Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG


Programme


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4 July

08:30–09:30

Registration

09:30–10:00

Presidential Library,
Plenary session hall (second floor)
Opening event Address by Elvira Nabiullina, Governor of the Bank of Russia
Speaker
Elvira Nabiullina, Governor, Bank of Russia

10:00–11:30

Presidential Library,
Plenary session hall (second floor)
Plenary session I Plenary sessions Central Bank’s Policy Design: Pursuing Multiple Objectives in Times of Increasing Market Complexity and Risk Variety In an era of high global market volatility, emerging market central banks have to conduct policies that combine measures aimed at providing both mo...
In an era of high global market volatility, emerging market central banks have to conduct policies that combine measures aimed at providing both monetary and financial stability. What are the features of such policies? What does the ideal toolkit look like? How should a policy be implemented when one instrument is used to achieve several goals and several instruments seem to be aimed at the same objective?
Moderator
Stephanie Flanders, Senior Executive Editor for Economics, Bloomberg News
Speakers
Claudio Borio, Head, Monetary and Economic Department, Bank for International Settlements
Patricia Mosser, Director of the MPA Programme in Economic Policy Management, School of International and Public Affairs, Columbia University
Elvira Nabiullina, Governor, Bank of Russia
Richard Portes, Professor of Economics, London Business School
Zdenek Tuma, Partner of the Management Consulting Department, KPMG Czech Republic
Boris Vujčić, Governor, Croatian National Bank

11:30–11:50

Coffee break

11:50–13:00

Hotel Astoria, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.1: New Approaches to Finance for Housing Construction: Challenges and Opportunities for the Banking and Construction Sectors Housing finance reform: its social significance and role as a growth area for the banking and construction industries.This reform must ensure the c...
Housing finance reform: its social significance and role as a growth area for the banking and construction industries.
This reform must ensure the continued development of the housing market in order to meet the target indicators of the Housing and Urban Environment National Project.
Financing buyer-funded (shared-equity) housing development: a market for developing competitiveness in the banking sector.
Evaluating the risks and performance of construction projects: new regulatory approaches and the development of new competencies. The Unified Information System for Housing Construction (UISHC) as a unified platform and source of information for all market participants. Developer and construction company ratings: can they be relied on?
Laws and regulations: are the interests of all participants in buyer-funded housing development represented equally? Is the search for optimal rules for all market participants over?
Prospects and objectives for the construction industry and market: improving financing and strategic planning skills without using free financial resources, sector consolidation, increasing transparency, and developing technologies that take new client demands into account.
Moderator
Olga Polyakova, Deputy Governor, Bank of Russia
Speakers
Evgeny Bushmin, Deputy Chairman, Federation Council of the Federal Assembly of the Russian Federation
Artem Fedorko, Chairman of the Board, Bank DOM.RF
Dmitry Olyunin, First Deputy President and Chairman of the Management Board, VTB Bank
Anatoly Popov, Deputy Chairman of the Executive Board, Head of the Corporate Business Block, Sberbank
Nikita Stasishin, Deputy Minister of Construction, Housing, and Utilities of the Russian Federation

11:50–13:00

Angleterre Hotel, Conference hall 7 (first floor)
Macroeconomics and Monetary Policy Session 2.1: Challenges for the EME Central Banks’ Policies Amid Global Uncertainty Emerging markets have been caught between a rock and a hard place of the Fed’s policy normalisation and the global economic slowdown amplified by t...
Emerging markets have been caught between a rock and a hard place of the Fed’s policy normalisation and the global economic slowdown amplified by trade disputes and geopolitical tensions. What is the optimal monetary policy for emerging markets’ central banks? How flexible should their decision-making be? Which instruments could complement the traditional monetary policy toolkit?
Moderator
Lubomir Mitov, Consultant, World Bank
Speakers
Stephen Cecchetti, Professor of International Economics, Brandeis International Business School
Iikka Korhonen, Head of Research, Monetary Policy and Research Department, Bank of Finland Institute for Economies in Transition (BOFIT)
Guillermo Ortiz, Partner, Board Member, BTG Pactual
Marc Uzan, Executive Director, Reinventing Bretton Woods Committee
Oleg Vyugin, Chairman of Supervisory Board, Moscow Exchange; Chairman of the Board of the Directors, PJSC ‘SFI'

11:50–13:00

Presidential Library,
Conference hall 3 (second floor)
Financial Market Professionals Session 3.1: New Requirements for Financial Market Specialists As of 1 July 2019, in accordance with Federal Law No. 238-FZ, dated 3 July 2016, ‘On Independent Qualification Assessment’, any qualification asses...
As of 1 July 2019, in accordance with Federal Law No. 238-FZ, dated 3 July 2016, ‘On Independent Qualification Assessment’, any qualification assessment procedures that are not outlined in this law will no longer apply. For the financial market, this means there is a need to revise the qualification requirements for financial market specialists, since the qualification exam for the financial market specialist certificate will no longer be in use. This roundtable will therefore focus on proposals for qualification requirements, as well as the details of these requirements (level of the degree, major subject, and the exact area of training).
Given the growing use of software and hardware in the securities market and the global trend of robotisation, the session will also cover regulatory adjustment issues for cases in which the role of a financial market specialist is performed not by a human, but by a programme.
Moderator
Konstantin Korischenko, Chairman of the Commission for Professional Qualifications in Risk Management and Financial Services, Council for Professional Qualifications in the Financial Market; Chairman of the Supervisory Board, Guild of Financial Analysts and Risk Managers
Speakers
Larisa Azimova, Vice President, Head of the Depositary Center, Gazprombank
Dmitry Firsov, CEO, Newton Broker
Matvey Gorbachev, Director, Midland Hunt
Olga Shishlyannikova, Deputy Director, Securities Market and Commodity Market Department, Bank of Russia

