2nd Annual Symposium
on EU-Asia Relations in Financial Services
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Promoting Convergence and Investments in EU -Asian Financial Markets
27 th - 29 th May 2015
Hong Kong

WEDNESDAY 27th MAY - OPENING COCKTAIL________________________________________________________________________(Venue: Hong Kong Monetary Authority (HKMA), Auditorium, 56/F, Two IFC, Central)
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17:30-17:45

Participants Check-in

17:45

Cocktail Starts

18:00-18:15

Welcome Speeches
Karel Lannoo, CEO, Centre for European Policy Studies (CEPS)
Alexander Loke, Professor, School of Law, City University of HongKong (CityU)

18:15-19:00

Keynote speeches: Funding growth: How to finance infrastructure,
R&D and innovation(18:15-18:40)

Frank Moss, Director General, International and European Relations,
European Central Bank (ECB)(18:40-19:00)

David Dodwell, Executive Director, Hong Kong-APEC Trade Policy
Group

Themes that may be covered includes: public-private partnerships, lending to the real
economy, attractiveness for foreign direct investment, the investment climate, equivalenceof rules and market entry.
19:00-20:00

Networking and End of Cocktail

THURSDAY 28th MAY - DISCUSSIONS AND DINNER________________________________________________________________________(Venue: Hong Kong Monetary Authority (HKMA), Auditorium, 56/F, Two IFC, Central)
09:00-9:05

Introduction
Nickolas Reinhardt, Director, Afore Consulting

09:05-09:30

KeynoteJoseph Muscat, Prime Minister, Malta

09:30-10:45

Panel 1: Financing large infrastructure projects, are new models emerging?

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Joe Bannister, Chairman, Malta Financial Services Authority
Naoto Shimoda, Chief Executive in Hong Kong, Bank of Japan
Alicia Garcia Herrero, Visiting Faculty, China Europe International Business School(CEIBS)Dora Neo, Director, Centre for Banking & Finance Law, Faculty of Law, National
University of Singapore (NUS)
Thomas Jacquot, Senior Director, Corporate & Infrastructure Ratings, Standard & Poor’s

Moderated by: Karel Lannoo, CEO, Centre for European Policy Studies (CEPS)
The issue of how to finance large infrastructure projects is topical both in the EU and inmany Asian emerging economies. These investments are generally considered a key factor
to boost aggregate demand and competitiveness. Public institutions traditionally play amajor role in financing infrastructure but the fragile public finances in the EU and thedeclining growth in the emerging economies are demanding for alternative models. The
Juncker-plan, for example, relies on a highly leveraged public fund aimed at attracting alarge amount of private investments. The strategy of development banks (EIB, EBRD, CDB,etc.) increasingly take the form of public-private partnerships rather than “pure” publicfinancing. Are large investments in infrastructure still an important driver of growth? Arenew trends emerging for infrastructure finance (e.g. new financial products)? Are there anylessons that the two blocks can learn from each other?
10:45-11:15

Coffee BreakPage | 3

11:15-12:15

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Panel 2: Bank vs capital markets based financing: is there an optimal
financial structure? (Topic 1)

Miguel de la Mano, Head of Unit, Economic Analysis of Financial Markets, EuropeanCommission
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Andres Sutt, Head of Banking, European Stability Mechanism (ESM)
Levin Holle, Head of Financial Markets Policy Department, Germany’s Federal Ministryof FinanceMichael Taylor, Chief Credit Officer, Asia Pacific, Moody’s Investors Service
Shan Li, Chief International Business Adviser, China Development Bank; Executive
President of the Institute for Governance Studies, Tsinghua University; Chairman,
Chinastone Capital Management

Moderated by:
 Robin Huang, Director, Centre for Financial Regulation and Economic Development,
Faculty of Law, Chinese University of Hong Kong (CUHK)
Corporates in both major Asian countries and the EU still heavily depend on bank financing.
Albeit alternatives in the form of capital markets are being developed. Both shores aredeveloping policies to support the expansion of bond markets and other securities markets.
What has been achieved so far? What are major initiatives undertaken and best practices
that could serve as guidelines for other policymakers? What are the prospects for equity vsdebt financing? Private placement vs public listing? What is the role of securitizations andcovered bonds? What are other impediments to access finance (e.g. collateral,infrastructure, professional investors, tax etc.)?
12:15-13:00

Small Group Sessions on Topic 1

Participants will be divided into three groups in order to discuss Topic 1 in greater detail.
Within each group, two Discussion Leaders will moderate and ensure that all the different
angles of the topic are explored and that answers to specific questions are provided; andone Reporter will keep record, and will then convey this back to the Reporters Meeting.
13:00-14:30

Buffet Lunch14:30-15:30

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Panel 3: Asset Management: Overcoming fragmentation in Asian markets(Topic 2)

