EU Financial Services Delegation programme for 2 day visit to New York

Suite 2302, New World Tower I, 18 Queen’s Road, Central, Hong Kong

“Informal” EU Financial Services Delegation New York Visit ‘Making sense of EU monetary policy and financial services reform since the GFR of 08’

Two European continental wars within a single generation, both of which became global conflicts, have had a profound effect on Europe in the interceding years between the birth of a Cold War, Marshall Aid and its attendant Institutions, the genesis of today’s European Union midwifed by Robert Schuman and Jean Monnet in the 1940’s and early 1950’s and strengthened by numerous Treaties and agreements, which have resulted in closer economic, monetary and political union, culminating with the Lisbon Treaty itself, which came into effect in December 2009 – just months after the demise of Lehman Brothers and the consequential global financial crisis and European sovereign debt crisis epitomised by on going events in Greece since the election of an anti-austerity government determined to question Brussels and Frankfurt’s approach to economic and fiscal policy.

With the above in mind, the Institute of Regulation & Risk – North Asia, in association with the Global Interdependence Centre and European American Chamber of Commerce New York have arranged for a high-level “informal” delegation of key representatives from the European Union’s various agencies charged with monetary policy, regulation & supervision, financial stability and the establishment of both the single banking union and single capital markets union, to visit New York on the week commencing Monday, 30th November to exchange understanding and promote knowledge of significant moves within the European Union to strengthen its banking and capital markets infrastructure, in order to facilitate the adoption of, and full implementation of, the Lisbon Treaty, which became law on the 1st of December, 2009.

In consultation with all co-organisers and all relevant agencies of the European Union, among them: the European Commission; the European Central Bank; the Single Supervisory Mechanism, the Single Resolution Board; the European Banking Authority; the European Securities and Markets Authority and the Financial Services Forum of the European Parliament we are honoured to present the following 1.5 day programme of “Briefings”, one-on-one meetings and two signature evening Gala dinner dialogues covering Monetary & Fiscal Policy issues (Monday, 30th Nov.) and regulatory and supervisory issues of import to all those participating from both the EU and US Federal and State agencies charged with deploying monetary policy across the USA and regulating and supervising its banking and capital markets infrastructure. We shall also be offering complimentary commentary and input overseen by the Canadian Office of the Superintendent of Financial Services, thus making this EU Delegation visit one of a truly North Atlantic character.


New York Athletics Club Monday 30th November

Lunch briefing (By invitation only – please email [email protected] for more details)

11:30 Registration 11:45 Global impact of Quantitative Easing and Zero Interest Rate Policy

Michael Drury Chairman Global Interdependence Center

12:15 Panel dialogue Discussants: John Silvia Managing Director & Chief Economist Wells Fargo Securities Ann Pettifor Director for Policy Research in Macroeconomics New Economics Foundation Moderator: Donald Rissmiller Partner, Chief Economist Strategas Research Partners

1:15 Lunch is served 2:00 End of briefing

mailto:[email protected]


New York Marriott Marquis Hotel Monday 30th November

16:15 Registration, cocktails and canapés & Award Ceremony / retirement function for Christian Noyer, Retiring Governor, Banque de France – hosted by Erkki Linkanen, Governor of the Bank of Finland, General Council Member of the ECB

17:45

18:00

18:20

18:40

19:00

Welcoming Remarks: Prof. Gary H. Stern, Former President & CEO, Federal Reserve Bank of Minneapolis Keynote address: “Normalisation, Market Tantrums & Divergent Monetary Policy” Dr. James B. Bullard, President & CEO, Federal Reserve Bank of St Louis Keynote address: “Eurozone’s Experiment with QE - For Better or for Worse?” Erkki Linkanen, Governor Bank of Finland & General Council Member of the ECB (TBC) Keynote address: “What’s Good, What’s Worrying & Where are we Today?” Catherine L. Mann, Chief Economist, OECD Concluding remarks: “EU Fiscal Policy in Light of Sovereign Debt Crisis and the Issue of Greece” Dr. Yanis Varoufakis, Former Finance Minister, Hellenic Republic of Greece Member of the Eurogroup of Finance Ministers

