CMVM Annual Conference | Public Conference in conjunction with IOSCO 46th Annual Meeting
CMVM 1991-2021
Global Capital Markets
Understanding the Future

CMVM Annual Conference

The CMVM 2021 Annual Conference – which is taking place in conjunction with the 46th IOSCO Annual Meeting in November – will celebrate CMVM’s 30th anniversary at a critical juncture for the world economy.

The conference will bring together experts, decision and policy makers, scholars, researchers and think tanks from all over the globe to discuss major regulatory challenges, priorities and opportunities for the financial sector to contribute to global and sustainable growth.

4 - 5 november 2021 |Lisbon | C.C.Lisboa

Day 1
4th November

(Timetable is indicative and may be subject to change closer to the event)
(Lisbon time)
14:00 - 14:30 
Welcome Remarks
Gabriela Figueiredo Dias, Chair - Portuguese Securities Market Commission (CMVM)
Ashley Alder, Chair - International Organization of Securities Commissions (IOSCO)*
Marcelo Rebelo de Sousa, President of the Portuguese Republic
14:30 – 15:35 
Global Capital Markets: challenges in a changing landscape
Philip Stafford, Editor - Financial Times Trading Room
Erik Thedéen, Director General - Financial Services Authority of Sweden (Finansinspektionen)*
José Manuel Campa, President - European Banking Authority (EBA)*
Lucrezia Reichlin, Professor - London Business School*
Manuela Veloso, Head of Artificial Intelligence Research - JP Morgan
Nezha Hayat, President - Morocco’s Capital Market Authority (AMMC)
As the world tries to emerge from one of the largest crises in the history of mankind, the session will discuss the performance and prospects for global capital markets, their role in promoting growth and prosperity, as well as the main risks ahead. The panelists will be invited to reflect upon topics such as:

• Capital markets’ contribution to economic growth in Europe, USA and Asia;
• Equity raising and trends in public and private capital markets;
• Market and banking sector challenges in a low-interest rate world;
• Risks arising from protectionism and financial nationalism.
15:35 – 16:40 
Drivers of capitalism and capital markets in the 21st Century
Josina Kamerling, Head of Regulatory Outreach Europe, Middle East and Africa (EMEA) - CFA Institute
Heinz Koller, Regional Director for Europe and Central Asia - ILO*
Jella Benner-Heinacher, Deputy General Manager - DSW
Luca Enriques, Professor - Oxford Law Faculty
Marcelo Barbosa, President - Securities and Exchange Commission of Brazil (CVM)
Niamh Moloney, Professor - London School of Economics*
The economic and financial stability that marked the last quarter of the 20th century came to a halt. In advanced economies, the first two decades of the current century have been populated by crises, severe climate challenges, social and political unrest, and rising discontent in relation to increasing social inequality. As a reaction, the purpose and organizational features of the capitalism regime and the role of corporations are under the microscope. In this session, panelists will reflect upon the topics such as:

• From shareholder to stakeholder capitalism: what changes?
• Short-termism bias and challenges to longer term prospects;
• Changing patterns of corporate culture;
• Institutional investors’ theoretical and actual power of influence.
16:40 – 17:00 
Coffee Break
17:00 – 17:50 
Understanding the future: trends in theory and in practice
Ricardo Reis, Professor - London School of Economics
Clara Raposo, President - ISEG
Guntram Wolff, Director - Bruegel*
Karel Lannoo, CEO - Centre for European Policy Studies (CEPS)
Pedro Matos, Academic Director - Richard A. Mayo Center for Asset Management
The session will explore developments with likely long-term impacts in our economies and financial markets
17:50 – 19:10 
Financial stability seen through the capital markets lenses
Fireside Chat:
Rachana Shanbhogue, Finance Editor - The Economist
Ashley Alder, Chair - IOSCO*
Randal Quarles, Chair - Financial Stability Board (FSB)*

Martin Moloney - IOSCO Secretary General
Dalia Blass, Senior Managing Director and Head of External Affairs - BlackRock*
Robert Ophèle, Chair - Autorité des Marchés Financiers (AMF); Co-Chair - Financial Stability Engagement Group (FSEG)/IOSCO*
Sir Jon Cunliffe, Deputy Governor - Bank of England; Chair - Committee on Payments and Market Infrastructures (CPMI)*
William Dudley, Senior Research Scholar - Princeton University*
The session will explore challenges for financial stability reforms focused on capital markets and non-banking intermediation. Organized in liaison with IOSCO, the session will discuss the main reports, conclusions and policy options under scrutiny since the March 2020 market turmoil. In this session, panelists will reflect upon topics such as:

• Money market funds resilience;
• Liquidity management in open ended funds;
• Corporate bond market liquidity;
• Macro-prudential tools for capital markets.
20:15 – 22:30 
Gala Dinner
Pátio da Galé, Lisbon
(Dress code: dark suit)

