Working Agenda For Day One - March 21, 2018
8:00-8:45 Check-in and Coffee
8:45-9:00 Opening Remarks
Prof. Tiff Macklem, Dean and Professor of Finance, Rotman School of Management, U of Toronto; Chair, Global Risk Institute for Financial Services; Corporate Director, Scotiabank (former Sr. Deputy Governor, Bank of Canada)
9:00-10:00 Opening Address: Framing of Financial Crises
A brief historical perspective on financial crises, why they occur, why they are misunderstood, and why they will occur again.
Prof. Richard Sylla, Professor Emeritus of Economics & former Henry Kaufman Professor of the History of Financial Institutions and Markets, Stern School of Business, NYU
10:00-10:45 Keynote: Unfinished Business - The Unexplored Causes of the Financial Crisis and the Lessons Yet to be Learned (Yale U Press, 2017)
A critique tracing how under-regulated trading between European and U.S. banks led to the 2008 financial crisis - with a prescription for preventing another meltdown.
Dr. Tamim Bayoumi, Deputy Director - Strategy, Policy and Review, International Monetary Fund and Author, Unfinished Business (Yale U Press, 2017)
10:45-12:00 Panel Discussion: Are Regulators Ready for the Next Financial Crisis?
The collapse of the subprime mortgage market exposed excessive risk-taking in the banking sector. In the aftermath of the financial crisis, the United States implemented a series of regulatory reforms designed to prevent a recurrence such as the Dodd-Frank Act which included the Volcker Rule. With the move to a deregulated environment, governments across the globe will re-evaluate their sovereign debt policies, investor protection laws and domestic banking regulations. What are the implications of deregulation for global financial markets and participants in those markets?
Panelists: Julie Dickson, former Superintendent, Office of the Superintendent of Financial Institutions of Canada; and Randall Guynn, Partner and Financial Institutions Group Head, Davis Polk & Wardwell LLP
Moderator: Prof. Anita Anand, Professor of Law and J.R. Kimber Chair in Investor Protection and Corporate Governance, Faculty of Law, U of Toronto
12:00-1:30 Lunch and Featured Speaker
1:30-2:45 Panel Discussion: Are Today’s Bank Business Models Viable?
In the past 10 years, banks have faced significant challenges– regulation, technology, increasing competition and changing customer expectations (particularly from millennials). These challenges are likely to continue. While regulation will continue to increase costs, technological advances are likely to lead to a reduction in the profitability of many of the traditional services offered by banks. Indeed it is quite likely that some technology companies such as Apple, Google, and Amazon may decide to expand into financial services. Is the current bank business model viable going forward? Will banks need to downsize and provide a different mix of services?
Panelists: Richard Nesbitt, CEO, Global Risk Institute for Financial Services; Adjunct Professor of Finance, Rotman School of Management, U of Toronto (former COO, CIBC); and Brian Porter, President and CEO, Scotiabank; Vice-Chairman and Treasurer, Institute of International Finance
Moderator: Prof. John Hull, University Professor of Finance and Maple Financial Group Chair in Derivatives and Risk Management, Rotman School of Management, U of Toronto
2:45-3:00 Coffee Break
3:00-4:15 Will Inequality and Instability Cause the Next Financial Crisis?
Growing income disparities between rich and can lead to populist political change, upend trade arrangements and provoke crises. What role has and what role should the financial system play to address these concerns compared with other forces such as trade, immigration and technological change? Has the financial system lowered inequality, by increasing access to capital? Or rather has the financial sector itself contributed to these inequalities, benefiting from excessive risk taking with too much power in the hands of Wall/Bay street? Looking forward, will post crisis changes in the financial system enhance or exacerbate the financial sectors’ impact on inequality?
Panelists: Sir George Bain, former President, Queen’s University Belfast and former Principal, London School of Business; Honourable Mitzie Hunter, Minister of Education, Government of Ontario; and Prof. William Watson, Associate Professor of Economics, McGill University
Moderator: Prof. Alexander Dyck, Professor of Finance and Business Economics and Manulife Chair in Financial Services and Director - Capital Markets Institute, Rotman School of Management, U of Toronto
4:15-4:30 Day One Wrap-up
Working Agenda For Day Two - March 22, 2018
8:00-08:45 Check-in and Coffee
9:00-9:45 Keynote: The Next Financial Crisis
Dr. Richard Bookstaber, Chief Risk Officer and Senior Managing Director - Office of the Chief Investment Officer, University of California and Author, The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction (Princeton U Press, 2017)
9:45-10:30 Keynote: New Banking Regulations and the Liquidity of Financial Markets
Prof. Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford U
10:30-10:45 Coffee Break
10:45-12:00 Panel Discussion: The Future Role of Central Banks
Post crisis, many central banks have sought to combat years of stagnant growth and low inflation with quantitative easing and other unconventional policies. They have focused not only on their traditional role of maintaining price stability, but also on economic recovery and systemic risk. Meanwhile, new technology including big data, machine learning, and quantum computing and their associated risks including cyber terror could have significant consequences for central banking going forward. Other secular changes including climate change, population aging and urban agglomeration present another set of challenges for central banking. What specific challenges lie ahead for central banks? How will they cope with developments in the global financial system while complying with their sovereign mandates?
Panelists: Prof. Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford U; and Laura Kodres, Chief - Global Financial Stability Division, Monetary and Capital Markets Department, International Monetary Fund
Moderators: Prof. Donald Brean, Professor of Finance and Economic Analysis and Policy, Rotman School of Management, U of Toronto and Prof. Peter Christoffersen, Professor of Finance, TMX Chair in Capital Markets and Bank of Canada Fellow, Rotman School of Management, U of Toronto
12:00-1:30 Lunch and Featured Speaker
Prof. Campbell Harvey, Professor of Finance, Fuqua School of Business, Duke U
1:30-2:45 Panel Discussion: Will Technology Cause the Next Financial Crisis?
Technology has revolutionized the banking industry. New data processing and prediction tools and infrastructure technologies have already brought automated services such as Robo-Advisors, digital currencies (such as bitcoin), and automated retail banking. Looking forward, technology will continue to have a massive impact on financial markets and promises to change the face of consumer banking and capital markets alike. Although it brings new financing options to firms and consumers, the resulting disintermediation of financial services also replaces individual workers to significant degrees, fundamentally changes the required skills for those that wish to enter the world of finance, and may create new risks. What is in store for financial markets and regulators, in light of such significant technological developments? For this highly regulated industry, are there regulatory and policy responses that need to be contemplated?
Panelists: Justin Ferrabee, COO, Payments Canada;Prof. Campbell Harvey, Professor of Finance, Fuqua School of Business, Duke; and Michael Katchen, Co-Founder and CEO, Wealthsimple
Moderator: Prof. Andreas Park, Associate Professor of Finance, Rotman School of Management, U of Toronto and Member - Market Structure Advisory Committee, Ontario Securities Commission
2:45-3:45 Reflections from a Central Banker
Carolyn A. Wilkins, Senior Deputy Governor, Bank of Canada
Introduction by Tiff Macklem, Dean, Rotman School of Management
3:50-4:00 Day Two Wrap-up and Closing
Tiff Macklem, Dean, Rotman School of Management
BOOKSALE: books by Tamim Bayoumi and Richard Bookstaber will be available for purchase at the Conference.
QUESTIONS: firstname.lastname@example.org, Daniel Ellul, (416) 978-6119