bank, UniCredit Bank, Rosbank, Bank Saint Petersburg, Citibank, and others

  • Central (national) banks from 14 countries: Armenia, Belarus, the Czech Republic, Finland, France, Germany, Hungary, Kazakhstan, Kyrgyzstan, Moldova, Montenegro, Russia, Spain, and Turkey

  • 35 insurance companies; 16 private pension funds; 18 investment companies; 22 professional securities market participants; 23 management companies; 37 microfinance organizations, pawnbrokers, and consumer credit cooperatives; 15 self-regulating organizations; and 2 trade/exchange organizers

  • 19 associations/unions/alliances of credit organizations and other financial market participants in Russia, the CIS, and worldwide; 10 auditing and consulting firms; 14 IT companies; 5 payment systems; 6 ratings agencies; academic representatives from 10 national higher education institutions; representatives from telecommunications companies, funds, non-bank credit organizations, manufacturing companies, and legal firms

  • The World Bank, the European Bank for Reconstruction and Development, the Financial Stability Board, the Alliance for Financial Inclusion, the International Organization of Securities Commissions, the Organization for Economic Cooperation and Development, the Ministry of Finance of the Republic of Belarus, the Polish Financial Supervision Authority, the Securities Commission of Serbia, the Financial Regulatory Commission of Mongolia, the Financial Services Commission of Mauritius, the Eurasian Economic Union, the Interstate Bank, and the New Development Bank

  • Legislative and executive authorities at various levels: the Federal Assembly (the Russian Federation Council and the Russian State Duma), the Ministry of Finance, the Ministry of Economic Development, the Ministry of Justice, the Ministry of Internal Affairs, the Accounts Chamber of the Russian Federation, the Federal Antimonopoly Service, the Federal Tax Service, the Federal Security Service, the Federal Financial Monitoring Service, the Deposit Insurance Agency, and Vnesheconombank.