19:30 Evening dinner and beverages 20:30 Coffee Table Dialogue & Audience Questions & Answers:

Moderator: Willem Buiter, Global Chief Economist, Citigroup Discussants: Prof. Nouriel Roubini, New York University's Stern School of Business Christian Noyer Dr. James B. Bullard Erkki Linkanen (TBC) Catherine L. Mann Dr. Yanis Varoufakis

22:00 End of dialogue 22:00 INVITATION ONLY: Private Celebratory Retirement Function for Christian Noyer


New York Athletics Club Tuesday 1st December

8:30 Registration 8:45 Central Counterparty Clearing &

Exchanges – A European Union view Markus Konz Senior Officer European Securities & Markets Authority

Dr. Kay Swinburne MEP Vice Chair, Steering Committee, European Parliamentary Financial Services Forum

Stress Testing: Which Way Now? Andrea Enria Chairman European Banking Authority

09:15 Panel dialogue Discussants: Hans-Ole Jochumsen President, Global Market Services, NASDAQ OMX Group

Barbara Novick Vice Chairman BlackRock

Steve Wunsch Chief Executive Officer Wunsch Auction Advisors Moderator: Thomas Krantz Former Secretary General World Federation of Exchanges

Panel dialogue Discussants: Jeremy Rudin Superintendent Office of the Superintendent of Financial Institutions, Canada

John Hull Maple Financial Chair in Derivatives and Risk Management Joseph L. Rotman School of Management University of Toronto

Moderator: Richard Christopher Whalen Senior Managing Director & Head of Research Kroll Bond Rating Agency

10:15 Breakfast is served 11:00 End of briefing


New York Athletics Club Tuesday 1st December

Concurrent lunch briefing (By invitation only – please email [email protected] for more details)

11:30 Registration 11:45 Resolution Across the EU: Concerns &

Successes Elke König Head of European Single Resolution Board & President of the German Federal Financial Supervisory Authority (BAFIN)

The Single Capital Markets Union: What’s it all about? Olivier Guersent Director-General Financial Stability, Financial Services & Capital Markets Union European Commission

12:15 Panel dialogue Discussants: David Schraa Regulatory Counsel, Regulatory Affairs International Institute of Finance

Michael Krimminger Partner Cleary Gottlieb Steen & Hamilton LLP Moderator: Richard Christopher Whalen Senior Managing Director & Head of Research Kroll Bond Rating Agency

Panel dialogue Discussants: Markus Konz Senior Officer European Securities and Markets Authority

Ann Pettifor Director for Policy Research in Macroeconomics, New Economics Foundation

Nicolas Véron Senior Fellow Bruegel, Brussels

Moderator: Thomas Krantz Former Secretary General World Federation of Exchanges

1:15 Lunch is served 2:00 End of briefing



New York Marriott Marquis Hotel Tuesday 1st December

(By invitation only – please email [email protected] for more details) 16:30 Registration, cocktails and canapés 17:30

18:00

18:20

18:40

19:00

Welcoming remarks: Governor Daniel K. Tarullo Board of Governors, Federal Reserve System Keynote address: “Europe’s Single Supervisory Mechanism 12 Months On” Sabine Lautenschläger Co-Chair European SSM & Executive Board Member, ECB Keynote address: “Towards a Single Pan-European Banking Infrastructure” Andrea Enria Chairman, European Banking Authority Keynote address: “Pan-European Capital Markets Union: The Pro’s & the Con’s.” Olivier Guersent Director General, Directorate for FSFSSCMU, European Commission Keynote address: “Across the 42nd Parallel: Canada’s Post GFC Regulatory Environment” Jeremy Rudin Superintendent, Office of the Superintendent of Financial Institutions, Canada

19:20 Evening dinner and beverages 20:30 Coffee Table Dialogue & Audience Questions & Answers:

Moderator: Prof. Stephen G. Cecchetti Professor of International Economics, Brandeis International Business School Discussants: The Honourable Luis A. Aguilar Olivier Guersent Sabine Lautenschlaeger Andrea Enria Elke König Jeremy Rudin

22:00 End of 1.5 day EU Financial Delegation Dialogue 22:00 INVITATION ONLY: Private Thank You Drinks for Speakers and Panelists



