2018年-CEPS欧洲政策研究中心_Sustaining_Growth_through_Innovation_in_Capital_Markets_92页_7mb

Summary of the 2017 ECMI Annual Conference

Core Content

The 2017 European Capital Markets Institute (ECMI) Annual Conference aimed to evaluate the progress and future direction of the Capital Markets Union (CMU), a long-term initiative to create a more integrated and efficient European capital market. The conference highlighted the need to move beyond the initial CMU Action Plan set for end-2019 and emphasized the importance of strategic planning, regulatory convergence, and technological innovation in shaping the future of European capital markets.

The main topics discussed included:

• Long-term investment and its role in financing the real economy.
• Reforming the derivatives markets in light of Brexit and regulatory developments.
• Distributed Ledger Technology (DLT) and its potential impact on financial infrastructure.
• The 2017 ECMI Best Paper, which analyzed the failure of a clearinghouse and provided insights into risk management and governance in derivatives markets.

The conference also addressed the post-2019 vision for the EU's capital markets, considering the implications of Brexit and the evolving landscape of financial services in Europe.

Main Views and Key Information

1. Capital Markets Union (CMU) Must Go Beyond 2019

• The CMU is a long-term project that requires the involvement of multiple stakeholders from both the public and private sectors.
• The current Action Plan should be continued or accelerated to ensure better access to market finance and reduce the risks associated with a banking-centric financial system.
• A strategic and ambitious post-2019 vision is needed, especially considering the UK's departure from the EU and the potential impact on financial centers in Europe.
• A group of 'wise persons' should be established to assess the future of the Single Market for financial services, free from current legislative agendas and Brexit negotiations.

2. Long-Term Investment and Capital Markets

• There is a mismatch between supply and demand in cross-border capital markets, with a need to strengthen long-term investment channels.
• Retail and institutional investors need to be more active in equity markets to support sustainable growth.
• The regulatory environment and technological developments will influence asset allocation and investment strategies.
• Solvency 2 and accounting standards have a significant impact on how institutions allocate assets.
• ESG integration is becoming a core investment strategy, but there are challenges in aligning corporate reporting with investor expectations.

3. Derivatives Market Reform

• The UK's exit from the EU has increased urgency for reforming the derivatives market.
• Central clearing is a key focus, with the aim of improving market quality and reducing systemic risk.
• ESMA is being considered for a more centralized supervisory role, but supervisory convergence is not always necessary or desirable.
• Transitional arrangements and regulatory cooperation are essential to ensure a Brexit-proof derivatives market.
• The recovery and resolution framework for CCPs needs to be reviewed to avoid market fragmentation and ensure stability.

4. DLT and Financial Innovation

• DLT is still in its early stages but is expected to bring operational efficiencies and transparency to capital markets.
• The financial services industry should adopt a practical and critical approach to DLT, rather than chasing hype.
• DLT could disintermediate parts of the financial sector, but its impact on existing regulatory frameworks (e.g., MiFID II, EMIR) remains unclear.
• A critical mass of market participants and interoperability with existing systems are crucial for DLT to become a transformative force.
• The disruptive potential of DLT may be incremental rather than revolutionary, especially in the short to medium term.

5. The Role of Governance and Regulation

• Governance structures of CCPs and the regulatory framework need to be re-evaluated to prevent risk-shifting and ensure stability.
• Sustainable finance is a top priority, with a focus on climate-resilient investment and green bonds.
• FinTech requires targeted interventions to ensure innovation continues in a controlled manner.
• The EU Commission is expected to continue supporting CMU and issue an Action Plan on FinTech.

6. Final Remarks and Future Outlook

• The future of European capital markets is uncertain due to ongoing policy, market, and technological changes.
• The Juncker Commission set an ambitious goal for financial integration, but it remains a long-term objective.
• Political events in developed markets may create barriers to integration.
• Technological developments raise governance and regulatory challenges.
• The ECMI continues to play a critical role in monitoring developments and advising policymakers on the inefficiencies of the current system.

Conclusion

The 2017 ECMI Annual Conference underscored the importance of strategic thinking, regulatory reform, and technological adaptation in building a self-sufficient and integrated European capital market. It called for a post-2019 vision that is independent of current political and regulatory dynamics, and for bold actions to ensure the sustainability and resilience of the EU's financial system. The conference highlighted the need for greater cooperation, clarity in regulatory frameworks, and innovation in financial services to support long-term growth and stability in Europe.