Panel 3: Re-shaping capital markets after the pandemic
13.30 - 15.00
Chair: Prof. Emilios Avgouleas
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Rebuilding business John Kay Economist and Author; Fellow of St John’s College, Oxford |
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Modern society faces many problems when the provision of the service remains necessary, but the institution providing it fails. The current crisis will throw up many instances. How should we handle these problems?
Kay is one of Britain’s leading economists. His work is centred on the relationships between economics, finance and business. His career has spanned academic work and think tanks, business schools, company directorships, consultancies and investment companies. John has been a Fellow of St John’s College, Oxford since 1970 and has held chairs at London Business School, the University of Oxford, and the LSE. His latest book Radical Uncertainty, jointly written with Mervyn King, was published in March 2020. https://twitter.com/ProfJohnKay
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The Fintech Platform Revolution and Capital Markets Transformation Prof. Emilos Avgouleas, Chair of International Banking Law and Finance, University of Edinburgh |
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Emilios will discuss the emergence of emergence of financial technology platforms as a catalyst for change in investment markets. On this basis he will explain how decentralised finance, beyond the cryptocurrency space, can economic and social growth goals while it drives through significant efficiency gains. We identify three fundamental properties that should define decentralised finance systems. Anticipated benefits range from a drastic reduction of intermediary rents and transaction costs to repatriation of investor control. The latter could allow new types of markets, such as markets for social investment to emerge to alter today’s narrow asset allocation practices whose fragility has been badly exposed by the pandemic. Still the challenges associated with automation and integration in the supply of investment services are considerable, both at the regulatory and the technical levels.
Professor Emilios Avgouleas holds the International Banking Law and Finance Chair at the University of Edinburgh and is the founding director of the Edinburgh LLM in International Banking Law and Finance and a senior research fellow at Edinburgh University's blockchain lab. He is a Member of the Stakeholder Group of the European Banking Authority (EBA) elected in the so-called 'top-ranking' academics section. He was an independent member of the Euro-working group select panel for the Hellenic Financial Stability Fund from 2016 to 2020. Emilios is currently a visiting Research Professor at the Faculty of Law, University of Hong Kong (HKU), a post designated for distinguished international scholars, and a Senior Fellow and Visiting Professor at the department of European Political Economy, LUISS, Rome.
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Conduct of Business Regulation: Past, Present and Future Iain MacNeil Alexander Stone Chair of Commercial Law, University of Glasgow |
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The pandemic has disrupted the relationship between financial firms and their customers and the operation of capital markets. Conduct regulators have responded with a series of interventions. This presentation examines whether those interventions are ad hoc or, alternatively, if they can be linked to key regulatory trends that emerged in the wake of the 2008 global financial crisis. This approach provides a basis for assessing the implications of the pandemic for the future trajectory of conduct regulation.
Iain MacNeil joined the School of Law at the University of Glasgow in 2003 and was appointed to the Alexander Stone Chair of Commercial Law in 2005. His early career was in the investment-banking sector in the City of London. Iain’s primary interest and expertise lies in corporate governance and financial regulation. He is a member of the editorial board of the Capital Markets Law Journal and has served as general editor of the Law and Financial Markets Review. In 2012 Iain acted as special adviser to the House of Lords EU Committee for their review of the MiFID II regulatory framework. In 2014 he served as a member of the UK Research Evaluation Framework (REF) Panel for Law and in 2018 was appointed Deputy Chair of the REF 2021 Law Panel and Deputy Convenor of the Hong Kong RAE 2020 Law Panel. From 2013-19 he served first as Deputy and then as Head of the School of Law at Glasgow. He has acted as Senior Adviser on several EU DG FISMA commissioned projects examining national compliance with EU financial sector directives.
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Build Back Better? The role of Sustainable Finance in global recovery from the pandemic Ida Levine, Impact Investing Institute |
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“Building back better” has become a mantra of the impact investing community. How can financial market participants, pension funds and savers play an active role in building more resilient societies, economies and financial systems as we emerge from the current coronavirus emergency? How should the pandemic influence the development of sustainable finance law and regulation? Will our concept of fiduciary duty change? Will there be a greater emphasis on the “S” and social factors alongside the “E” and climate change?
Ida Levine is Board Director and Policy and Regulation Lead at Impact Investing Institute as well as NED, Investor Forum. She is a Member of UK Financial Markets Law Committee (FMLC). She is a former European Board Director and Senior Vice President and Senior Counsel at Capital Group.