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4-5 July 2019
St. Petersburg, Russia
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Archive
International Financial Congress 2018
List of sessions
Пленарное заседание I. Как ЦБ достигать своих целей в условиях возрастающего разнообразия рисков и усложняющейся структуры рынков?
4 July 2019 10:00
Plenary session I. Central Bank’s Policy Design: Pursuing Multiple Objectives in Times of Increasing Market Complexity and Risk Variety
In an era of high global market volatility, emerging market central banks have to conduct policies that combine measures aimed at providing both monetary and financial stability. What are the features of such policies? What does the ideal toolkit look like? How should a policy be implemented when one instrument is used to achieve several goals and several instruments seem to be aimed at the same objective?
Сессия 1.1: Новые подходы к финансированию строительства жилья: вызовы и возможности для банковского и строительного секторов
4 July 2019 11:50
Session 1.1: New Approaches to Finance for Housing Construction: Challenges and Opportunities for the Banking and Construction Sectors
Housing finance reform: its social significance and role as a growth area for the banking and construction industries. This reform must ensure the continued development of the housing market in order to meet the target indicators of the Housing and Urban Environment National Project. Financing buyer-funded (shared-equity) housing development: a market for developing competitiveness in the banking sector. Evaluating the risks and performance of construction projects: new regulatory approaches and the development of new competencies. The Unified Information System for Housing Construction (UISHC) as a unified platform and source of information for all market participants. Developer and construction company ratings: can they be relied on? Laws and regulations: are the interests of all participants in buyer-funded housing development represented equally? Is the search for optimal rules for all market participants over? Prospects and objectives for the construction industry and market: improving financing and strategic planning skills without using free financial resources, sector consolidation, increasing transparency, and developing technologies that take new client demands into account.
Сессия 2.1: Особенности политики ЦБ стран с развивающимися рынками в эпоху повышенной глобальной неопределенности
4 July 2019 11:50
Session 2.1: Challenges for the EME Central Banks’ Policies Amid Global Uncertainty
Emerging markets have been caught between a rock and a hard place of the Fed’s policy normalisation and the global economic slowdown amplified by trade disputes and geopolitical tensions. What is the optimal monetary policy for emerging markets’ central banks? How flexible should their decision-making be? Which instruments could complement the traditional monetary policy toolkit?
Сессия 3.1: Новые требования, предъявляемые к специалистам на финансовом рынке
4 July 2019 11:50
Session 3.1: New Requirements for Financial Market Specialists
As of 1 July 2019, in accordance with Federal Law No. 238-FZ, dated 3 July 2016, ‘On Independent Qualification Assessment’, any qualification assessment procedures that are not outlined in this law will no longer apply. For the financial market, this means there is a need to revise the qualification requirements for financial market specialists, since the qualification exam for the financial market specialist certificate will no longer be in use. This roundtable will therefore focus on proposals for qualification requirements, as well as the details of these requirements (level of the degree, major subject, and the exact area of training). Given the growing use of software and hardware in the securities market and the global trend of robotisation, the session will also cover regulatory adjustment issues for cases in which the role of a financial market specialist is performed not by a human, but by a programme.
Сессия 4.1: Рынок инвестиционных фондов. Перезагрузка
4 July 2019 11:50
Session 4.1: The Investment Fund Market: A Reset
This session will review the current state of and main trends in the development of the retail mutual investment fund market, new services and products, and digital distribution of investment shares. Specifically, investors’ requests for retail funds will be discussed, as well as competition between passive and active strategies of mutual fund portfolio management. There will be a particular focus on Russian counterparts to exchange-traded funds.
