The 2011 Forum Agenda
09.45 - 10.30
Panel 1: The fight for stable funds - Retail funded banks
Stickiness and inelasticity can go hand-in-hand. What long term changes will be expected in the market for retail funds as more and more marginal funding is required from this liability source? Are retail funds stable unless proven otherwise or are all funds unstable unless proven otherwise!
Will regulatory identification of retail liabilities as stable mark the end of their acting as a cornerstone of bank liability management? Is this the Heisenberg Uncertainty Principle as applied to the deposit markets?
11.00 - 11.45
Panel 2: The fight for stable funds - Tidal wave of financial institution issuance
Although funding markets seem to be operating broadly normally for many issuers, there is a well-flagged mountain of debt requiring re-funding in the 2011/12 period. Will these funds be available? If so:
- What arbitrage gimmicks will be employed to get sufficient funds on-board?
- What impact will changes in the regulations for money-market funds has on issuance?
- Will resurgent inflation affect demand for fixed interest securities?
- Will there be an absence of financial institution buyers?
- Will current debt-holders be required to suffers haircuts (or Bail-Ins) in a new round of bank bail-outs?
11.45 - 12.30
Panel 3: The fight for stable funds - Do wholesale funded banks have any recourse save for the issuing markets?
As the regulatory definition of stable funds leans towards retail focused liabilities, what innovations and developments will take place in the marketplace for wholesale sourced unsecured deposits?
14.00 - 14.45
Panel 4: The implementation of the UK FSA's "Strengthening Liquidity Standards":
Has the implementation of the new standards for liquidity risk management and control within the UK been a success? What lessons have been learnt?
14.45 - 15.30
Panel 5: New risk management environment - What scenarios are applicable to anticipate and describe the behaviour of retail funds?
Risk management departments seem to be very slowly getting to grips with the new forward-looking discipline of scenario design.
- What are the scenarios to which retail funds are especially sensitive?
- Over what time span will the discipline of scenario analysis be instilled in day-to-day bank risk management?
16.00 - 16.45
Panel 6: Regulatory developments - 2018 too late for NSFR? What will happen in the interim?
With the NSFR having been "thrown into the long grass", what will be the likely shape of strategic liquidity measures for the next seven years?
Given the implicit national opt-outs enshrined in the new accords, will we observe a level playing field for liquidity regulation? Will we see further development in LCR (including longer term effects on central bank instruments) or other Capital regulation in the meantime.