Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG


Programme


3 July

20:00–23:00

Alexandrinsky Theatre (6, Pl. Ostrovskogo, St. Petersburg), Main Stage
Russian Hamlet (Eifman Ballet)
4 July

08:30–09:30

Registration

09:30–10:00

Presidential Library,
Plenary session hall (second floor)
Opening event Address by Elvira Nabiullina, Governor of the Bank of Russia
Speaker
Elvira Nabiullina, Governor, Bank of Russia

10:00–11:30

Presidential Library,
Plenary session hall (second floor)
Plenary session I Plenary sessions Central Bank’s Policy Design: Pursuing Multiple Objectives in Times of Increasing Market Complexity and Risk Variety In an era of high global market volatility, emerging market central banks have to conduct policies that combine measures aimed at providing both mo...
In an era of high global market volatility, emerging market central banks have to conduct policies that combine measures aimed at providing both monetary and financial stability. What are the features of such policies? What does the ideal toolkit look like? How should a policy be implemented when one instrument is used to achieve several goals and several instruments seem to be aimed at the same objective?
Moderator
Stephanie Flanders, Senior Executive Editor for Economics, Bloomberg News
Speakers
Claudio Borio, Head, Monetary and Economic Department, Bank for International Settlements
Patricia Mosser, Director of the MPA Programme in Economic Policy Management, School of International and Public Affairs, Columbia University
Elvira Nabiullina, Governor, Bank of Russia
Richard Portes, Professor of Economics, London Business School
Zdenek Tuma, Partner of the Management Consulting Department, KPMG Czech Republic
Boris Vujčić, Governor, Croatian National Bank

11:30–11:50

Coffee break

11:50–13:00

Astoria Hotel, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.1: New Approaches to Finance for Housing Construction: Challenges and Opportunities for the Banking and Construction Sectors Housing finance reform: its social significance and role as a growth area for the banking and construction industries.This reform must ensure the c...
Housing finance reform: its social significance and role as a growth area for the banking and construction industries.
This reform must ensure the continued development of the housing market in order to meet the target indicators of the Housing and Urban Environment National Project.
Financing buyer-funded (shared-equity) housing development: a market for developing competitiveness in the banking sector.
Evaluating the risks and performance of construction projects: new regulatory approaches and the development of new competencies. The Unified Information System for Housing Construction (UISHC) as a unified platform and source of information for all market participants. Developer and construction company ratings: can they be relied on?
Laws and regulations: are the interests of all participants in buyer-funded housing development represented equally? Is the search for optimal rules for all market participants over?
Prospects and objectives for the construction industry and market: improving financing and strategic planning skills without using free financial resources, sector consolidation, increasing transparency, and developing technologies that take new client demands into account.
Moderator
Olga Polyakova, Deputy Governor, Bank of Russia
Speakers
Evgeny Bushmin, Deputy Chairman, Federation Council of the Federal Assembly of the Russian Federation
Dmitry Olyunin, First Deputy President and Chairman of the Management Board, VTB Bank
Alexander Plutnik, Chief Executive Officer, DOM.RF
Anatoly Popov, Deputy Chairman of the Executive Board, Head of the Corporate Business Block, Sberbank
Nikita Stasishin, Deputy Minister of Construction, Housing, and Utilities of the Russian Federation

11:50–13:00

Hotel Angleterre, Conference hall 7 (first floor)
Macroeconomics and Monetary Policy Session 2.1: Challenges for the EME Central Banks’ Policies Amid Global Uncertainty Emerging markets have been caught between a rock and a hard place of the Fed’s policy normalisation and the global economic slowdown amplified by t...
Emerging markets have been caught between a rock and a hard place of the Fed’s policy normalisation and the global economic slowdown amplified by trade disputes and geopolitical tensions. What is the optimal monetary policy for emerging markets’ central banks? How flexible should their decision-making be? Which instruments could complement the traditional monetary policy toolkit?
Moderator
Lubomir Mitov, Consultant, World Bank
Speakers
Stephen Cecchetti, Professor of International Economics, Brandeis International Business School
Iikka Korhonen, Head of Research, Monetary Policy and Research Department, Bank of Finland Institute for Economies in Transition (BOFIT)
Guillermo Ortiz, Partner, Board Member, BTG Pactual
Marc Uzan, Executive Director, Reinventing Bretton Woods Committee
Oleg Vyugin, Chairman of Supervisory Board, Moscow Exchange; Chairman of the Board of the Directors, PJSC “SFI”

