tag:blogger.com,1999:blog-332085892011-04-21T10:52:51.882-07:00"Capitalism is transparency"financefoundationnoreply@blogger.comBlogger11100tag:blogger.com,1999:blog-33208589.post-1158847880568692702006-09-22T07:08:00.000-07:002006-10-01T13:34:28.000-07:00<a href="http://www.finance-foundation.com/ff/ff.nsf/EN/MEETINGS2"><img style="DISPLAY: block; MARGIN: 0px auto 10px; CURSOR: hand; TEXT-ALIGN: center" alt="" src="http://photos1.blogger.com/blogger/7995/3485/320/PowerPoint.2.png" border="0" /></a><br /><div align="justify"><strong><span style="color:#000099;"></span></strong></div><div align="justify"><strong><span style="color:#000099;">Join the debate.</span></strong></div><div align="justify"></div><div align="justify"><strong><span style="color:#000099;"></span></strong></div><div align="justify"><span style="color:#666666;"></span></div><div align="justify"><span style="color:#999999;">It is essential to make clear what a transatlantic capital market will mean for investors, users and issuers? To open up the debate, we are organising a meeting in <span style="color:#cc0000;"><strong>Brussels on October 3</strong>.</span> EU Commissioner Charlie McCreevy will give his views in a keynote speech.<br /><br /><strong>Invited speakers and participants will discuss <u>four important questions</u>. </strong></span></div><div align="justify"><strong><span style="color:#999999;"></span></strong></div><div align="justify"><span style="color:#999999;"><strong></div></strong></span><div align="justify"><strong><span style="color:#000099;"></span></strong></div><div align="justify"><strong><span style="color:#000099;">Question No. 1 : </span></strong></div><div align="justify"><strong><span style="color:#000099;"></span></strong></div><div align="justify"><strong><span style="color:#000099;">What will a transatlantic capital market bring to investors, users and issuers?</span></strong></div><div align="justify"><span style="color:#000099;"></span></div><div align="justify"><span style="color:#999999;"><strong></strong></span></div><div align="justify"><span style="color:#999999;"><strong>Dr. Bernhard Speyer,</strong> Deutsche Bank Research </span></div><div align="justify"><span style="color:#999999;"></span></div><ul><li><div align="justify"><span style="color:#999999;">Will it bring a new dynamic to Europe’s capital markets?</span></div></li></ul><p align="justify"><span style="color:#999999;"></span></p><ul><li><div align="justify"><span style="color:#999999;">What about the other 20+ national markets? </span></div></li></ul><p align="justify"><span style="color:#999999;"></span></p><ul><li><div align="justify"><span style="color:#999999;">Will investors, users and issuers be winner or losers? </span></div></li></ul><p align="justify"><span style="color:#999999;"></span></p><ul><li><div align="justify"><span style="color:#999999;">Will it lead to lower transaction costs? </span></div></li></ul><p align="justify"><span style="color:#999999;"></span></p><ul><li><div align="justify"><span style="color:#999999;">Will there be significant cost synergies? </span></div></li></ul><p align="justify"><span style="color:#999999;"></span></p><ul><li><div align="justify"><span style="color:#999999;">Would transatlantic mergers result in new products? </span></div></li></ul><p align="justify"><span style="color:#999999;"></span></p><ul><li><div align="justify"><span style="color:#999999;">What would a global derivatives market look like?</span><strong><br /></strong></div></li></ul><p align="justify"><strong></strong></p><p align="justify"><strong><span style="color:#000099;">Question No. 2 : </span></strong></p><p align="justify"><strong><span style="color:#000099;">Infrastructures: European or transatlantic? Utility or interoperable and transparent? </span></strong></p><p align="justify"><span style="color:#999999;"><strong>Jill M. Considine</strong>, Chairman and CEO, Depository Trust and Clearing Corporation </span></p><p align="justify"><span style="color:#999999;"><strong>Alan Yarrow,</strong> Chairman, London Investment Banking Association </span></p><p align="justify"><span style="color:#999999;"><strong>Jean Mourain,</strong> Senior Technologist, Adobe Systems Europe<br /></p></span><ul><li><div align="justify"><span style="color:#999999;">Why are the post-trade costs of intermediaries so high? </span></div></li></ul><p align="justify"><span style="color:#999999;"></span></p><ul><li><div align="justify"><span style="color:#999999;">What can Europe learn from the integrated post-trade operations of the DTCC in the United States? </span></div></li></ul><p align="justify"><span style="color:#999999;"></span></p><ul><li><div align="justify"><span style="color:#999999;">Are the commercial incentives to retain the current barriers so strong that an EU Directive might be necessary ?</span></div></li></ul><strong><p align="justify"><br /><span style="color:#000099;">Question No. 3 : </span></strong></p><p align="justify"><span style="color:#000099;"><strong>MIFID: what are the consequences for stock exchanges and infrastructures?</strong> </span></p><p align="justify"><span style="color:#999999;"><strong>John Plender</strong>, Senior Editorial Writer, The Financial Times </span></p><span style="color:#999999;"><ul><li><div align="justify">Can the stock exchanges survive?</div></li></ul><p align="justify"></p><ul><li><div align="justify">Will the giants in the new world be the big investment banks? </div></li></ul><p align="justify"></p><ul><li><div align="justify">Will the leading exchangers be caught on the middle ground, squeezed between a handful of large groups and specialist operations/profitable niches?</div></li></ul><p align="justify"></span></p><span style="color:#000099;"><span style="color:#000000;"></span><strong>Question No. 4 : </strong></span><br /><p align="justify"><span style="color:#000099;"><strong>European versus American regulation: independence or bridging?</strong> </span></p><p align="justify"><span style="color:#999999;"><strong>Pervenche Berès,</strong> Chairwoman, Economic and Monetary Affairs Committee, European Parliament </span></p><p align="justify"><span style="color:#999999;"><strong>Michel Prada</strong>, Chairman, AMF (French Regulatory Authority) </span></p><p align="justify"><span style="color:#999999;"><strong>Sir David Walker</strong>, Senior Advisor, Morgan Stanley </span></p><span style="color:#999999;"><ul><li><div align="justify">What would be likely regulatory implications of a transatlantic exchange that spans multiple time zones and jurisdictions? </div></li></ul><p align="justify"></p><ul><li><div align="justify">Is Harvey Pitt correct when he says that Sarbanes-Oxley could become the “de facto world standard of corporate regulation”? </div></li></ul><p align="justify"></p><ul><li><div align="justify">Should there be a financial markets equivalent of the ECB?</div></li></ul><p align="justify"></span></p><span style="color:#660000;"><strong>Do you want to participate in the debate? If you have any questions, we would be happy to ask them for you. </strong></span><br /><p align="justify"><span style="color:#660000;"><strong>We welcome your thoughts and contributions. </strong></span></p><p align="right"><span style="color:#666666;"><strong>Michel Gabrysiak</strong></span> </p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/33208589-115884788056869270?l=finance-foundation.blogspot.com' alt='' /></div>financefoundationnoreply@blogger.com3