Derivatives and Risk Management: The Japanese Public Policy Agenda in 2017 and Beyond
Friday, October 20, 2017
Shangri-La Hotel, Tokyo
Note: Remarks of all speakers will be simultaneously transmitted in Japanese and English.
Registration and Continental Breakfast
Cross Border Harmonization The trend towards, and the benefits of, global financial markets were once a given. But today? Perhaps not so much. The lack of consistent standards and processes for determining and demonstrating comparability, coupled with significant differences amongst EU and US policymakers in certain of the rulesets, continue to concern market participants inside and outside the EU and the US. And then, of course, there’s Brexit. Can and will solutions be reached to harmonize regulations across jurisdictions and in so doing prevent market fragmentation and reduced market liquidity?
Japanese Implementation of Basel 3 – What Next? The Basel Committee has still not finalized the final Basel III reform package due to disagreements over its overall impact. In the US, the Treasury report to President Trump recommends re-assessing the timing and calibration of key elements if the capital reforms. Meanwhile Europe is moving ahead with implementation but with proposals that diverge significantly from Basel. Against this backdrop of uncertainty our panel of regulators, practitioners and end users will consider:
What does this mean for Japanese implementation? Should Japan wait and see or front-run other jurisdictions and what are the potential consequences?
Will the final Basel agreement work for the Japanese financial system and what are the areas of greatest concern?
A capital regime that works for prudential regulators and the wider economy, yet remains globally harmonized – how to achieve it?
Basel implementation beyond Japan- the EU, US and other Asia-Pac.
MiFID II The Markets in Financial Instruments Directive/Regulation has already changed European derivatives trading, and will have ripples beyond Europe’s borders. With three months to go until MiFIR II/MiFIR comes in to force, however, It is unclear how a large number of rules should be read by derivative market participants. Even where guidance has been provided this has often raised more questions. This panel takes stock of what we know so far, outlines where more clarity is needed, considers what impact we might expect to see going forward and discusses how the transparency requirements are expected to work in practice and develop over time.
Building Better Benchmark Arrangements The FSB, IOSCO and regulators around the world have all focused on the need to construct robust benchmarks supported by tradable prices and reliable fallback mechanisms. This panel will discuss the importance of this work in the interest rate sphere, with a particular focus on recent Japanese developments including the work on Japanese Yen Risk Free Rate and contractual documentation considerations in the event of disruption to a benchmark.
Can Technology Save the Day? With profitability declining, new efficiencies need to be found. This panel will look at some of the technological solutions being developed to transform the industry.
Agenda is subject to change
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