11:50–13:00

Presidential Library,
Conference hall 3 (second floor)
Financial Market Professionals Session 3.1: New Requirements for Financial Market Specialists As of 1 July 2019, in accordance with Federal Law No. 238-FZ, dated 3 July 2016, ‘On Independent Qualification Assessment’, any qualification asses...
As of 1 July 2019, in accordance with Federal Law No. 238-FZ, dated 3 July 2016, ‘On Independent Qualification Assessment’, any qualification assessment procedures that are not outlined in this law will no longer apply. For the financial market, this means there is a need to revise the qualification requirements for financial market specialists, since the qualification exam for the financial market specialist certificate will no longer be in use. This roundtable will therefore focus on proposals for qualification requirements, as well as the details of these requirements (level of the degree, major subject, and the exact area of training).
Given the growing use of software and hardware in the securities market and the global trend of robotisation, the session will also cover regulatory adjustment issues for cases in which the role of a financial market specialist is performed not by a human, but by a program.
Moderator
Konstantin Korischenko, Chairman of the Commission for Professional Qualifications in Risk Management and Financial Services, Council for Professional Qualifications in the Financial Market; Chairman of the Supervisory Board, Guild of Financial Analysts and Risk Managers
Speakers
Larisa Azimova, Vice President, Head of the Depositary Center, Gazprombank
Dmitry Firsov, CEO, Newton Broker
Matvey Gorbachev, Director, Midland Hunt
Olga Shishlyannikova, Deputy Director, Securities Market and Commodity Market Department, Bank of Russia

11:50–13:00

Presidential Library,
Conference hall 1 (first floor)
Collective Investments: Main Challenges and Areas of Growth Session 4.1: The Investment Fund Market: A Reset This session will review the current state of and main trends in the development of the retail mutual investment fund market, new services and prod...
This session will review the current state of and main trends in the development of the retail mutual investment fund market, new services and products, and digital distribution of investment shares.
Specifically, investors’ requests for retail funds will be discussed, as well as competition between passive and active strategies of mutual fund portfolio management.
There will be a particular focus on Russian counterparts to exchange-traded funds.
Moderator
Vladimir Potapov, CEO, VTB Capital Investments; Senior Vice President, VTB Bank
Speakers
Irina Krivosheeva, Chief Executive Officer, Alfa-Capital Management Company
Steffen Scheuble, CEO, Solactive German Index Engineering
Alexey Timofeev, President, Russian National Association of Securities Market Participants (NAUFOR)
Oleg Yankelev, CEO, FinEx Plus Asset Management; Senior Partner, FinEx Capital Management LLP

11:50–13:00

Presidential Library,
Conference hall 4 (third floor)
Microfinance Session 5.1: Credit Cooperation: Pathways Towards Earning Trust and Raising Popularity Credit cooperation, which re-emerged in Russia during the turbulent period of the 1990s, was viewed as a tool that provided the country’s citizens ...
Credit cooperation, which re-emerged in Russia during the turbulent period of the 1990s, was viewed as a tool that provided the country’s citizens with affordable and transparent financial services. Credit cooperatives (credit unions) were used for a good reason: throughout the world, they were viewed as a form of ‘safe finance’, or ‘household money’. To what degree does credit cooperation live up to this image in today’s Russia?
This session will examine the steps needed to make consumer credit cooperatives trustworthy, popular,
and viable institutions which can also play an effective role in tackling social issues.
Russian industry representatives will share their vision of the future, and the main provisions of the Credit Cooperation Development strategy – which the professional community plans to adopt in June 2019 – will be announced. An international expert will also express his views on the issues to be discussed.
Moderator
Galina Sharybkina, Advisor to the Director, Microfinance Market Department, Bank of Russia
Speakers
Igor Baginsky, Deputy Director, Department of Economics and Public Support for Agribusiness, Ministry of Agriculture of the Russian Federation
Tatiana Ivashkina, Chief Executive Officer, League of Credit Unions – National Union of Credit Cooperatives and Their Associations
Yury Marinichev, Member of the Board, Association of Credit Consumer Cooperatives ‘Gardarika’
Ulyana Mikhailova, Chairman, Pskov Regional Council of Trade Unions