11:50–13:00

Presidential Library,
Conference hall 1 (first floor)
Collective Investments: Main Challenges and Areas of Growth Session 4.1: The Investment Fund Market: A Reset This session will review the current state of and main trends in the development of the retail mutual investment fund market, new services and prod...
This session will review the current state of and main trends in the development of the retail mutual investment fund market, new services and products, and digital distribution of investment shares.
Specifically, investors’ requests for retail funds will be discussed, as well as competition between passive and active strategies of mutual fund portfolio management.
There will be a particular focus on Russian counterparts to exchange-traded funds.
Moderator
Vladimir Potapov, CEO, VTB Capital Investments; Senior Vice President, VTB Bank
Speakers
Irina Krivosheeva, CEO, Alfa-Capital Management Company
Steffen Scheuble, CEO, Solactive German Index Engineering
Alexey Timofeev, President, Russian National Association of Securities Market Participants (NAUFOR)
Oleg Yankelev, CEO, FinEx Plus Asset Management; Senior Partner, FinEx Capital Management LLP
Dinara Yunusova, CEO,Banki.ru

11:50–13:00

Presidential Library,
Conference hall 4 (third floor)
Microfinance Session 5.1: Credit Cooperation: Pathways Towards Earning Trust and Raising Popularity Credit cooperation, which re-emerged in Russia during the turbulent period of the 1990s, was viewed as a tool that provided the country’s citizens ...
Credit cooperation, which re-emerged in Russia during the turbulent period of the 1990s, was viewed as a tool that provided the country’s citizens with affordable and transparent financial services. Credit cooperatives (credit unions) were used for a good reason: throughout the world, they were viewed as a form of ‘safe finance’, or ‘household money’. To what degree does credit cooperation live up to this image in today’s Russia?
This session will examine the steps needed to make consumer credit cooperatives trustworthy, popular,
and viable institutions which can also play an effective role in tackling social issues.
Russian industry representatives will share their vision of the future, and the main provisions of the Credit Cooperation Development strategy – which the professional community plans to adopt in June 2019 – will be announced. An international expert will also express his views on the issues to be discussed.
Moderator
Galina Sharybkina, Advisor to the Director, Microfinance Market Department, Bank of Russia
Speakers
Igor Baginsky, Deputy Director, Department of Economics and Public Support for Agribusiness, Ministry of Agriculture of the Russian Federation
Tatiana Ivashkina, Chief Executive Officer, League of Credit Unions – National Union of Credit Cooperatives and Their Associations
Yury Marinichev, Member of the Board, Association of Credit Consumer Cooperatives ‘Gardarika’
Ulyana Mikhailova, Chairman, Pskov Regional Union of Trade Union Organizations ‘Pskov Regional Council of Trade Unions’

11:50–13:00

Hotel Astoria, Conference hall 5 (first floor)
Insurance Market Session 6.1: A Development Strategy for the Insurance Sector: Perspectives of the Market and the Regulator The effective development of the insurance market, an increase in the competitiveness and quality of insurance services, and improved financial sta...
The effective development of the insurance market, an increase in the competitiveness and quality of insurance services, and improved financial stability among market participants depend on a number of factors. There needs to be a unified approach to creating the conditions for the market, an understanding of regulators’ demands to the market, and indeed, an understanding of the market’s demands to the regulator.
The session will cover the current state of the insurance market (challenges and prospects, the effects of external factors); the objectives and principles of the Bank of Russia with respect to the development of the financial market as a whole and the insurance market as a crucial and socially important part of the financial market; the market’s view of the strategic goals of the insurance industry; the initial results of implementing the Development Strategy for the Russian Federation’s Insurance Industry for the period 2019–2021; the role of self-regulatory organisations in the development and qualitative improvement of the insurance services market; the introduction of innovative technologies to the insurance market to help transform the market landscape; and stimuli for the development of voluntary forms of insurance, including expectations regarding growth of home insurance in new regulatory conditions.
Moderator
Dmitry Rakovschik, CEO, RESO-Garantiya
Speakers
Vladimir Chistyukhin, Deputy Governor, Bank of Russia
Alexei Moiseev, Deputy Finance Minister of the Russian Federation
Igor Yurgens, President, All-Russian Insurance Association