Federal Agencies represented: Daniel K. Tarullo Member of the Board of Governors, Federal Reserve System (Presentations only) Dr. James Bullard President of the Federal Reserve Bank of St. Louis Sarah J. Dahlgren Special Advisor to the President, Federal Reserve Bank of New York Martha Cummings SVP, Financial Institution Supervision, Federal Reserve Bank of New York Roger W. Ferguson, Jr. Former Vice Chairman of the Board of Governors, of the US Federal Reserve System Gary H. Stern Former President, Federal Reserve Bank of Minneapolis The Honourable Luis A. Aguliar Commissioner, Securities & Exchange Commission William Isaac Former Chairman, Federal Deposit Insurance Corporation The Honourable Mary Schapiro Former Chairman, Securities and Exchange Commission Annette Nazareth Former Commissioner, Securities and Exchange Commission Neil Barofsky Former Special Inspector General of the Troubled Asset Relief Program, US Treasury Department Cyrus Amir-Mokri Former Assistant Secretary for Financial Institutions, US Treasury Department Stephanie Kelton Chief Economist, United States Senate Budget Committee Dr. Pippa Malmgren Former Special Assistant to the President for Economic Policy Matt Stoller Former Policy Advisor, Congressman Alan Grayson, US House of Representatives


New York State Agencies represented: Eric T. Schneidermann New York State Attorney General (plus senior guest in enforcement) Anthony Albanese “Interim” Superintendent of Financial Services, New York Department of Financial Services Benjamin Lawsky Former Superintendent of Financial Services, New York Department of Financial Services

“Not-for-profits”, NGO’s and Members Only Institutions represented: Thomas Krantz Former Secretary General, World Federation of Exchanges Gottfried Leibbrandt Chief Executive Officer, SWIFT Javier Perez-Tasso Chief Executive SWIFT Americas, UK, Ireland and Nordics Ashley Dorrington Head of EU Affairs, British Bankers Association Saad Aslam Co Chairperson, Capital Markets Credit Analyst Society Natasha de Terán Head of Corporate Affairs, SWIFT James D. Rosener President, European American Chamber of Commerce New York Yvonne Bendinger-Rothschild Executive Director, European American Chamber of Commerce New York Michael Drury Chairman, Global Interdependence Center David Schraa Regulatory Counsel, Regulatory Affairs, International Institute of Finance Rebecca Terner Lentchner Head of Policy and Regulatory Affairs, ASIFMA Mike Smith President, New York Bankers Association Roger Blissett Chairman, International Institute of Bankers New York J Andrew Spindler President & CEO, Financial Services Volunteer Corps Dr. Sara Hsu Research Director, Asia Financial Risk Think Tank, Hong Kong


Nicolas Véron Visiting Fellow, Peterson Institute for International Economics Mike Konczal Fellow, Roosevelt Institute Robert Johnson President, Institute of New Economic Thinking Dr. Marshall Auerback Director, Institute for New Economic Thinking Dr. Alan Harvey Executive Director, IDEAeconomics Ann Pettifor Director for Policy Research in Macroeconomics, New Economics Foundation Dr. Brett King Futurist, Author, Broadcaster Christopher Skinner Chairman, The Financial Services Club, UK

Senior Academics represented: Prof. Stephen G. Cecchetti Professor of International Economics, Brandeis International Business School Prof. Nouriel Roubini Professor of Economics & International Business, New York University, Leonard N. Stern School of Business Prof. Nassim Nicholas Taleb Distinguished Professor of Risk Engineering, New York University Polytechnic School of Engineering Prof. John Hull Maple Financial Chair in Derivatives and Risk Management, Joseph L. Rotman School of Management, University of Toronto Prof. Lawrence J. White Robert Kavesh Professor of Economics, New York University, Leonard N. Stern School of Business Prof. James K. Galbraith Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government Prof. Stuart Holland Department of Economics, University of Coimbra, Portugal Prof. Kermit Schoenholtz Director of the Center for Global Economy and Business, New York University, Leonard N. Stern School of Business


