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Women Leaders’ Taskforce breakfast with Darcy Bradbury and Xavier Tessier

Posted in WIL event reports
7/12/2011 - Paris

On 7th of December 2011, at Amcham’s offices, we had the pleasure to host yet another breakfast organized by the Women Leaders’ Taskforce, created through the joint effort of Amcham and WIL. The meeting was an opportunity to discuss the current initiatives regarding financial regulation and the underlying challenges.

Two high-level speakers: Darcy Bradbury, Managing Director of D. E. Shaw & Co., a global investment and technology development firm based in New York and Xavier Tessier, Special Advisor to the President of the AMF (Autorité des Marchés Financiers), presented an overview of the current situation and ways of addressing the economic/financial crisis from the point of view of the regulators and the market.
Mr. Xavier Tessier spoke about the need to analyze the weakness of the current financial system in order to move forward, as well as the challenges brought by the technological developments. He presented the question of financial markets supervision in Europe as well as international cooperation and the issue of how Europe should address the regulation of cross-border financial services. In his view, one of the most important challenges Europe is now facing is reforming the equity market. Mr. Tessier also noted that some member states are reluctant to move towards a deeper integration.

The three main topics discussed by Ms. Darcy Bradbury were: structural issues in the EU, changes in technology and changes in the markets. She stressed the importance of creating trust and of developing efficient and pragmatic rules to regulate financial markets. She also spoke about the changes in the role of banks, which until recently had a much larger role in providing capital and are now becoming intermediaries. When discussing the role of technology, Ms. Bradbury pointed out the issue of opacity vs. transparency. Technology lowers costs and allows for more efficiency but at the same time it can raise some issues which should be addressed through regulation.

During the debate, several upfront questions were asked. When addressing a question on shadow banking being a potential source of danger, Mr. Tessier stressed the importance of finding the right balance between regulation and non-regulation. Ms. Bradbury engaged in a discussion on the role of the emerging markets; Asian central banks taking responsibility, China, with its technology focus, emerging as a major player in the financial world. As an example of the use of technology outside Europe she mentioned the application of mobile banking in India and Africa. Asked about the ways of stretching the relationship between the industry and citizens, Mr Tessier spoke about the significance of financial education, the level of which, according to recent surveys, is very low, both in France and in the UK.

The breakfast turned out to be a very successful exchange between the Taskforce members and guests.

Thank you to those of you who joined us.

Tags: Xavier Tessier, financial regulation, Darcy Bradbury, Marina Niforos, shadow banking, AmCham France, Amcham, American Chamber of Commerce, Women leaders

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You have the mnoooply on useful information-aren't monopolies illegal? ;)

Posted by Gertrude Gertrude on 1/26/2012 7:57:59 PM

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