11:50–13:00

Presidential Library,
Conference hall 2 (first floor)
Cross-sector sessions Session 7.1: Funding Entrepreneurship: A National Priority This session will focus on mechanisms to increase funding for SMEs. Representatives of the Ministry of Economic Development of the Russian Federati...
This session will focus on mechanisms to increase funding for SMEs. Representatives of the Ministry of Economic Development of the Russian Federation, development institutions, and the Moscow Exchange have been invited to take part in the discussion, which will cover the interconnections between the financial tools that contribute to growth of SME funding. In particular, the Small- and Medium-Sized Businesses and Support for Individual Entrepreneurship National Project will come under review, as will the Bank of Russia’s roadmap for the development of funding for small and medium-sized businesses. Special attention will be paid to the interconnection between all measures that could help increase financing for SMEs.
Moderator
Mikhail Mamuta, Head, Service for Consumer Protection and Financial Inclusion, Bank of Russia
Special guest
Muhammad Yunus, Professor, Founder of the Grameen Bank, Nobel Peace Prize Laureate of 2006
Speakers
Dmitry Golovanov, Chairman of the Board, SME Bank
Alexander Kalinin, President, All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses OPORA RUSSIA
Gennadiy Margolit, Executive Director, Innovation and Investment Market, Moscow Exchange
Andrey Tarakanov, Deputy Director, Department for Investment Policy and Entrepreneurship Development, Ministry of Economic Development of the Russian Federation
Front row participant
Elena Dybova, Vice President, Chamber of Commerce and Industry of the Russian Federation

13:00–14:30

Lunch

14:30–15:40

Hotel Astoria, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.2: IFRS 9: Specificities and Results of Implementation New accounting requirements for credit institutions came into effect in 2019, based on the principles of IFRS 9 Financial Instruments. At the same ...
New accounting requirements for credit institutions came into effect in 2019, based on the principles of IFRS 9 Financial Instruments. At the same time, the algorithms for using new accounting data to calculate prudential indicators have been clarified. Proposed topics for discussion during this session include the results of the transition to IFRS 9 in accounting, the specifics of implementing the new requirements, and current issues regarding IFRS 9.
Moderator
Andrey Kruzhalov, Deputy Governor, Bank of Russia
Speakers
Alexey Lobanov, Director, Banking Regulation Department, Bank of Russia
Ekaterina Nekrasova, Partner, PricewaterhouseCoopers Audit
Mikhail Ratinsky, Senior Managing Director, Chief Accountant – Director of the Accounting and Reporting Department, Sberbank
Maria Voloshina, Director, Accounting Regulation Department, Bank of Russia

14:30–15:40

Angleterre Hotel, Conference hall 7 (first floor)
Macroeconomics and Monetary Policy Session 2.2: Interaction Between Monetary Policy and Macroprudential Policy After the global financial crisis, financial market regulators have agreed that consistent implementation of policies aimed at reducing systemic ri...
After the global financial crisis, financial market regulators have agreed that consistent implementation of policies aimed at reducing systemic risks (macroprudential policies) is as important as the implementation of monetary policy. It has become evident that ensuring price stability alone is not enough to prevent accumulation of imbalances in the financial system. Thus, a need for a separate branch of regulation, aimed at financial stability support, has emerged. The implementation of each of these policies is impossible without taking into account the other, as their targets can be contradictory. As a result, the regulators need to balance monetary and macroprudential policies.

Session participants will discuss a wide range of issues:
What are the specifics of macroprudential policy, which instruments are used in its implementation, and why has it been widely discussed only after the financial crisis? How does macroprudential policy aimed at ensuring financial stability correlate with monetary policy that is aimed at supporting price stability? Which of them should prevail if there are any contradictions? What are the specific features in correlation between macroprudential monetary policy in emerging markets?
Moderator
Ksenia Yudaeva, First Deputy Governor, Bank of Russia
Speakers
Vincenzo La Via, Managing Director, CEO Promontory Europe and Middle East
Jesús Saurina Salas, Director General Financial Stability, Regulation and Resolution, Banco de España
Marc Uzan, Executive Director, Reinventing Bretton Woods Committee
Mikhail Zadornov, President – Chairman of the Management Board, Otkritie FC Bank

14:30–15:40

Presidential Library,
Conference hall 3 (second floor)
Financial Market Professionals Session 3.2: Competition for Retail Investors: Brokers and Trustees In a rapidly changing financial market, in which interest rates on bank deposits are becoming less attractive compared to the investment return off...
In a rapidly changing financial market, in which interest rates on bank deposits are becoming less attractive compared to the investment return offered by professional market participants, the retail investor’s attention is increasingly turning to the securities market. In these conditions, the battle for clients between financial intermediaries such as brokers and trustees has escalated.
This session will cover topical issues related to the development of the financial market, with regard to the advantages and risks of various models; serving the interests of investors when offering them investment products; and employing unfair competitive advantages.
For example, brokers’ statutory right to use their clients’ monetary assets in their own interest means that service fees are reduced, making brokerage more attractive to clients. However, this model comes with increased risks for investors. In addition, the population’s relatively low level of financial literacy is hindering the development of brokerage for a wider audience.
In this environment, highly qualified trustees, whose experience and skills allow them to determine the optimal investment strategy in accordance with the consumer’s appetite for risk, are an attractive proposition. However, trustees’ activities come with significant risks: trustees do not guarantee that anticipated rates of return will be reached, and cannot be held responsible if assets are lost in the pursuit of a particular strategy. Moreover, an additional barrier to the development of asset management in the retail sector is the low return offered by relatively small client portfolios, which forces trustees to set higher entry thresholds for retail investors.
Moderator
Catherine Golub, Project Coordinator, Forum Analytical Centre
Speakers
Ekaterina Andreeva, Vice President, Russian National Association of Securities Market Participants (NAUFOR)
Irina Krivosheeva, CEO, Alfa-Capital Management Company
Vladimir Potapov, CEO, VTB Capital Investments; Senior Vice President, VTB Bank
Larisa Selyutina, Director, Securities Market and Commodity Market Department, Bank of Russia

