42nd Annual Conference of IOSCO - Montego Bay, Jamaica, 14-18 May 2017

Public Documents (Speeches and recordings)

Wednesday 17 May 2017

Opening Ceremony (09:00 to 10:00)

Speakers:

  • The Honourable Audley Shaw, CD, MP
    Minister of Finance and Public Service of Jamaica
    Biography and Speech
  • Ms. Janice P. Holness
    Executive Director, Financial Services Commission (FSC) of Jamaica
    Biography and Speech
  • Mr. Jean-Paul Servais
    Chairman, Financial Services and Markets Authority (FSMA) of Belgium and IOSCO Board Vice-Chairman
    Biography
  • Mr. Ranjit Ajit Singh
    Chairman, Securities Commission (SC) of Malaysia and Chairman of the IOSCO Growth and Emerging Markets Committee
    Biography
  • Mr. Paul Andrews
    Secretary General of IOSCO
    Biography
  • Opening Ceremony Video recording

Panel 1 - How can we make capital markets more structurally resilient and address any remaining systemic risks. Are we striking the right balance between financial stability and investor protection and market efficiency? (10:30 to 12:00)

Recently, IOSCO, in cooperation with other standard setting bodies, has focused on asset management and CCPs in terms of examining how to ensure these two areas of the capital markets are structurally resilient, and have done substantial work in these areas to address real or perceived vulnerabilities. This session will examine if there are any other areas within capital markets that IOSCO needs to address in terms of resiliency, including whether exchanges and intermediaries present significant systemic vulnerabilities. As part of the discussion, panellists will explore how sensitive this issue is to the stage of development of a particular market and if so, how best to address these risks.

In addition, in carrying out this work on structurally resiliency, the global regulatory community has made significant headway in trying to avoid another financial crisis. However, the question arises if this is happening at the expense of investor protection or fair, efficient and transparent markets. For example, this panel could address topics such as the use of variation margin haircutting in CCP recovery, which might disadvantage retail investors in collective investment schemes. Are policy-makers even considering these types of questions and if so, how are trade-offs being analysed.

Panellists:

Gala Dinner Speeches (20:00)

Thursday 18 May 2017

Panel 3 – How can capital markets regulators effectively address the issue of misconduct in markets? What more can we expect market participants to do to build trust in markets and increase their level of accountability? (09:00 to 10:30)

Trust is the lubricant for markets to function as intended, and proper conduct engenders trust. IOSCO will publish a toolkit on conduct risk in wholesale markets in H1 2017. This session will examine if the global initiatives for addressing market misconduct will make meaningful impact and whether there is a further role for the industry and for SROs. Indeed, regulatory options will be a prime focus for this panel in how to address misconduct, and would include things such as the UK’s Senior Manager’s Regime and how to evaluate whether these types of efforts are showing results and having the intended (or perverse) effects. This panel will provide an opportunity to showcase the report on Market Conduct; and take the conversation forward regarding the role of the industry/ SROs in this effort of changing behavior.

Panellists:

  • Mr. Paul Andrews (Moderator)
    Secretary General of IOSCO
    Biography
  • Ms. Julia Leung
    Executive Director, Intermediaries Division, Securities and Futures Commission (SFC) of Hong Kong
    Biography
  • Mr. Andrew Bailey
    Chief Executive Officer of the UK Financial Conduct Authority (FCA)
    Biography
  • Mr. Yuji Nakata
    Executive Managing Director, Group Entity Structure & Co-CRO of Nomura Holdings, Inc
    Biography and Presentation
  • Mr. Sergey Shvetsov
    First Deputy Governor of the Bank of Russia
    Biography
  • Panel 3 Video recording

Panel 4 – Are capital markets doing their job in financing the real economy? How can regulators help in market development? (10:45 to 12:15)

Many IOSCO members, especially from emerging markets, have the development of capital markets as part of their mandates. The session can contribute to learning about what some regulators are doing to develop markets in their jurisdictions. At the same time, with the emergence of fintech and alternative capital raising vehicles like crowdfunding, there is a question whether traditional primary markets are able to perform their role in capital raising for financing the real economy. Similarly, it will be helpful to have a regulator’s perspective on how it approaches issues related to fintech from a strategic, opportunistic and/or regulatory point of view. Here, the discussion can focus on use of regulatory sandboxes or innovation hubs that seek to foster new ideas by assisting start-ups as they navigate the regulatory system so as to maintain investor trust and confidence.

Panellists:

  • Ms. Ana Fiorella Carvajal (Moderator)
    Lead Securities Markets Specialist, World Bank Group
    Biography
  • Mr. Leonardo P. Gomes Pereira
    Chairman, Comissão de Valores Mobiliários (CVM) of Brazil
    Biography
  • Mr. Steven Gooden
    Chief Executive Officer of NCB Capital Markets Limited, Jamaica
    Biography
  • Mrs. Maureen Jensen
    Chair and Chief Executive Officer of the Ontario Securities Commission (OSC)
    Biography
  • Mr. Paul Muthaura
    Chief Executive Officer of the Capital Markets Authority (CMA) of Kenya
    Biography
  • Panel 4 Video recording

Closing Remarks and Handover Ceremony IOSCO 2018 Hungary (12:15 to 12:45)

Speakers:

Documents released during the Conference

Media Releases