EUROPE - U.S. SYMPOSIUM

2008 SYMPOSIUM ON BUILDING THE FINANCIAL SYSTEM OF THE 21st CENTURY:
AN AGENDA FOR EUROPE AND THE UNITED STATES

In 2008, PIFS and the Brussels-based Centre for European Policy Studies, will hold the sixth annual Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States. The Symposium will take place April 3-5, 2008 at the Weill Center, Armonk, NY beginning with cocktails Thursday evening, and ending with lunch on Saturday. Below are the Symposium topics:

Topic 1.Global Financial Stability – New Regulatory Approaches & Principles

Topic 2. New principles for regulation of international financial transactions (selective recognition, EU model). The U.S. has recently become more interested in a form of selective mutual recognition with other jurisdictions. In June 2007, the SEC organized a hearing on the subject, and its director of international affairs called in a well-publicized article for negotiating ‘substituted compliance’ agreements with other jurisdictions, specifically in the areas of trading screens and broker dealers. And in 2009, the mutual acceptance of accounting standards, eliminating the reconciliation requirements between IFRS and U.S. GAAP should become a fact.


Topic 3. Global financial stability revisited —the impact and control of the liquidity and credit crises. The financial market turmoil of August/September 2007 has led to calls for more global oversight of the financial sector, for a more integrated response to liquidity crunches and financial distress, and for more transparency. The EU and the U.S., as prime actors in world’s financial markets, could play a big role here, but this would require an enhanced structure and a clear agreement between both partners what would be looked at.

2008 Keynote Speakers:

Kathleen L. Casey, Commissioner, U.S. Securities & Exchange Commission

Lorenzo Bini Smaghi, Member of the Executive Board, European Central Bank

Pierre Delsaux, Director, European Commission

Michael Klein, Chairman and Co-CEO, Citi Markets& Banking

2008 Symposium:
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2008 LEAD SPONSOR:

Citi
Citi, the leading global financial services company, partners with clients, corporations, governments and institutional investors in more than 100 countries and offers a broad range of financial products, advice and services, including consumer banking and finance, corporate and investment banking, securities brokerage, and wealth management. Citi is a component of the Dow Jones Sustainability Index and FTSE4Good Index, which acknowledge leadership in setting standards in sustainable growth and in demonstrating exceptional environmental, social and economic performance.  Additional information may be found at www.citigroup.com or www.citi.com.
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2008 SPONSORS:

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Barclays Global

Established over 30 years ago, Barclays Global Investors (BGI) is today the world’s largest fund manager BGI, a subsidiary of Barclays PLC, has a significant international presence, with 12 offices worldwide and a strong workforce of over 3,000 employees. We currently manage €1,460 billion (£1,019 billion) in assets for 2,986 clients around the world.

Innovation in investment management has been the focus at BGI since its inception and a primary driver of performance. We pioneered the first index strategy in the 1970s, and today it is a successful and widely used modern investment strategy. Applying this innovative focus to our investment process (through the use of sophisticated investment techniques) has allowed us to maintain a market leading position.

Over thirty years on, we continue to innovate and focus sharply on the three elements underlying investment: return, risk and cost. This is our Total Performance Management proposition for clients. At its core are thoroughly tested and rigorous investment processes, driven by in-depth analysis and research. These are then employed by an experienced team of investment professionals to deliver risk-controlled, cost-effective investment returns. This consistent philosophy forms the basis of all our investment activities worldwide.

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City of London

The City of London or ‘Square Mile’ is Europe’s leading international finance centre, housing many EU- and internationally-owned businesses. 

The City of London Corporation has centuries of proven success in enhancing the smooth running of businesses in the Square Mile and in creating an environment conducive to business growth.  It does this through the national and international promotion of the range of business and financial services conducted within its boundaries, and through identifying global opportunities for economic growth and inward investment – ensuring the Square Mile remains the European location of choice for international businesses.

In 2004, the City of London opened its City Office in Brussels to strengthen relations between the City, EU decision-makers and key figures elsewhere in the EU. 

The City Office in Brussels focuses on cross-sector issues in which pan-EU policy making could affect the competitiveness of international financial services and therefore the EU’s economic growth.  It facilitates wider City contacts by staging networking events and briefing meetings with MEPs, European Commission officials and Member State representatives.

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Clifford Chance

Clifford Chance is a truly integrated global law firm. We advise financial institutions, commercial enterprises, and state and regulatory bodies on complex and critical legal issues.
Our aim is to provide consistently high quality advice that combines technical expertise, and an understanding of the commercial environment in which our clients operate.
With 28 offices in 20 countries* throughout the Americas, Asia, Europe and the Middle East, we offer in-depth local knowledge and a uniquely global perspective.
Clifford Chance lawyers advise internationally and domestically; under common law and civil law systems; in local and cross-border transactions; on day-to-day operations and the most challenging deals.

* Includes an associated office in Romania

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Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. With Euro 1.126 billion in assets and 73,000 employees, the bank offers unparalleled financial services in 75 countries throughout the world. Deutsche Bank is dedicated to excellence, constantly challenging the status quo to deliver superior solutions to demanding clients.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.

