Programme

Financial Markets: The End of Globalization?

DYNAMICS OF THE GLOBAL ECONOMY
Panel Session
Congress Centre, Conference Hall D4

Isolationist tendencies are gaining ground across the world: this can be seen with Brexit and with the rhetoric coming from the US Government and many European politicians. Does this mean that we will be seeing trends towards a reversal of globalization, particularly on financial markets? Russia is an example of an open financial market with liberal legislation. On the other hand, there are countries with successfully developing economies – like China, for example – which have significant limitations on cross-border financial transactions. What model is the most effective for developing economies? Throughout the world, national legislation with respect to financial institutions is becoming stricter, complicating the work of traditional banks and stock exchanges in global markets. At the same time, new digital solutions in the financial sector have no regard for national borders and jurisdictions. A process of disintermediation – the removal of the intermediary functions of financial organizations – is under way. What is the future of traditional financial institutions in these circumstances?

Moderator:
Alexey Kudrin , Chairman of the Board, Center for Strategic Research Foundation; Deputy Chairman, Economic Council under the President of the Russian Federation

Panellists
Anatoly Aksakov , Chairman of the Committee of the State Duma of the Federal Assembly of the Russian Federation on Financial Markets; President, Association of Regional Banks of Russia (Association ‘Russia’)
Alexander Afanasiev , Chairman of the Executive Board, Moscow Exchange
Hans-Paul Buerkner , Chairman, The Boston Consulting Group
Christian Keller , Managing Director, Head of Economics Research, Barclays
Christian Sewing , President, Head of Private and Commercial Bank (including Postbank), Deutsche Bank AG
Sergey Shvetsov , First Deputy Governor, Central Bank of the Russian Federation
Alexey Yakovitskiy , Global Chief Executive Officer, VTB Capital Holding

Front row participants:
Oleg Mukhamedshin , Deputy Chief Executive Officer, Director for Strategy, Business Development and Financial Markets, RUSAL

Broadcast

Key moments

Today, about 2% of the population feeds the rest.
Sergey Shvetsov
First Deputy Governor, Central Bank of the Russian Federation
Thus far, three types of financial technologies are distinguished: – improving work with data, – distribution channels, – disintermediation.
Sergey Shvetsov
First Deputy Governor, Central Bank of the Russian Federation
At the fifteen-year horizon, we will be seriously discussing the question of whether Friday should be made a day off.
Sergey Shvetsov
First Deputy Governor, Central Bank of the Russian Federation
Capital will flow to where it feels safe and profitable. From the point of view of “profitable”, we are fine.
Sergey Shvetsov
First Deputy Governor, Central Bank of the Russian Federation
IT will certainly effect any breaches.
Alexander Afanasiev
Chairman of the Executive Board, Moscow Exchange
The financial industry was kind of very late entering into digitalization compared to other industries and without the pressure of the Fintech companies we would still be still late.
Christian Sewing
President, Head of Private and Commercial Bank (including Postbank), Deutsche Bank AG
The principal question is where Russia and the Russian financial market will arrive by using financial technologies, whether the Russian regulatory field will be such that we will take and hold a decent share of the pie called “the global financial market”.
Sergey Shvetsov
First Deputy Governor, Central Bank of the Russian Federation
Robotisation of the regulator is a necessary condition for the proper supervision of the future financial industry.
Sergey Shvetsov
First Deputy Governor, Central Bank of the Russian Federation