14:30–15:40

Presidential Library,
Conference hall 1 (first floor)
Collective Investments: Main Challenges and Areas of Growth Session 4.2: Private Pension Funds: Expanding Investment Opportunities vs Managing Risk – Earn or Save? This session will focus on the main areas of development in investment processes for private pension funds.Discussions will cover the new legal req...
This session will focus on the main areas of development in investment processes for private pension funds.
Discussions will cover the new legal requirements for financial instruments in private pension fund portfolios, including new types of assets, ratings, and exchange transactions.
Particular attention will be paid to long-term investments, currency instruments, and foreign securities.
Leading market experts will share their opinions on the effects that stress testing, fiduciary responsibility,
and requirements for a return on pension funds have on funds’ investment policies.
Moderator
Sergey Belyakov, President, Association of Non-State Pension Funds; Chairman of the Presidium, The Retail Companies Association; Chairman of the Management Board, National Association of Investment and Development Agencies; Managing Director, InfraONE
Speakers
Arseniy Glazkov, Director, Head of Derivatives Market Department, Moscow Exchange
Kirill Pronin, Director, Collective Investments and Trust Management Department, Bank of Russia
Igor Zelezetsky, CEO, Analytical Credit Rating Agency (ACRA)
Andrey Zhurikhin, Director, Risk Management Department, NPF BUDUSHCHEYE

14:30–15:40

Presidential Library,
Conference hall 4 (third floor)
Microfinance Session 5.2: The Socialisation of Microfinance Organisations: Transforming Business Models through Regulatory Action Legislative changes that have come into effect since January 2019 have had an impact on the microfinance market as a whole and on the way individua...
Legislative changes that have come into effect since January 2019 have had an impact on the microfinance market as a whole and on the way individual participants operate. Tightening the previously existing limit on payments for short-term consumer loans and introducing a limit on the daily interest rate have forced the majority of microfinance institutions to change their business models in order to maintain their market presence.
Representatives of the professional community will speak about their business restructuring strategies and new opportunities for development.
An international speaker will present his views on possible ways to boost microfinance based on international experience. Participants will learn about the position of human rights advocates on the issues under consideration. They will also discuss prospects of introducing a debt burden indicator into the regulation. The indicator is designed to reduce the burden on borrowers and prevent a possible increase in household debt.
Moderator
Vladimir Chistyukhin, Deputy Governor, Bank of Russia
Speakers
Andrey Kleymenov, CEO, EQVANTA
Evgeniya Lazareva, Project Manager, All-Russian People’s Front ‘For Borrowers’ Rights’
Alexei Savatyugin, Assistant Chairman, Accounts Chamber of the Russian Federation
Muhammad Yunus, Professor, Founder of the Grameen Bank, Nobel Peace Prize Laureate of 2006
Nikolay Zhuravlev, Member of the Federation Council of the Federal Assembly of the Russian Federation, First Deputy Chair, Federation Council Committee on Budget and Financial Markets

14:30–15:40

Hotel Astoria, Conference hall 5 (first floor)
Insurance Market Session 6.2: Motor Third-Party Liability Insurance: A Focus on Customization Motor third-party liability insurance is a key part of the Russian insurance industry, which has been very sensitive for customers in the last few ...
Motor third-party liability insurance is a key part of the Russian insurance industry, which has been very sensitive for customers in the last few years. The discussion will focus on a new, balanced model for motor third-party liability insurance, in which the customer is offered affordable and high-quality services with prices reflecting their driving behaviour, and the insurer benefits economically from providing such services.
The session will consider the preliminary results of the motor third-party liability insurance reforms; the main development trends of motor third-party liability insurance from 2017 to 2019, taking regional factors into consideration; the ability to customise motor third-party liability insurance products; digitalisation of motor third-party liability insurance (new opportunities for participant relations); and the role of insurance intermediaries in reforming motor third-party liability insurance.
Moderator
Victor Klimov, Financial Ombudsman in Insurance
Speakers
Philip Gabunia, Director, Insurance Market Department, Bank of Russia
Petr Shkumatov, Coordinator, Blue Buckets Society
Mikhail Volkov, CEO, Chairman of the Management Board, Ingosstrakh
Andrey Yazykov, Leading Researcher, Department of Insurance and Social Economics, Financial University under the Government of the Russian Federation