A Passion to Perform – this is the way Deutsche Bank does business.

 

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Deutsche Börse Group

Deutsche Börse Group is one of the world’s leading service providers for the securities industry with a product and service offering for issuers, investors, intermediaries and data vendors. The Group covers the entire process chain from trading, through clearing, to settlement and securities custody. Furthermore, Deutsche Börse offers market data, indices and analyses and is a service provider for the development and operation of IT systems.

Deutsche Börse Group currently includes Deutsche Börse AG, a DAX company and the world’s largest stock exchange organization, with a market capitalization of around 23 Billion Euros, and its wholly-owned subsidiaries Clearstream International S.A. and Deutsche Börse Systems AG. Furthermore, Deutsche Börse AG holds a 50% stake in Eurex Zürich AG. Cash market activities and the market data business are run as business areas of Deutsche Börse AG. The key markets within the Group are the Frankfurt Stock Exchange, one of Europe’s largest stock exchanges, and Eurex, one of the largest derivatives exchanges in the world.

The Group employs a workforce of around 3,000 at its headquarters in Frankfurt, as well as in Chicago, London, Luxembourg and Zürich. The Group has representative offices in the world’s major financial centers.

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ISDA, which represents participants in the privately negotiated derivatives industry, is the largest global financial trade association, by number of member firms. ISDA was chartered in 1985, and today has over 800 member institutions from 56 countries on six continents. These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities.

Since its inception, ISDA has pioneered efforts to identify and reduce the sources of risk in the derivatives and risk management business. Among its most notable accomplishments are: developing the ISDA Master Agreement; publishing a wide range of related documentation materials and instruments covering a variety of transaction types; producing legal opinions on the enforceability of netting and collateral arrangements (available only to ISDA members); securing recognition of the risk-reducing effects of netting in determining capital requirements; promoting sound risk management practices, and advancing the understanding and treatment of derivatives and risk management from public policy and regulatory capital perspectives.

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Merrill Lynch
About Merrill Lynch
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 38 countries and territories and total client assets of approximately $1.8 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies, with more than $1 trillion in assets under management. For more information on Merrill Lynch, please visit www.ml.com.
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Morgan Stanley
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. With a long-term commitment to the development of our businesses and financial markets worldwide, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 33 countries.
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Oliver Wyman

Oliver Wyman (founded in 1984) is a global leader in financial services and risk management consulting. The firm employs more than 800 staff working out of 28 offices in 13 countries throughout North America, Europe and Asia.

Oliver Wyman works extensively with Global Top 100 financial institutions on a wide range of corporate strategy, business performance, risk management, and strategic finance issues. The firm is organized into six practice areas that reflect its expertise across financial services: Corporate and Institutional Banking, Retail and Business Banking, Insurance, Finance & Risk, Corporate Strategy, and Strategic IT.

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Paris Europlace

Paris EUROPLACE is the association which represents the major players of the Paris financial marketplace: issuers, investors, banks and insurance companies, law firms and other ancillary professions operating from Paris, whether French or foreign. Its special characteristic is that it brings together the multiplicity of market participants in the financial industry.

Paris EUROPLACE conducts 3 main activities:

- Promoting the Paris financial marketplace to international investors: each year, Paris EUROPLACE organizes several Forums overseas which give its members the opportunity to present their expertise, services and products;

- Conducting “think tanks” in charge of making proposals for reforms to improve the regulatory and tax environment: Paris EUROPLACE “think tanks” explore and address themes of interest to the financial market and its various players;

- Contributing to works and programs related to European issues: Paris EUROPLACE acts on European issues and develops regular contacts with the European Commission and European Parliament.

 

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SIFMA

The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.

 

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State Street

State Street Corporation is a global provider of financial services, specialized in serving institutional investors in three primary business areas:

  • Investment servicing, including fund accounting, custody, fund manager outsourcing services, securities lending, and performance and risk analytics;
  • Investment management, through State Street Global Advisors (SSgA), one of the world's largest asset managers; and
  • Investment research and trading, including foreign exchange, fixed income, equities, and derivatives trade execution, transition management, and quantitative research.

With $15.1 trillion in assets under custody and $2.0 trillion in assets under management, State Street operates in 26 countries and more than 100 markets worldwide. Our European-based workforce of over 5,900 employees provides European institutional investors with local support and service from our offices in Austria, Belgium, France, Germany, Ireland, Italy, the Netherlands, Switzerland, the United Kingdom, and Luxembourg.  State Street holds assets under custody from clients in Europe totaling $2.05 trillion and European clients' assets under management totaling $522.2 billion.

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Uni Credit

UniCredit Group is one of the largest banking and financial services organisation in Europe with strong local roots in 23 countries. Its international network spans over 50 countries worldwide.

The Group is leader in one of the richest areas of Europe: Bavaria, Austria and Italy as well as in Central and Eastern Europe, an area featuring fast rates of economic growth and the fastest growth rates for banking revenues.

