 |
Liquidité et interdépendances dans les
systèmes d'échange
Paris, 9 et 10 juin 2008
Conference agenda 
Actes de la conférence (en anglais)
| Monday
9 June 2008
|
| From
08:30 |
Registration
and coffee
|
| 09.00
- 09.15 |
Opening Remarks by Gertrude Tumpel-Gugerell (ECB, Executive
Board Member)
|
09.15
- 10.30
|
Theme
1: Liquidity risk and liquidity management in global
transfer systems
Chair: Yvon Lucas (Banque de France, Head of the Payment
Systems and Market Infrastructures Department)
Dirk Schrade (Deutsche Bundesbank) slides
"Innovations in wholesale payment systems"
Frédéric Hervo, (Banque de France)
paper
slides
"Recent developments in intraday liquidity in payment and settlement systems"
Esmond Lee, (Hong Kong Monetary Authority)
paper
slides
"Liquidity and risk management in the RTGS system - the Hong Kong experience"
|
| 10.15 - 10.30 |
Coffee break
|
| 10.30 - 12.45 |
Theme 2: Collateralisation of central banks operations
Chair: Daniela Russo (ECB, Deputy Director General,
Payments and Market Infrastructure)
Mark Manning (Reserve Bank of Australia) and Matthew Willison, (Bank of England)
paper slides
"Modelling the cross-border use of collateral in payment systems"
Jens Tapking (ECB) and Christian Ewerhart, (IEW, Zurich)
paper
slides
"Repo markets, Counterparty risk, and the 2007/2008 liquidity crisis"
Morten Bech (Federal Reserve Bank of New York)
paper slides
"Intraday Liquidity management: a tale of games banks play"
Discussant: Anne Wetherilt (Bank of England)
slides
|
| 12.00
- 12.45 |
Panel
session: Collateral management: recent trends and
developments
Chair: Daniela Russo (ECB, Deputy Director General,
Payments and Market Infrastructure) slides
Panellists:
Godfried De Vidts (ICAP, Director of European Affairs, and European Repo Council)
John Burke (LCH.Clearnet, Director, Fixed Income)
John Trundle (Euroclear group, Head of Risk Management
|
| 12.45 - 14.00 |
Lunch
|
| 14.00
- 15.45 |
Theme
3: Provision of liquidity by the central banks
in times of liquidity crisis
Chair:
Sylvie
Matherat (Banque de France, Head of the Financial
Stability Department)
Stephan Sauer (ECB)
paper slides
"Liquidity risk and monetary policy"
Pr Gerhard Illing and Jin Cao (University of Munich)
paper slides
"Liquidity shortages and monetary policy"
Enisse Kharroubi and Edouard Vidon (Banque de France)
paper slides
"Increasing returns in Interbank Liquidity markets"
Discussant: Nuno Cassola (ECB)
slides
|
| 15.30 - 15.45 |
Coffee break
|
| 15.45 - 17.30 |
Theme 4: Modelling payment systems as a risk assessment tool
Chair: Jeff Stehm (Associate Director, Board of Governors of the Federal Reserve System)
Martina Glaser and Philipp Haene (Swiss National Bank)
paper slides
"Liquidity effects of a participant-level operational disruption in SIC"
Ouarda Merrouche and Jochen Schanz (Bank of England)
paper slides
"Banks' Intraday Liquidity Management during Operational Outages: Theory and Evidence from the UK Payment System"
Fabien Renault (Banque de France), Walter Beyeler (Sandia National Laboratories), Kimmo Soramäki (Helsinki University of Technology), Morten Bech (Federal Reserve Bank of New York) and Robert Glass (Sandia National Laboratories)
paper slides
"Performance and resilience to liquidity disruptions in interdependent RTGS payment systems"
David Mills and Samia Husain (Board of Governors of the Federal Reserve System)
paper slides
"Interlinkages between payment and securities settlement systems"
Discussants: Johannes Lindner (ECB) slides and Douglas Conover (BIS)
slides
|
| 17.30 |
Close of day 1
|
19.30
|
Dinner
at the Aéro-Club of Paris
6,
rue Galilée, 16th arrondissement |
|
|
Tuesday
10 June 2008
|
09.00
- 10.15
|
Theme 5: The increasing importance of system interdependencies
Chair: Denis Beau (Bank for International Settlements, Head of Secretariat of the CPSS) slides
Panellists:
Alain Raes (SWIFT, Head of the Europe, Middle East and Africa Region) slides
Gerard Hartsink (ABN AMRO, Senior Executive Vice President, and CLS Bank, Chair) slides
Marshall Millsap (JP Morgan Chase, Senior Vice President for Global Industry Issues) slides
Chairman's concluding remarks on system interdependencies
|
| 10.00
- 10.15 |
Coffee
break
|
| 10.15
- 11.15
|
Theme
6: Interoperability or Integration: interdependencies
in the EU and elsewhere
Chair: Daniela Russo (ECB, Deputy Director General, Payments and Market Infrastructure)
Panellists:
Alain Pochet (BPSS, Head of the Banking Operations for the Securities Division) slides
Diana Chan (EuroCCP, Chief Executive Officer)
Judith Hardt (FESE, Secretary General) slides
Kostantinos Tomaras (European Commission, Financial Market Infrastructure Unit)
|
| 11.15
- 12.30 |
Theme 7: High-level panel session: which strategies should
be adopted by the Central Banks and other public authorities
to prevent liquidity crises?
Chair: Jean-Pierre Landau (Banque de France, Deputy Governor)
Panellists:
Charles Kahn (University of Illinois, Professor)
Claudio Borio (Head of Research and Policy Analysis at the BIS)
notes
Franco Passacantando (Banca d'Italia, Managing Director)
James McAndrews (Federal Reserve Bank of New York, Senior Vice President)
slides
|
| 12.30 |
Close
of conference and lunch |
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