14:30–15:40

Presidential Library,
Conference hall 2 (first floor)
Cross-sector sessions Session 7.2: Digital Transformation and Cyber Risks in the Financial Sector The development of digital technologies, the emergence of new solutions and services, and the transfer of business processes into the digital space...
The development of digital technologies, the emergence of new solutions and services, and the transfer of business processes into the digital space can significantly improve customer experience and reduce companies’ costs. Regulators, meanwhile, also play an important role in digital transformation by creating the legal conditions for introducing innovations and implementing infrastructure projects that affect all financial market participants.
At the same time, in the context of the digitalisation of the entire economy, risks in the field of information security are growing, and therefore information security and cyber resistance are key factors for the success of any technical solution. Information security has been assigned to a separate project as part of the Digital Economy of the Russian Federation programme.
Moderator
Olga Skorobogatova, First Deputy Governor, Bank of Russia
Speakers
Olga Dergunova, Deputy President and Chairman of the Management Board, VTB Bank
Max Hauser, Partner, Managing Director, BCG
Stanislav Kuznetsov, Deputy Chairman of the Executive Board, Sberbank
Ilya Sachkov, CEO and founder, Group-IB
Artem Sychev, First Deputy Director, Information Security Department, Bank of Russia

15:40–16:00

Coffee break

16:00–17:10

Hotel Astoria, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.3: Business Models for Regional Banks: The Past, Present, and Future Regional banks used to have the advantage of flexibility, a custom-tailored approach, and faster loan approval over credit institutions that operat...
Regional banks used to have the advantage of flexibility, a custom-tailored approach, and faster loan approval over credit institutions that operate on a federal level. In recent years, the situation has shifted in favour of the latter, in part as a result of significant investments and other opportunities that regional banks do not have the means for or access to. Consequently, regional banks have been forced to shift their focus to operations in the interbank lending market and with the Bank of Russia. In response, the Bank of Russia has enacted proportional regulations, created the Marketplace platform, and helped improve the deposit insurance system by extending it to include small enterprise assets. Is this enough to activate the development of regional banks? What is their role today?
Moderator
Anatoly Aksakov, Chairman, Committee on Financial Markets of the State Duma of the Federal Assembly of the Russian Federation
Speakers
Mikhail Gaponov, Chairman of the Management Board, Assotsiatsiya Bank
Larisa Pavlova, Head, Volga-Vyatka Main Branch, Bank of Russia
Alexander Polonsky, Director, Banking Supervision Support Department, Bank of Russia
Bogdan Shablya, Head, Service for Ongoing Banking Supervision, Bank of Russia

16:00–17:10

Angleterre Hotel, Conference hall 7 (first floor)
Macroeconomics and Monetary Policy Session 2.3: Central Banks’ Communication as a Monetary Policy Tool Just three decades ago, the most common practice of central banks was to keep information about decision-making processes inside. The situation cha...
Just three decades ago, the most common practice of central banks was to keep information about decision-making processes inside. The situation changed recently and active communications has gradually become a crucial element of contemporary central banking.
The global experience in central bank communications under inflation targeting and current practices in different countries show that many questions remain open in this area.
One of the most debated issues is the future of monetary policy forward guidance amid the normalisation of monetary policy in advanced economies and global financial conditions. The issues of optimal transparency and expediency of publication policy rate path remain crucial. Emerging market economies face their specific conditions and challenges.These are the questions addressed at the session with representatives of central banks with a long and successful record of communication policy, researches and market analysts.
Moderator
Stephanie Flanders, Senior Executive Editor for Economics, Bloomberg News
Speakers
Michael Ehrmann, Head of the Monetary Policy Research Division, European Central Bank
Clemens Grafe, Co-Head of CEEMEA (Central & Eastern Europe, Middle East and Africa) Economics, Goldman Sachs Global Investment Research
Sergey Romanchuk, Head of FX&MM Metallinvestbank; President, ACI Russia – The Financial Markets Association
Zdenek Tuma, Partner of the Management Consulting Department, KPMG Czech Republic
Alexey Zabotkin, Director, Monetary Policy Department, Bank of Russia

16:00–17:10

Presidential Library,
Conference hall 3 (second floor)
Financial Market Professionals Session 3.3: The Derivatives Market: On the Cusp of Change? During this session, participants will discuss existing regulation, the requirements of today’s financial market participants (including corporate ...
During this session, participants will discuss existing regulation, the requirements of today’s financial market participants (including corporate and institutional investors) and actions that need to be taken for the further development of the derivatives market.
Currently, spot trading holds the largest share of the commodity market. The development of a derivatives market is the logical transition from a spot market to an investment market, whereby derivatives move in correspondence to underlying assets, which is a crucial part of using hedging to manage financial risks. Currently, commodity derivatives are tied for the most part to foreign benchmarks, which do not always fairly reflect the value of Russian commodities.
This session will therefore focus on plans by Russian exchanges to develop derivative trading based on commodities (oil, petroleum products, agricultural products, etc.) targeting both domestic and foreign markets.
Derivatives traded on the Russian market based on other underlying assets, including standardised and other exchange derivatives, will also be discussed.
The discussion will cover pressing issues of regulating interest rate risk of a certain financial instrument, and the use of repo with CPC indicators as an indicator of a fast-developing product in the money market
Moderator
Igor Marich, Managing Director, FX, MM & Derivatives, Member of the Executive Board, Moscow Exchange
Speakers
Igor Golutvin, Head of Commodity Trading and Deputy Head of Global Commodities division, VTB Capital
Roman Lokhov, CEO, BCS Global Markets
Dmitry Popov, Head of Petroleum Product Sales, Lukoil
Olga Shishlyannikova, Deputy Director, Securities Market and Commodity Market Department, Bank of Russia
Alexander Zozulya, Co-Head of Trading, Global Markets Department, Sberbank