11:50–13:00

Astoria Hotel, Conference hall 5 (first floor)
Insurance Market Session 6.1: A Development Strategy for the Insurance Sector: Perspectives of the Market and the Regulator The effective development of the insurance market, an increase in the competitiveness and quality of insurance services, and improved financial sta...
The effective development of the insurance market, an increase in the competitiveness and quality of insurance services, and improved financial stability among market participants depend on a number of factors. There needs to be a unified approach to creating the conditions for the market, an understanding of regulators’ demands to the market, and indeed, an understanding of the market’s demands to the regulator.
The session will cover the current state of the insurance market (challenges and prospects, the effects of external factors); the objectives and principles of the Bank of Russia with respect to the development of the financial market as a whole and the insurance market as a crucial and socially important part of the financial market; the market’s view of the strategic goals of the insurance industry; the initial results of implementing the Development Strategy for the Russian Federation’s Insurance Industry for the period 2019–2021; the role of self-regulatory organisations in the development and qualitative improvement of the insurance services market; the introduction of innovative technologies to the insurance market to help transform the market landscape; and stimuli for the development of voluntary forms of insurance, including expectations regarding growth of home insurance in new regulatory conditions.
Moderator
Dmitry Rakovschik, CEO, RESO-Garantiya
Speakers
Vladimir Chistyukhin, Deputy Governor, Bank of Russia
Alexei Moiseev, Deputy Finance Minister of the Russian Federation
Igor Yurgens, President, All-Russian Insurance Association

11:50–13:00

Presidential Library,
Conference hall 2 (first floor)
Cross-sector sessions Session 7.1: Funding Entrepreneurship: A National Priority This session will focus on mechanisms to increase funding for SMEs. Representatives of the Ministry of Economic Development of the Russian Federati...
This session will focus on mechanisms to increase funding for SMEs. Representatives of the Ministry of Economic Development of the Russian Federation, development institutions, and the Moscow Exchange have been invited to take part in the discussion, which will cover the interconnections between the financial tools that contribute to growth of SME funding. In particular, the Small- and Medium-Sized Businesses and Support for Individual Entrepreneurship National Project will come under review, as will the Bank of Russia’s roadmap for the development of funding for small and medium-sized businesses. Special attention will be paid to the interconnection between all measures that could help increase financing for SMEs.
Moderator
Mikhail Mamuta, Head, Service for Consumer Protection and Financial Inclusion, Bank of Russia
Special guest
Muhammad Yunus, Professor, Founder of the Grameen Bank, Nobel Peace Prize Laureate of 2006
Speakers
Dmitry Golovanov, Chairman of the Board, SME Bank
Alexander Kalinin, President, All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses OPORA RUSSIA
Anna Kuznetsova, Member of the Executive Board, Managing Director of Securities Market, Moscow Exchange
Vadim Zhivulin, Deputy Minister of Economic Development of the Russian Federation
Front row participant
Elena Dybova, Vice President, Chamber of Commerce and Industry of the Russian Federation