Adam Tooze, Economic historian - Columbia University
(guest speaker)
CMVM/CTT commemorative 30 years postcard launch ceremony

Day 2
5th November

(Timetable is indicative and may be subject to change closer to the event)
(Lisbon time)
09:00 – 09:30
Keynote speech: “Financing the Recovery”

José Luís Sapateiro Award
09:30 – 10:40
Challenges in regulating global and digitalized capital markets
Filippo Annunziata, Professor - Bocconi University
Cathie Armour, Commissioner - Australian Securities and Investments Commission (ASIC)*
Dan Waters, Board member - Vanguard
Katja Langenbucher, Professor - Goethe-University
Luís Morais, President - Research Center on Regulation and Supervision of the Financial Sector (CIRSF)
Natasha Cazenave, Executive Director - European Securities and Markets Authority (ESMA)
The challenges posed to regulators by financial globalization and digitalization are enormous. The session will discuss the most important topics that the international regulatory and supervision community must face. The panelists will reflect upon topics such as:

• Setting global standards and the enforcement challenge: challenges for IOSCO and regional supervisors;
• The regulatory frameworks for new or expanding realities: fintech, artificial intelligence, emission allowances, non-banking credit intermediation;
• How to control business conduct: from Enron to Wirecard – what have we learned?
• Regulators and supervisors’ resources, performance and accountability.
10:40 – 11:10
Coffee Break
11:10 – 12:10
Simultaneous “Call for papers” sessions organized by Bruegel, CIRSF and CEPS-ECMI

(For more information about these sessions, including papers and authors, see the page dedicated to “call for papers”)

Sustainability in rulemaking and in practice (by Bruegel)
Chair: Alex Lehmann, Bruegel e Frankfurt School of Finance

Sustainable investing in times of crisis: evidence from bond holdings and the COVID-19 pandemic
Serena Fatica, European Commission Joint Research Centre
Discussant: Sara Lovisolo *, Head of Group ESG, Euronext Group

Measuring Sustainability: a survey of the ‘big 4’ ESG data providers’ methodologies
Marco Dell’Erba, University of Zürich
Discussant: Robert Patalano *, Acting Head - Financial Markets Division, OECD

Digitalizing investment finance (by CIRSF)
Chair: Luís Morais, CIRSF

Machine Learning, Market Manipulation, and Collusion on Capital Markets: Why the 'Black Box' Matters
Wolf-Georg Ringe, University of Hamburg

Does EU Regulation adequately address the tension between CCPs shareholders’ and members’ incentives?
Anastasia Sotiropoulou *, University of Orleans
Discussants: Alberto Tapia Hermida *, Complutense University of Madrid e Pierre-Henri Conac, University of Luxembourg

Which direction for capital markets in the EU and around the world ? (by CEPS-ECMI)
Chair: Apostolos Thomadakis, ECMI-CEPS

Strategic Complementarity among Investors With Overlapping Portfolios
Christof Stahel, Investment Company Institute
Discussant: Marie Brière *, Head of Investor Research Center – Amundi; Senior Affiliate Researcher - Université Libre de Bruxelles

Regulation, financial crises, and liberalization traps
Francesco Marchionne *, Indiana University
Discussant: Eva Schliephake, Assistant Professor - Católica Lisbon School of Business & Economics
12:10 - 13:20
How financial industry and policy makers can work for the benefit of society
Initial address:
Mairead McGuinness, Commissioner for Financial services, Financial Stability and Capital Markets Union - European Commission (pre-recorded)

Martha Oberndorfer, Member of the Securities and Markets Stakeholder Group - ESMA
António Simões, CEO - Santander Spain; Head of Regional Europe - Santander
Delphine d’Amarzit, Chair and CEO - Euronext Paris; Member of the Managing Board - Euronext Group*
Guillaume Prache, Managing Director - Better Finance
Veerle Colaert, Professor - KU Leuven University
How to enhance financial systems, so that they might efficiently address households and corporations’ saving and investment needs, while, at the same time, earning the general public’s trust in capital markets and contributing to economic growth, innovation and prosperity. The panelists will reflect upon topics such as:

• Investors preferences and needs: from new services to adequate returns (and products);
• Investor protection and strengthening investors’ confidence in market integrity: financial literacy, market conduct, product governance, financial inclusion and transparency requirements;
• Building a functioning banking and capital markets union in Europe. Lessons from other regions.
13:20 – 13:30
Closing remarks
João Leão, Minister of State for Finance
*Virtual participation

Lisbon Congress Center
Praça das Industrias, 1
1300-307 Lisboa

Pátio da Galé
Praça do Comércio – Ala Poente
1100-148 Lisboa