16:00–17:10

Presidential Library,
Conference hall 1 (first floor)
Collective Investments: Main Challenges and Areas of Growth Session 4.3: The Special Depository: Keeping in Step with the Times; What Does an Investor Pay for? This session will focus on the main areas of growth for specialised depositories, as well as the current technological infrastructure needs as dict...
This session will focus on the main areas of growth for specialised depositories, as well as the current technological infrastructure needs as dictated by the market.
Leading experts in the collective investment market will share their opinions on the new functions that specialised depositories may potentially provide, including outsourcing the functions of client services, such as the back office; possible settlements of client transactions and liabilities by specialised depositories; additional services for insurance companies; and serving other types of clients. The possibility of applying international practices of introducing custodians and fund administrators will also be discussed.
Additional topics will cover the rules of mutual fund trust management and regulatory barriers.
Are specialized depositaries willing to have the rules of trust management registered, and do investors need it? What is currently hindering the improvement of business efficiency and client confidence?
Moderator
Catherine Golub, Project Coordinator, Forum Analytical Centre
Speakers
Michael Boboshko, Head, NAIMA Hedge Fund Committee
Tatiana Esaulkova, General Director, SDK Garant
Jean-Pierre Gomez, Head of Regulatory & Public Affairs, Société Générale Securities Services in Luxembourg
Vladimir Kirillov, CEO, TKB Investment Partners
Pavel Prass, Managing Director, INFINITUM Asset Services

16:00–17:10

Presidential Library,
Conference hall 4 (third floor)
Microfinance Session 5.3: The Development and Improvement of a Self-Regulation Institution on the Microfinance Market This session will review the main developments in the microfinance market since legislative requirements for self-regulation came into force. Prosp...
This session will review the main developments in the microfinance market since legislative requirements for self-regulation came into force. Prospects for further improvement, as well as the possibility for self-regulatory organisations (SROs) to play a bigger role in the process of monitoring and oversight will be covered.
Aspects related to shaping the monitoring environment will also come under discussion. Topics will include providing the necessary methods and instruments of monitoring for SROs, and implementing measures to improve the quality of work done by SROs.
Participants will examine the benefits of regulation based on key standards, and the flexible and prompt regulatory impact it would have on microfinance institutions. They will have the opportunity to find out how applying these standards has affected microfinance market participants, particularly with regard to financial stability. The topics of misconduct and preventing unfair practices will also come under discussion.
Moderator
Ilya Kochetkov, Director, Microfinance Market Department, Bank of Russia
Speakers
Igor Baginsky, Deputy Director, Department of Economics and Public Support for Agribusiness, Ministry of Agriculture of the Russian Federation
Renat Davletgareyev, Chairman of the Board, Credit Union ‘Renda Savings and Loan Fund’
Elman Mekhtiev, Chairman of the Council, Union of Microfinance Organisations ‘Microfinance and Development’; President, National Association of Professional Collector Agencies
Alexander Solomkin, Director, Self-Regulatory Organisation of Credit Consumer Cooperatives ‘Cooperative Finances’

16:00–17:10

Hotel Astoria, Conference hall 5 (first floor)
Insurance Market Session 6.3: The Consumer in the Insurance Market The development of the insurance industry and, by extension, the improvement of people’s quality of life, depend on several factors. Companies and ...
The development of the insurance industry and, by extension, the improvement of people’s quality of life, depend on several factors. Companies and customers must be able to interact in a constructive manner, misconduct in the market must be prevented, and innovative solutions need to be applied to make insurance products more affordable and to improve customer service.
Discussions will cover the responsibilities of the insurance industry, ways to increase the focus on the customer, standardisation across the industry, the digitalisation of insurance products, the customisation of services, and growth of healthy competition on the insurance market.
Moderator
Petr Shkumatov, Coordinator, Blue Buckets Society
Speakers
Ivan Kozlov, Deputy Head, Service for Consumer Protection and Financial Inclusion, Bank of Russia
Evgeniya Lazareva, Project Manager, All-Russian People’s Front ‘For Borrowers’ Rights’
Vladimir Skvortsov, CEO, AlfaStrakhovanie Group
Yury Voronin, Chief Financial Commissioner for Consumer Rights, Financial Ombudsman Administration
Front row participant
Kirill Molodyko, Leading Researcher, National Research University Higher School of Economics

16:00–17:10

Presidential Library,
Conference hall 2 (first floor)
Cross-sector sessions Session 7.3: Approaches to the Regulation of Financial Groups Currently, the lines between various types of financial intermediaries tend to blur, and even though their operations are specialised, they are in ...
Currently, the lines between various types of financial intermediaries tend to blur, and even though their operations are specialised, they are in fact managed by the same stakeholders and executives at the level of financial groups’ parent organisations. Capital, liquidity and risks are managed at a consolidated level within financial groups, and the specific risks which arise in the operations of these groups present a serious challenge to central banks and other regulators. Regulators’ activities to monitor these risks should be efficient, but not excessive. Session participants will have the opportunity to discuss plans of the Bank of Russia to introduce a new approach to regulating the operations of financial groups.
Moderator
Dmitry Tulin, First Deputy Governor, Bank of Russia
Speakers
Dmitry Levin, Deputy President – Chairman of the Board, Bank Otkrytie FC
Vasily Pozdyshev, Deputy Governor, Bank of Russia
Andrey Sokolov, Chairman of the Executive Board, ALFA-BANK