Prof. John C. Coffee Director Centre for Corporate Governance, Columbia University Prof. Rajiv Sethi Ann Whitney Olin Professor of Economics, Barnard College, Columbia University Prof. Perry G. Mehrling Professor of Economics, Barnard College, Columbia University & Member of the Academic Council, Institute of New Economic Thinking Prof. Geoffrey P. Miller Stuyvesant P. Comfort Professor of Law, Director, Prof. William K. Black Associate Professor of Economics and Law at the University of Missouri – Kansas City Prof. Michael Hudson Distinguished Research Professor of Economics at the University of Missouri, Kansas City Prof Dimitri B. Papadimitriou President, Levy Institute of Bard College Pavlina R. Tcherneva, Ph.D Director, Economics and Economics & Finance Programs, Levy Economics Institute Prof. Roger E. A. Farmer Distinguished Professor of Economics, University of California, Los Angeles Prof. Stephen (Steve) Keen Head of the Department of Economics, History and Politics, Kingston University London, UK Prof. Gerald Epstein Professor of Economics, University of Massachusetts Prof. Julie A. Nelson Department Chair and Professor of Economics, College of Liberal Arts, University of Massachusetts Boston Prof. Christopher Brummer Professor of Law, Georgetown Law, Washington DC Dr. Neil N. Lancastle Senior Lecturer, Business and Law, Leicester Business School, De Montfort University Dr. George Magnus Noted Economist, Author


Senior Industry Representatives, Banking, Finance & Law represented Hans-Ole Jochumsen President, Global Market Services, NASDAQ OMX Group Scott Hill Chief Financial Officer, InterContinental Exchange & New York Stock Exchange David Weisbrod Chief Executive Officer, LCH Clearnet Americas Ali (Alice) Hackett Global Head of Sales & Development, LCH Clearnet Anthony Walton Vice Chairman, Americas, Standard Chartered Bank Joseph (Joe) Gold Chief Executive of Americas, Barclays PLC Jean-François Deroche Chief Executive Officer, Crédit Agricole CIB Americas Jean-Yves Fillion Chief Executive Officer, North America, BNP Paribas (And Guest) Robert McAdie Global Head of Fixed Income Strategy & Credit Research Clare Woodman Chief Operating Officer, Morgan Stanley International Karen Peetz President, BNY Mellon Michael Cole-Fontayn Chairman, EMEA BNY Mellon Laura Ahto Chief Executive Officer, Bank of New York Mellon Scott Powell Chief Executive Officer, Santander Holdings USA James Rosenthal Chief Operations Officer, Morgan Stanley Sandie O'Conner Chief Regulatory Affairs Officer, JP Morgan Andrei Magasiner Chief Financial Officer, Global Banking and Global Markets, Bank of America Merrill Lynch Lara J. Warner Managing Director & Chief Operating Officer, Investment Banking Division, Credit Suisse Willem Buiter Global Chief Economist, Citigroup


Chris Perkins Managing Director and Global Head of OTC Clearing, Citigroup Neeraj Sahai President & Chief executive Officer, Standard and Poor’s Ratings Adam H. Schuman Executive Managing Director & Chief Legal Officer, Legal and Global Regulatory Affairs, Standard & Poor’s David R. Kotok Chairman and Chief Investment Officer, Cumberland Advisors Richard Christopher Whalen Senior Managing Director & Head of Research, Kroll Bond Rating Agency John Silvia Managing Director & Chief Economist, Well's Fargo Securities Paul Gambles Chief Economist Michael H. Krimminger Partner, Cleary Gottlieb Steen & Hamilton LLP Don Rissmiller Partner & Chief Economist, Strategas Research Partners LLC Barbara G. Novick Vice Chairman, Government Relations, BlackRock Matthew Mallow Senior Managing Director and General Counsel, BlackRocK Henry Fernandez Chief Executive Officer, MSCI Sai Sireesh Pachava Head of Global Risk Management, Russell Investments Steven G. Ekert Senior Executive Vice President & Chief Risk Officer, HSBC, North America Gary Manndelblatt Chief Risk Officer, Nomura Holding America Inc. Mark Schuermann Managing Director, Head of Public Affairs – Americas Stuart A. Alderoty Senior Executive Vice President and General Counsel, HSBC USA Randi Adelstein Senior Vice President, Group Head Global Regulatory Counsel, MasterCard Michael Silvia Chief Regulatory Officer & Compliance Leader, GE Capital


