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The Future of Financial Intermediation: Banking, Securities Markets, or Something New?
30 Jun - 02 Jul, 2015
 Corporate Governance in the Global Economy: The Changing Role of Directors

Abstract:
The accelerating transformation of the financial services industry, and the emergence of alternative financial intermediaries, have profound medium- and long-term implications for global financial markets and their supervision. Financial intermediaries who channel funds from investors to those who require capital have expanded significantly in recent years and exert growing influence on global financial markets. Such entities have expanded well beyond the traditional banking sector to encompass investment banks, broker-dealers, life insurance companies, mutual and pension funds, mortgage finance, credit card companies, and other types of shadow banks, all of which operate in different ways and at different scales, often with strong regional variations. Alternative channels to traditional market- and bank-financing are now major sources of funds in both developing and developed economies. This increasingly diverse global marketplace for financial intermediation raises important questions about the future of fair and effective markets; the continuing challenge of shadow banking and securitization; the potential challenges of enforcement efforts by regional supervisory authorities, and the role of new technologies.

Leading voices across the financial services sector are starting to confront the magnitude of these emerging risks and the grey areas that have the potential to radically alter relationships along the financial transaction chain. The 2015 Finance in a Changing World Forum will therefore explore the strategic long-term changes taking place in global financial markets, the future of regional regulatory action, and the technology-driven shifts that are impacting the global financial services industry.

This session will bring stakeholders from different sectors together including:

Financial services firms facing competition from new alternative financial intermediaries, a diverse and globalizing marketplace, new regional regulatory regimes, and the potential for disruptive technologies. Alternative financial intermediaries that are increasingly becoming a target of new regulations and struggling to retain their competitiveness and capacity for innovation. Regulators and supervisors trying to find the right balance between increased systemic safety, the economy's need for financial services at affordable prices, and the challenges of jurisdiction facing global financial markets and supervision. Supervisors and regulators (including securities regulators) will have the opportunity to learn more about the problems the firms they regulate are facing, and to understand the practical implications of different regulatory approaches in different jurisdictions.

Policy makers that are making difficult decisions about the risk threshold governments are willing to accept in financial markets and the challenges of 'disintermediation' where consumers shift from full-service investment firms to direct investment in markets through shadow banks, online brokerages, broker-dealers, life insurance companies, mutual and pension funds, mortgage finance and credit card companies, and others. Consultancy firms who will have the chance to interact with both practitioners and supervisory and regulatory authorities to discuss new and innovative strategies.

Academics dedicated to examining cutting-edge theoretical and policy-related issues in the area of financial regulation and able to challenge and stimulate thoughts about regulatory policies.

Technology firms that are at the forefront of new technological developments, payment systems, data protection and cyber-crime issues, and can provide key insights into the potential impact on financial markets and regulation.


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