17:10–17:30

Coffee break

17:30–18:40

Hotel Astoria, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.4: RegTech and SupTech: Technological Transformation of Interaction between the Financial Industry and the Regulator The development of FinTech is providing new instruments to improve regulation and supervision. The digitalization of this area has not only led to ...
The development of FinTech is providing new instruments to improve regulation and supervision. The digitalization of this area has not only led to the emergence of RegTech and SupTech, but is spurring a transformation in the way regulators interact with financial market participants. This session will focus on the following topics:
Digitalizing supervision. A new perspective on risk and regulation.
The main trends in RegTech and SupTech: the use of AI, ML, and Big Data tools. The digitalization of reporting.
RegTech and SupTech solutions currently required by credit organizations. The need for assistance from the Bank of Russia in implementing such solutions.
A roadmap to implement RegTech and SupTech projects at the Bank of Russia.
Moderator
Vasily Pozdyshev, Deputy Governor, Bank of Russia
Speakers
Giuseppe Bruno, Director, Head of Support for Economics and Statistics, Bank of Italy
Laurent Camus, Representative of the FinTech Innovation Department, Bank of France
Johannes Turner, Director, Statistics Department, Oesterreichische Nationalbank (OeNB)
Alexander Vedyakhin, First Deputy Chairman of the Executive Board, Sberbank

17:30–18:40

Angleterre Hotel, Conference hall 7 (first floor)
Macroeconomics and Monetary Policy Session 2.4: Inflation Expectations: How Do We Anchor Them? Most central banks in advanced economies pursue an inflation targeting policy. The key characteristic of this regime is that a central bank can inf...
Most central banks in advanced economies pursue an inflation targeting policy. The key characteristic of this regime is that a central bank can influence the future inflation path by managing expectations of economic agents. Therefore, the anchoring of inflation expectations, that is their response to short-term inflation shocks, is of high importance.
Data on inflation expectations are usually obtained from sociological surveys or indirect estimates of observed data. As a result, they may differ in different groups of economic agents and influence inflation in different ways.
What approaches are used to measure inflation expectations, assess their effect on inflation and determine to what extent they are anchored? How should monetary policy decision-making take inflation expectations into account?
Moderator
Miroslav Singer, Member of the Board, Generali Austria, CEE & Russia
Speakers
Andrey Lipin, Deputy Director, Monetary Policy Department, Bank of Russia
Armen Nurbekyan, Head of Training and Research Centre in Dilijan, Member of the Executive Committee, Central Bank of the Republic of Armenia
Lyudmila Presnyakova, Head of Research Projects, InFOM
Sergey Slobodyan, Director, CERGE-EI

17:30–18:40

Presidential Library,
Conference hall 3 (second floor)
Financial Market Professionals Session 3.4: Identifying Optimal Levels of Regulation and Efficient Oversight in the Securities Market: Theory and Practice This session will cover key issues for professional market players, including managing regulatory burdens and interacting with the regulator during...
This session will cover key issues for professional market players, including managing regulatory burdens and interacting with the regulator during oversight activities.
In 2018, the Bank of Russia issued a concept covering proportional regulation and risk-based oversight for non-bank financial organisations (NFOs). It worked with self-regulatory organisations and market participants to draw up a roadmap to introduce the concept for securities market players. The implementation of this concept has meant that the Bank of Russia’s principles of and approach to oversight are changing.
Proportional oversight hinges upon the level of risk for organisations which come under scrutiny, as well as the nature and extent of consequences for such organisations if they fail to meet obligations to their customers, the industry, and the market as a whole. Accordingly, when performing regulatory measures, the Bank of Russia currently places an emphasis on a risk-based approach and ensuring a transition to proportional supervision by establishing uniform ways to determine oversight methods, depending on the size, significance, and the risk profile of organisations under scrutiny. At the same time, market participants claim that the supervisory procedures place a significant burden on financial institutions.
In this discussion between the professional community and the regulator, further steps to achieve optimal regulation and risk-based supervision of NFOs will be considered.
Moderator
Andrey Zorin, Government Relations Director, Otkritie Bank
Speakers
Tatyana Fedyashina, CEO, REGION Broker Company
Larisa Selyutina, Director, Securities Market and Commodity Market Department, Bank of Russia
Vladimir Yarovoy, Head of Global Markets and Managing Director of Global Markets Department, Sberbank
Kirill Zverev, Vice President, National Association of Securities Market Participants (NAUFOR)

