Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG


Programme


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4 July

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
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5 July

10:00–11:30

Presidential Library,
Plenary session hall (second floor)
Plenary session II Plenary sessions Self-Regulation, Ethics, and Conduct Supervision: Challenges for the Next Three Years Self-regulation on the financial market is an effective means of determining requirements for professional standards, implementing ethical codes of...
Self-regulation on the financial market is an effective means of determining requirements for professional standards, implementing ethical codes of conduct, and applying best business integrity practices. This session will focus on approaches to implementing professional and ethical standards which take into account the specific aspects of working in the financial market. Participants will also discuss the role of the regulator in drafting and monitoring standards, as well as the feasibility of self-regulation in the banking sector. What innovations should we expect to see in self-regulation over the coming three years, during which time the Bank of Russia will be implementing its new financial market development strategy?

The lack of a systemic approach to establishing a corporate culture in the financial market is one of the reasons why trust in financial institutions has fallen. The Bank of Russia has drafted a Code of Integrity to serve as the foundation for applying ethical standards in the financial industry. What are the benefits and costs of implementing the code in the eyes of the financial industry? How can the corporate culture of the financial sector be transformed? Is the market prepared for principle-based regulation? Are the Bank of Russia’s efforts to focus on improving integrity among financial market players and employees sufficient?

This session will feature a dialogue between the regulator and the market on developing and improving the effectiveness of conduct supervision. How can conduct supervision be made into a strategic development tool for financial market participants aimed at implementing the best behavioural models? Could systemic violations of consumer rights or malpractice lead to harsh consequences, even if the company is in good financial health? International experience will also come under examination, particularly non-standard approaches to behavioural oversight, including measures to counter the misselling of financial products.
Moderator
Sergey Shvetsov, First Deputy Governor, Bank of Russia
Speakers
Tiago Aguiar, Deputy Head of the Banking Conduct Supervision Department, Bank of Portugal
Georgy Luntovskiy, President, Assoсiation of Banks of Russia
Mikhail Mamuta, Head, Service for Consumer Protection and Financial Inclusion, Bank of Russia
Igor Yurgens, President, All-Russian Insurance Association
Front row participants
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
Alexander Solomkin, Director, Self-Regulatory Organisation of Credit Consumer Cooperatives ‘Cooperative Finances’
Elena Stratyeva, Director, Russian Microfinance Centre (RMC); Director, Microfinance and Development Union of Microfinance Organisations
Alexey Timofeev, President, Russian National Association of Securities Market Participants (NAUFOR)
Konstantin Ugryumov, President, National Association of Non-Governmental Pension Funds
Andrey Yazykov, Leading Researcher, Department of Insurance and Social Economics, Financial University under the Government of the Russian Federation
Vasily Zablotsky, President, Self-Regulatory Organisation ‘National Finance Association’