13:00–14:30

Lunch

14:30–15:40

Astoria Hotel, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.2: IFRS 9: Specificities and Results of Implementation New accounting requirements for credit institutions came into effect in 2019, based on the principles of IFRS 9 Financial Instruments. At the same ...
New accounting requirements for credit institutions came into effect in 2019, based on the principles of IFRS 9 Financial Instruments. At the same time, the algorithms for using new accounting data to calculate prudential indicators have been clarified. Proposed topics for discussion during this session include the results of the transition to IFRS 9 in accounting, the specifics of implementing the new requirements, and current issues regarding IFRS 9.
Moderator
Andrey Kruzhalov, Deputy Governor, Bank of Russia
Speakers
Alexey Lobanov, Director, Banking Regulation Department, Bank of Russia
Ekaterina Nekrasova, Partner, PricewaterhouseCoopers Audit
Mikhail Ratinsky, Senior Managing Director, Chief Accountant – Director of the Accounting and Reporting Department, Sberbank
Maria Voloshina, Director of the Accounting Regulation Department, Bank of Russia

14:30–15:40

Hotel Angleterre, Conference hall 7 (first floor)
Macroeconomics and Monetary Policy Session 2.2: Interaction Between Monetary Policy and Macroprudential Policy After the global financial crisis, financial market regulators have agreed that consistent implementation of policies aimed at reducing systemic ri...
After the global financial crisis, financial market regulators have agreed that consistent implementation of policies aimed at reducing systemic risks (macroprudential policies) is as important as the implementation of monetary policy. It has become evident that ensuring price stability alone is not enough to prevent accumulation of imbalances in the financial system. Thus, a need for a separate branch of regulation, aimed at financial stability support, has emerged. The implementation of each of these policies is impossible without taking into account the other, as their targets can be contradictory. As a result, the regulators need to balance monetary and macroprudential policies.

Session participants will discuss a wide range of issues:
What are the specifics of macroprudential policy, which instruments are used in its implementation, and why has it been widely discussed only after the financial crisis? How does macroprudential policy aimed at ensuring financial stability correlate with monetary policy that is aimed at supporting price stability? Which of them should prevail if there are any contradictions? Should macroprudential policy follow the lean against the wind principle and which relevant instruments does it have? What are the specific features in correlation between macroprudential monetary policy in emerging markets?
Moderator
Ksenia Yudaeva, First Deputy Governor, Bank of Russia
Speakers
Vincenzo La Via, Managing Director, CEO Promontory Europe and Middle East
Jesús Saurina Salas, Director General of Financial Stability, Regulation and Resolution, Central Bank of Spain
Marc Uzan, Executive Director, Reinventing Bretton Woods Committee
Mikhail Zadornov, President – Chairman of the Management Board, Otkritie FC Bank

14:30–15:40

Presidential Library,
Conference hall 3 (second floor)
Financial Market Professionals Session 3.2: Competition for Retail Investors: Brokers and Trustees In a rapidly changing financial market, in which interest rates on bank deposits are becoming less attractive compared to the investment return off...
In a rapidly changing financial market, in which interest rates on bank deposits are becoming less attractive compared to the investment return offered by professional market participants, the retail investor’s attention is increasingly turning to the securities market. In these conditions, the battle for clients between financial intermediaries such as brokers and trustees has escalated.
This session will cover topical issues related to the development of the financial market, with regard to the advantages and risks of various models; serving the interests of investors when offering them investment products; and employing unfair competitive advantages.
For example, brokers’ statutory right to use their clients’ monetary assets in their own interest means that service fees are reduced, making brokerage more attractive to clients. However, this model comes with increased risks for investors. In addition, the population’s relatively low level of financial literacy is hindering the development of brokerage for a wider audience.
In this environment, highly qualified trustees, whose experience and skills allow them to determine the optimal investment strategy in accordance with the consumer’s appetite for risk, are an attractive proposition. However, trustees’ activities come with significant risks: trustees do not guarantee that anticipated rates of return will be reached, and cannot be held responsible if assets are lost in the pursuit of a particular strategy. Moreover, an additional barrier to the development of asset management in the retail sector is the low return offered by relatively small client portfolios, which forces trustees to set higher entry thresholds for retail investors.
Moderator
Catherine Golub, Project Coordinator, Forum Analytical Centre
Speakers
Ekaterina Andreeva, Vice President, Russian National Association of Securities Market Participants (NAUFOR)
Irina Krivosheeva, Chief Executive Officer, Alfa-Capital Management Company
Vladimir Potapov, CEO, VTB Capital Investments; Senior Vice President, VTB Bank
Larisa Selyutina, Director, Securities Market and Commodity Market Department, Bank of Russia