Сессия 5.1: Кредитная кооперация: на пути завоевания доверия и повышения популярности
4 July 2019 11:50
Session 5.1: Credit Cooperation: Pathways Towards Earning Trust and Raising Popularity
Credit cooperation, which re-emerged in Russia during the turbulent period of the 1990s, was viewed as a tool that provided the country’s citizens with affordable and transparent financial services. Credit cooperatives (credit unions) were used for a good reason: throughout the world, they were viewed as a form of ‘safe finance’, or ‘household money’. To what degree does credit cooperation live up to this image in today’s Russia? This session will examine the steps needed to make consumer credit cooperatives trustworthy, popular, and viable institutions which can also play an effective role in tackling social issues. Russian industry representatives will share their vision of the future, and the main provisions of the Credit Cooperation Development strategy — which the professional community plans to adopt in June 2019 — will be announced. An international expert will also express his views on the issues to be discussed.
Сессия 6.1: Стратегия развития страхового сектора: взгляд рынка, взгляд регулятора
4 July 2019 11:50
Session 6.1: A Development Strategy for the Insurance Sector: Perspectives of the Market and the Regulator
The effective development of the insurance market, an increase in the competitiveness and quality of insurance services, and improved financial stability among market participants depend on a number of factors. There needs to be a unified approach to creating the conditions for the market, an understanding of regulators’ demands to the market, and indeed, an understanding of the market’s demands to the regulator. The session will cover the current state of the insurance market (challenges and prospects, the effects of external factors); the objectives and principles of the Bank of Russia with respect to the development of the financial market as a whole and the insurance market as a crucial and socially important part of the financial market; the market’s view of the strategic goals of the insurance industry; the initial results of implementing the Development Strategy for the Russian Federation’s Insurance Industry for the period 2019–2021; the role of self-regulatory organisations in the development and qualitative improvement of the insurance services market; the introduction of innovative technologies to the insurance market to help transform the market landscape; and stimuli for the development of voluntary forms of insurance, including expectations regarding growth of home insurance in new regulatory conditions.
Сессия 7.1: Финансирование предпринимательства – национальный приоритет
4 July 2019 11:50
Session 7.1: Funding Entrepreneurship: A National Priority
This session will focus on mechanisms to increase funding for SMEs. Representatives of the Ministry of Economic Development of the Russian Federation, development institutions, and the Moscow Exchange have been invited to take part in the discussion, which will cover the interconnections between the financial tools that contribute to growth of SME funding. In particular, the Small- and Medium-Sized Businesses and Support for Individual Entrepreneurship National Project will come under review, as will the Bank of Russia’s roadmap for the development of funding for small and medium-sized businesses. Special attention will be paid to the interconnection between all measures that could help increase financing for SMEs.
Сессия 1.2: МСФО 9: особенности и последствия внедрения
4 July 2019 14:30
Session 1.2: IFRS 9: Specificities and Results of Implementation
New accounting requirements for credit institutions came into effect in 2019, based on the principles of IFRS 9 Financial Instruments. At the same time, the algorithms for using new accounting data to calculate prudential indicators have been clarified. Proposed topics for discussion during this session include the results of the transition to IFRS 9 in accounting, the specifics of implementing the new requirements, and current issues regarding IFRS 9.
Сессия 2.2: Взаимодействие денежно-кредитной и макропруденциальной политик
4 July 2019 14:30
Session 2.2: Interaction Between Monetary Policy and Macroprudential Policy
After the global financial crisis, financial market regulators have agreed that consistent implementation of policies aimed at reducing systemic risks (macroprudential policies) is as important as the implementation of monetary policy. It has become evident that ensuring price stability alone is not enough to prevent accumulation of imbalances in the financial system. Thus, a need for a separate branch of regulation, aimed at financial stability support, has emerged. The implementation of each of these policies is impossible without taking into account the other, as their targets can be contradictory. As a result, the regulators need to balance monetary and macroprudential policies. Session participants will discuss a wide range of issues: What are the specifics of macroprudential policy, which instruments are used in its implementation, and why has it been widely discussed only after the financial crisis? How does macroprudential policy aimed at ensuring financial stability correlate with monetary policy that is aimed at supporting price stability? Which of them should prevail if there are any contradictions? What are the specific features in correlation between macroprudential monetary policy in emerging markets?