17:30–18:40

Presidential Library,
Conference hall 1 (first floor)
Collective Investments: Main Challenges and Areas of Growth Session 4.4: Private Pension Funds: Competition and Factors Hindering Business Development This session will examine various manifestations of competition in the private pension fund market.Discussions will focus on competition between PP...
This session will examine various manifestations of competition in the private pension fund market.
Discussions will focus on competition between PPFs of different sizes, including those with and without government participation, and the consequences of unfair competition, particularly as a result of actions by a fund’s agents. This will also provide an opportunity to assess the prospects for small private pension funds.
Speakers will review how PPFs compete for investors’ money with other financial market participants, such as insurers, banks, and professional market players. Special attention will be paid to enhancing confidence in PPFs through, for example, the pension guarantee system (compulsory pension insurance and, at a later stage, non-state pension schemes), and the financial recovery mechanism for PPFs.
The competitive advantage of asset management companies over private pension funds will also be examined, as limitations on managing pension investment portfolios are being removed.
Moderator
Yury Voronin, Chief Financial Commissioner for Consumer Rights, Financial Ombudsman Administration
Speakers
Sergey Belyakov, President, Association of Non-State Pension Funds; Chairman of the Presidium, The Retail Companies Association; Chairman of the Management Board, National Association of Investment and Development Agencies; Managing Director, InfraONE
Vladimir Chistyukhin, Deputy Governor, Bank of Russia
Viktor Kitaev, President, Atomgarant Private Pension Fund
Galina Morozova, Deputy General Director, REGION Investment Company
Olga Sergeeva, Head, Financial Markets Control Department, Federal Antimonopoly Service (FAS Russia)

17:30–18:40

Presidential Library,
Conference hall 4 (third floor)
Microfinance Session 5.4: Online Services in the Microfinance Market: Challenges and Growth Prospects The microfinance market is rapidly being transformed by the latest technologies. Loans are issued online, biometrics and artificial intelligence ar...
The microfinance market is rapidly being transformed by the latest technologies. Loans are issued online, biometrics and artificial intelligence are used almost as often as in the banking sector, and microfinance companies are becoming advanced platforms incorporating FinTech solutions.
Participants will discuss the challenges facing the online segment, including those emerging as remote sales channels expand, and present their methods of effectively confronting such challenges.
The session will also provide an opportunity to learn about currently available technical innovations that can be used, among other things, to minimise companies’ risks, reduce costs, enhance customer relations, and improve the quality of services.
Representatives of the business community will share their knowledge on remote scoring. In addition, a representative of the Bank of Russia will provide an update on the development of biometrics.
Moderator
Speakers
Irina Khoroshko, CEO, MoneyMan
Andrey Petkov, CEO, IFC Chestnoe Slovo
Danil Sherstobitov, Chief Operations Officer, Scorista
Ivan Zimin, Acting Director, Financial Technology Department, Bank of Russia

17:30–18:40

Hotel Astoria, Conference hall 5 (first floor)
Insurance Market Session 6.4: New Approaches to Assessing the Financial Stability of Insurance Companies The development of both the financial and insurance markets has led to increasingly complex operations on the insurers’ balance sheets. In order to...
The development of both the financial and insurance markets has led to increasingly complex operations on the insurers’ balance sheets. In order to assess the financial stability of insurance companies, it is vital to systematically evaluate all the insurers’ assets and liabilities, as well as potential shake-ups affecting individual companies and the economy as a whole.
Topics for discussion:
The main sources of risk to financial stability: the ratio of insurance, financial, and operational risks.
The role of corporate governance in improving financial sustainability.
The impact of turbulence in the market, and contributing factors.
The effect a high concentration of credit risk has on financial stability assessments.
Features of insurers’ individual business models: reinsurance, life insurance, and compulsory medical insurance.
Moderator
Maria Bogomolova, Partner, Assurance and Consulting Services Leader to the Insurance Sector, PwC Russia
Speakers
Alexey Bredikhin, Director, Financial Institutions Rating Group, Analytical Credit Rating Agency (ACRA)
Philip Gabunia, Director, Insurance Market Department, Bank of Russia
Andrey Saveliev, Director for Finance and Investment, Corporate Governance Directorate, RESO-Garantia
Anastasia Vinogradova, Partner, Head of Insurance and Non-State Pension Funds Advisory Division, EY

17:30–18:40

Presidential Library,
Conference hall 2 (first floor)
Cross-sector sessions Session 7.4: The Сontribution of Сorporate Governance to the Competitiveness of a Financial Institution Why do some banks have an effective strategy, while others have to undergo reorganisation? What is the difference between insurance companies that ...
Why do some banks have an effective strategy, while others have to undergo reorganisation? What is the difference between insurance companies that successfully attract strategic partners and build long-term business relations, and those that need to be bailed out or have their license withdrawn? While the reason in each case will vary, it often boils down to the corporate governance employed by the company, and in particular its financial governance.
How do the owner, directors and management work together to utilise corporate governance principles to promote growth and competitiveness of a financial organisation? Do independent directors have any influence on the situation? Is there a way to effectively manage the owners’ conflicts of interest?
Moderator
Oleg Vyugin, Chairman of Supervisory Board, Moscow Exchange; Chairman of the Board of the Directors, PJSC ‘SFI'
Speakers
Dmitry Eremeev, Chairman of the Board of Directors, Owner, Bank 131; President, FIX
Maria Gordon, Chairman, Supervisory Board Audit Committee, Independent Director, Moscow Exchange
Alexey Panferov, Vice Chairman of the Management Board, Sovcombank
Sergey Shvetsov, First Deputy Governor, Bank of Russia
Elena Titova, Independent Director, Otkritie FC Bank
Front row participant
Alexander Ikonnikov, Chairman, Supervisory Board, Independent Directors Association

19:00–22:00

Presidential Library,
Plenary session hall (second floor)
Bank of Russia Reception