|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 Ewerhar, (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
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
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)
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)
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|
Updated on: 10/13/2017 15:48