UniCredit's business approach is based on a division-based organisational model that deliver personalized offers tailored to specific customer needs throughout the global business lines/centres of competence or the local banks. The Group has established centres of excellence in selected product areas at the international level (Asset Management, Investment Banking and global product lines such as leasing and consumer credit) in order to make products increasingly competitive and of the highest quality.

UniCredit Group commits passionately to create a new way of banking by constantly thriving to serve its clients with innovative solutions. UniCredit Group’s set of values is based on integrity as sustainability condition, which makes it possible to transform profit into value for all our stakeholders.

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White & Case LLP

Global reach and unmatched experience

International practice is the foundation of our firm, and we have been involved in transactions in virtually every corner of the world.

With 37 offices across 25 countries, our commitment to every region of the world is substantial. We have a critical mass of English, U.S. and domestic lawyers throughout the world who are either native to or fully integrated in the regions where they are based.

White & Case is distinguished not only by the depth and scope of its legal advisory services, but also by unmatched experience in the international arena, particularly in providing legal advisory services to, and in, developing or emerging countries.

Our lawyers have decades of experience in multijurisdictional issues in numerous legal systems — some well established, some in their infancy — as well as in transitional economic and political systems. Consequently, we are known for unusual effectiveness in helping clients accomplish their objectives in environments others find daunting and unfamiliar.

Our knowledge, like our clients' interests, transcends geographic boundaries. All of our clients have access to the expertise of our lawyers, wherever they are based. Our lawyers are linked by constant interaction and an electronic infrastructure that allows us to bring the Firm's wealth of experience and all its global resources to bear on clients' most demanding business and legal issues — promptly and efficiently.

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Apri 3-5, 2008     Armonk, New York
Discussion Topics:

Regulation of pools of capital (private equity, hedge funds and sovereign wealth funds).
New principles for regulation of international financial transactions (selective recognition, EU model).
Global financial stability—the impact and control of the liquidity and credit crises.

Report
Agenda
Participants
Sponsors
Final Plenary Presentation (Slides)

March 29-31, 2007     Louveciennes, France
Discussion Topics:

Issuance of Securities: Corporate Governance and Liability Regimes in the EU and the U.S.
Trading of Securities: Market Regulation and Structure
Derivative Markets, Alternative Products and Financial Stability Monitoring
Report
Agenda
Participants
Sponsors
Final Plenary Presentation (Powerpoint Download)

March 10-12, 2006     Armonk, New York
Discussion Topics:

Regulatory Convergence in Transatlantic Capital Markets
Current Issues affecting the Regulation and Operation of the Asset Management Industry in the
EU and the U.S.
Supervision of Cross-Border Activity of Banks and Insurance Companies
Report
Agenda
Participants
Sponsors
Final Plenary Presentation (Powerpoint Download)

April 22-24, 2005     Eltville, Germany
Discussion Topics:

Basel II – The Implementation of Basel II
International Financial Reporting Standards: The Use of U.S. GAAP in the EU and the Use of IFRS in the U.S.
Market Structure – Trans-Atlantic Trading of Securities
Report
Agenda
Participants
Sponsors

November 14-16, 2003     Armonk, New York
Discussion Topics:

(Dis)-harmonization of Regulation
Improving the Capacity of the United States and Europe in Resolving Outstanding Issues
Causes of the Breach on Financial Issues: The Iraq War, the Bubble Burst, and other forces
Report
Agenda
Participants
Sponsors

 

February 27-March 1, 2002     Rüschlikon, Switzerland
Discussion Topics:

Pension Reform
International Disclosure Standards
Fighting Economic Crimes Against the International Financial System
Report
Agenda
Participants
Sponsors

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History of the Europe-U.S Symposium

In February 2002, PIFS held the first annual Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States at Swiss Re's Centre for Global Dialogue in Rüschlikon, Switzerland. With Swiss Reinsurance Company as the lead sponsor, the Symposium gave invited participants the chance to exchange views about important issues and confer with other leaders in their field.

Each meeting brings together about 100 participants, half from Europe and half from the United States. They include senior government officials, politicians, executives in financial firms, lawyers and consultants, scholars, and a few members of the press. They discuss off the record matters affecting the function and stability of the global financial system.

Three topics, relevant to both continents, are discussed in detail. For each topic, distinguished panelists from Europe and the U.S. briefly identify the major issues they recommend for discussion. The participants then split into small groups to discuss the topic, where most of the time is spent. A panel discussion may be held when the topic warrants, drawing on experts as panelists and relying on discussion within the whole group.

Senior participants in the 2003 symposium came from diverse backgrounds. On the government side, for example, were Roel Campos (Commissioner, U.S. SEC) and Alexander Schaub (Director-General, Internal Market, European Commission). Leaders from financial firms included Michael Klein (Chairman and CEO, Europe, Middle East and Africa, Global Corporate and Investment Bank, Citigroup Inc.) and Mark Slaughter (COO, Goldman Sachs International). Academics and experts included William Blair (Queen's Counsel, Gray's Inn, London) and Karel Lannoo (CEO, Centre for European Policy Studies).

The participant list, agenda, summary of discussions, and list of sponsors appear in the annual Symposium Report. You can read or download the reports by clicking on the links below.