Navigation Path: Home > Events > Conferences & seminars > Joint Banque de France/European Central Bank (ECB) conference on Liquidity in interdependent transfer systems
Venue:
Banque de France, Paris
09 and 10 June 2008
Proceedings:
Programme:
| From 08:30 | Registration and coffee |
| 09.00 - 09.15 | Opening Remarks by Gertrude Tumpel-Gugerell (ECB, Executive Board Member) en |
| 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) "Innovations in wholesale payment systems" Frédéric Hervo (Banque de France) "Recent developments in intraday liquidity in payment and settlement systems" Esmond Lee (Hong Kong Monetary Authority) "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) "Modelling the cross-border use of collateral in payment systems" Jens Tapking (ECB) and Christian Ewerhart (IEW, Zurich) - "Repo markets, Counterparty risk, and the 2007/2008 liquidity crisis" Morten Bech (Federal Reserve Bank of New York) "Intraday Liquidity management: a tale of games banks play" Discussant: Anne Wetherilt (Bank of England) |
| 12.00 - 12.45 | Panel session: Collateral management: recent trends and developments Chair: Daniela Russo (ECB, Deputy Director General, Payments and Market Infrastructure) 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) "Liquidity risk and monetary policy" Pr Gerhard Illing and Jin Cao (University of Munich) "Liquidity shortages and monetary policy" Enisse Kharroubi and Edouard Vidon (Banque de France) "Increasing returns in the interbank liquidity market" Discussant: Nuno Cassola (ECB) |
| 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) "Liquidity effects of a participant-level operational disruption in SIC" Ouarda Merrouche and Jochen Schanz (Bank of England) "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) "Performance and resilience to liquidity disruptions in interdependent RTGS payment systems" David Mills and Samia Husain (Board of Governors of the Federal Reserve System) "Interlinkages between payment and securities settlement systems" Discussants: Johannes Lindner (ECB) and Douglas Conover (BIS) |
| 17.30 | Close of day 1 |
| 19.30 | Dinner at the Aéro-Club of Paris 6, rue Galilée, 16th arrondissement |
| 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) Panellists: Alain Raes (SWIFT, Head of the Europe, Middle East and Africa Region) Gerard Hartsink (ABN AMRO, Senior Executive Vice President, and CLS Bank, Chair) Marshall Millsap (JP Morgan Chase, Senior Vice President for Global Industry Issues) 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) Diana Chan (EuroCCP, Chief Executive Officer) Judith Hardt (FESE, Secretary General) Konstantinos Tomaras (European Commission, Financial Market Infrastructure Unit) |
| 11.15 - 12.30 | 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) Franco Passacantando (Banca d'Italia, Managing Director) James McAndrews (Federal Reserve Bank of New York, Senior Vice President) |
| 12.30 | Close of conference and lunch |