Ryan A. Zanin Chief Risk Officer, GE Capital Alex Dimitrief Senior Vice President and General Counsel, GE Capital Andrew Dumas Chief Governance Officer, CBBA Legal Vehicle, Citigroup Suresh Sankaran Chief Risk Officer, Kamakura Corporation James C. Smith President & Chief Executive Officer, Thomson Reuters Phil Cotter Managing Director & Head of Risk Management, Thomson Reuters Mr. Robert A. Contri Vice Chairman, US Financial Services Leader, Deloitte John Garvey Global FS Advisory Leader, PWC Michael J. Conover Global Head, Capital Markets, KPMG Hank Prybyiski Global Financial Services Risk Management Practice Leader, Ernst & Young Mayra Rodriguez Valladares Managing Prinicpal, MRV Associates Kevin Buehler Co-Founder, Global Risk Practice, McKinsey & Co John Romeo Managing Partner, North America, Oliver Wyman Cory Gunderson Global Financial Services Practice Leader, Protiviti Will Rhode Global Head of Capital Markets Research, Boston Consulting Group Michael Kanef Chief Regulatory Affairs & Compliance Officer, Moody's Investor Services Anna Krayn Director, Stress Testing Business Development, Moody's John Olert Chief Risk Officer & interim Chief Compliance Officer, FitchRatings Jennifer Morgan President, North America, SAP Gillian Tett Managing Editor (US) and Columnist, Financial Times


Jim Milde President, Financial Services & Insurance, NTT Data Ran Fuchs Chief Executive Officer, Markov Processes International Leslie Rahl Founder, Capital Market Risk Advisors Susan Webber Principal, Aurora Advisors


EU Delegation Translators: Lars Pellinat Vice President Group Compensation & Benefits, Deutsche Post AG (German, French, Russian & English) Rachel Banner Editor, Journal of Regulation & Risk – North Asia (Italian, French & English)

EU Delegation Visit Consultants: David R. Kotok Chairman & Chief Investment Officer, Cumberland Advisors Cyrus Amir-Mokri Former Assistant Secretary, US Treasury Department William Isaac Former Chairman, Federal Deposit Insurance Corporation Richard Christopher Whalen Senior Managing Director & Head of Research, Kroll Bond Ratings Agency Thomas Krantz Former Secretary General, World Federation of Exchanges

EU Delegation Appointed Commercial Agent: Sol Steinberg Director, OTC Partner., New York City

EU Delegation Appointed Media Partner, Photographer & Documentary Maker: Ross Ashcroft Renegade Inc., United Kingdom

EU Delegation Appointed Event Logistics Partner Sammy Ho Managing Director, Plus Concepts., Hong Kong


The “informal” European Union Financial Services Delegation represented: Dr. Yanis Varoufakis, Former Finance Minister, Hellenic Republic of Greece, Member of the Hellenic Greek Parliament Sabine Lautenschläger Executive Board Member, European Central Bank and Co-Chair, European Single Supervisory Mechanism Christian Noyer Governor of the Banque De France and Member of the General Council of the European Central Bank Ekki Linkenan Governor of the Bank of Finland and Member of the Governing Council of the European Central Bank Prof. Stefan Garlach Deputy Governor, Bank of Ireland Dr. Elke König Head of the Single Resolution Board & President of the German Federal Financial Supervisory Authority (BAFIN) Olivier Guersent Director General, Financial Stability, Financial Services and Capital Markets Union, European Commission Andrea Enria Chairman, European Banking Authority Marc-Olivier Strauss-Kahn Director General, Economics and International, Banque de France Markus Konz Senior Officer, European Securities and Markets Authority Megan Butler Executive Director of International Banks Directorate, Prudential Regulation Authority, Bank of England David Rule Executive Director, Prudential Policy, Prudential Regulation Authority, Bank of England Dr. Kay Swinburne MEP Vice Chair, Steering Committee, European Parliamentary Financial Services Forum & Member of the European Parliament, United Kingdom Rhiannon Price Legislative Assistant to Dr. Kay Swinburne MEP

Documents

EU Financial Services Delegation programme for 2 day visit to New York