Greg Tanzer, Commissioner, Australian Securities and Investments Commission (ASIC)
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Robert Ward, Head of Financial Services Global Markets, Trade and Investment Unit,
UK Treasury
Christina Choi, Senior Director, Investment Products, Securities and Futures
Commission (SFC)
Lieven Debruyne, Chief Executive, Hong Kong, Asia Pacific Head of Intermediary
Distribution, Schroders
Alexander Loke, Professor, School of Law, City University of Hong Kong (CityU)

Moderated by: Eugenie Shen, Managing Director – Head of Asset Management Group, Asia Securities
Industry & Financial Markets Association (ASIFMA)
A major challenge for the development of the European and Asian asset management
industries respectively is to market products cross-border. The environment is characterisedby a multiplicity of different distribution and investor protection rules. In Asia, somepassport initiatives have been developed (e.g. Shanghai-Hong Kong Stock Connect, ARFP,ASEAN passport), but the increasing demand for investment products by a growing middle
class calls for a more comprehensive solution. What are the main barriers that arepreventing the evolution of these passport schemes in Asia? The EU has been able todevelop over the years a successful framework with the UCITS, is this model still valid forEurope and can this be taken as a point of reference for Asian countries? Is there a need tochannel funds into more long-term investments to boost returns in the current low interestenvironment? What is the nature of the fiduciary duty that asset managers bear towards
their investors?
15:30-16:15

Small Group Sessions on Topic 2

Participants will be divided into groups to discuss Topic 2 in greater detail. Within eachgroup, two Discussion Leaders will moderate and one Reporter will keep record, and willthen convey this back to the Reporters Meeting.
16:15-16:45

Coffee and Snack

16:15-17:45

Reporters Meeting(Discussion Leaders and Reporters only)(Venue: Shanghai Jade Restaurant, Exchange Square Podium, Shop 402, 4/F, Central)
18:30

Cocktail Starts

19:00

Introduction of Keynote Speakers
Nickolas Reinhardt, Director, Afore Consulting

19:05

Opening Keynote
Vincent Piket, Head, EU Office to Hong Kong and Macau

19:15

KeynotePetr Jezek, ALDE MEP for Czech Republic, European Parliament

19:30-21:30

Dinner Reception

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FRIDAY 29TH MAY – DISCUSSIONS________________________________________________________________________(Venue: Hong Kong Monetary Authority (HKMA), Auditorium, 56/F, Two IFC, Central)
08:30–09:00 Presentation of the main findings of the break-out session discussions on
Topic 1 and Topic 2
09:00–10:30 Panel 4: The internationalisation of the RMB: global economic implications
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Vincent Lee, Executive Director (External), Hong Kong Monetary Authority (HKMA)
Robert Elsen, Financial Counselor, Representative of BaFin, German Embassy
Beijing/China
Angelo Cicogna, Head of Representative Office in Tokyo, Bank of Italy
Nick Collier, Head of European Government and Regulatory Affairs, Thomson Reuters
Douglas Arner, Professor, Asian Institute of International Financial Law, University ofHong Kong (HKU) and Member, Hong Kong Financial Services Development Council

Moderated by: Nickolas Reinhardt, Director, Afore Consulting
The internationalisation of RMB markets represents a major change in global finance. Hong
Kong is at the forefront, facing increasing competition. How do the speakers see the role ofthe RMB changing as a medium of exchange to a store of value in the following years? To
what extent and in which sectors will capital markets be impacted by this change? Are
current market infrastructure, regulations and supervisory frameworks resilient enough towithstand higher and more volatile capital flows? What will be the impact on the forex
market and the relative value compared to currently leading currencies?
10:30-11:00

Coffee BreakPage | 7

11:00-12:35

The evolution of global collateral markets: how to manage risk mitigationand deal with asset encumbrance?

(11:00-11:20) Presentation Manmohan Singh, Senior Financial Economist, International Monetary Fund (IMF)(11:20-12:35) Panel Discussion
 Oliver Bettin, Managing Director, Head of Debt BCU, APAC, Global Markets, DeutscheBank Paul Symons, Global Head of Government Relations, Euroclear
 Manmohan Singh, Senior Financial Economist, International Monetary Fund (IMF) Philippe Dirckx, Managing Director, Head of Markets and Initiatives,Asia Pacific, SWIFT
Moderated by:
 Diego Valiante, Head of Financial Markets and Institutions, Centre for EuropeanStudies (CEPS)
The way how asset encumbrance may affect risk mitigation techniques is still an unexplored
field. The session will therefore look at the current status of international regulations on
capital and risk mitigation techniques, such as margining and other forms of collateral. How
can collateral cliff effects be anticipated? What can be learned from the central banks’liquidity easing in recent years? What are the most effective ways of dealing withresolution? Is the financial infrastructure robust enough or too fragmented? How isoverreliance on collateral going to affect the pricing of unsecured markets? Can secured
markets only price risk properly? How to define high quality collateral? Does this create abias towards sovereigns?
12:35-12:45 Closing Remarks
Mark Austen, CEO, Asia Securities Industry & Financial Markets Association (ASIFMA)
12:45-14:00

Buffet Lunch

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