Сессия 3.2: Конкуренция за розничного инвестора: брокеры и доверительные управляющие
4 July 2019 14:30
Session 3.2: Competition for Retail Investors: Brokers and Trustees
In a rapidly changing financial market, in which interest rates on bank deposits are becoming less attractive compared to the investment return offered by professional market participants, the retail investor’s attention is increasingly turning to the securities market. In these conditions, the battle for clients between financial intermediaries such as brokers and trustees has escalated. This session will cover topical issues related to the development of the financial market, with regard to the advantages and risks of various models; serving the interests of investors when offering them investment products; and employing unfair competitive advantages. For example, brokers’ statutory right to use their clients’ monetary assets in their own interest means that service fees are reduced, making brokerage more attractive to clients. However, this model comes with increased risks for investors. In addition, the population’s relatively low level of financial literacy is hindering the development of brokerage for a wider audience. In this environment, highly qualified trustees, whose experience and skills allow them to determine the optimal investment strategy in accordance with the consumer’s appetite for risk, are an attractive proposition. However, trustees’ activities come with significant risks: trustees do not guarantee that anticipated rates of return will be reached, and cannot be held responsible if assets are lost in the pursuit of a particular strategy. Moreover, an additional barrier to the development of asset management in the retail sector is the low return offered by relatively small client portfolios, which forces trustees to set higher entry thresholds for retail investors.
Сессия 4.2: НПФ. Расширение инвестиционных возможностей vs управление рисками: заработать или сберечь?
4 July 2019 14:30
Session 4.2: Private Pension Funds: Expanding Investment Opportunities vs Managing Risk – Earn or Save?
This session will focus on the main areas of development in investment processes for private pension funds. Discussions will cover the new legal requirements for financial instruments in private pension fund portfolios, including new types of assets, ratings, and exchange transactions. Particular attention will be paid to long-term investments, currency instruments, and foreign securities. Leading market experts will share their opinions on the effects that stress testing, fiduciary responsibility, and requirements for a return on pension funds have on funds’ investment policies.
Сессия 5.2: Социализация рынка МФО: трансформация бизнес-моделей под влиянием регулирующего воздействия
4 July 2019 14:30
Session 5.2: The Socialisation of Microfinance Organisations: Transforming Business Models through Regulatory Action
Legislative changes that have come into effect since January 2019 have had an impact on the microfinance market as a whole and on the way individual participants operate. Tightening the previously existing limit on payments for short-term consumer loans and introducing a limit on the daily interest rate have forced the majority of microfinance institutions to change their business models in order to maintain their market presence. Representatives of the professional community will speak about their business restructuring strategies and new opportunities for development. An international speaker will present his views on possible ways to boost microfinance based on international experience. Participants will learn about the position of human rights advocates on the issues under consideration. They will also discuss prospects of introducing a debt burden indicator into the regulation. The indicator is designed to reduce the burden on borrowers and prevent a possible increase in household debt.
Сессия 6.2: ОСАГО – курс на индивидуализацию
4 July 2019 14:30
Session 6.2: Motor Third-Party Liability Insurance: A Focus on Customisation
Motor third-party liability insurance is a key part of the Russian insurance industry, which has been very sensitive for customers in the last few years. The discussion will focus on a new, balanced model for motor third-party liability insurance, in which the customer is offered affordable and high-quality services with prices reflecting their driving behaviour, and the insurer benefits economically from providing such services. The session will consider the preliminary results of the motor third-party liability insurance reforms; the main development trends of motor third-party liability insurance from 2017 to 2019, taking regional factors into consideration; the ability to customise motor third-party liability insurance products; digitalisation of motor third-party liability insurance (new opportunities for participant relations); and the role of insurance intermediaries in reforming motor third-party liability insurance.