14:30–15:40

Presidential Library,
Conference hall 1 (first floor)
Collective Investments: Main Challenges and Areas of Growth Session 4.2: Private Pension Funds: Expanding Investment Opportunities vs Managing Risk – Earn or Save? This session will focus on the main areas of development in investment processes for private pension funds.Discussions will cover the new legal req...
This session will focus on the main areas of development in investment processes for private pension funds.
Discussions will cover the new legal requirements for financial instruments in private pension fund portfolios, including new types of assets, ratings, and exchange transactions.
Particular attention will be paid to long-term investments, currency instruments, and foreign securities.
Leading market experts will share their opinions on the effects that stress testing, fiduciary responsibility,
and requirements for a return on pension funds have on funds’ investment policies.
Moderator
Sergey Belyakov, President, Association of Non-State Pension Funds; Chairman of the Presidium, The Retail Companies Association; Chairman of the Management Board, National Association of Investment and Development Agencies; Managing Director, InfraONE
Speakers
Arseniy Glazkov, Director, Head of Derivatives Market Department, Moscow Exchange
Kirill Pronin, Director, Collective Investments and Trust Management Department, Bank of Russia
Igor Zelezetsky, CEO, Analytical Credit Rating Agency (ACRA)
Andrey Zhurikhin, Director, Risk Management Department, NPF BUDUSHCHEYE

14:30–15:40

Presidential Library,
Conference hall 4 (third floor)
Microfinance Session 5.2: The Socialisation of Microfinance Organisations: Transforming Business Models through Regulatory Action Legislative changes that have come into effect since January 2019 have had an impact on the microfinance market as a whole and on the way individua...
Legislative changes that have come into effect since January 2019 have had an impact on the microfinance market as a whole and on the way individual participants operate. Tightening the previously existing limit on payments for short-term consumer loans and introducing a limit on the daily interest rate have forced the majority of microfinance institutions to change their business models in order to maintain their market presence.
Representatives of the professional community will speak about their business restructuring strategies and new opportunities for development.
An international speaker will present his views on possible ways to boost microfinance based on international experience. Participants will learn about the position of human rights advocates on the issues under consideration. They will also discuss prospects of introducing a debt burden indicator into the regulation. The indicator is designed to reduce the burden on borrowers and prevent a possible increase in household debt.
Moderator
Vladimir Chistyukhin, Deputy Governor, Bank of Russia
Speakers
Andrey Kleymenov, CEO, EQVANTA
Evgeniya Lazareva, Project Manager, All-Russian People’s Front ‘For Borrowers’ Rights’
Alexei Savatyugin, Assistant Chairman, Accounts Chamber of the Russian Federation
Muhammad Yunus, Professor, Founder of the Grameen Bank, Nobel Peace Prize Laureate of 2006
Nikolay Zhuravlev, Member of the Federation Council of the Federal Assembly of the Russian Federation, First Deputy Chair, Federation Council Committee on Budget and Financial Markets

14:30–15:40

Astoria Hotel, Conference hall 5 (first floor)
Insurance Market Session 6.2: Motor Third-Party Liability Insurance: A Focus on Customisation Motor third-party liability insurance is a key part of the Russian insurance industry, which has been very sensitive for customers in the last few ...
Motor third-party liability insurance is a key part of the Russian insurance industry, which has been very sensitive for customers in the last few years. The discussion will focus on a new, balanced model for motor third-party liability insurance, in which the customer is offered affordable and high-quality services with prices reflecting their driving behaviour, and the insurer benefits economically from providing such services.
The session will consider the preliminary results of the motor third-party liability insurance reforms; the main development trends of motor third-party liability insurance from 2017 to 2019, taking regional factors into consideration; the ability to customise motor third-party liability insurance products; digitalisation of motor third-party liability insurance (new opportunities for participant relations); and the role of insurance intermediaries in reforming motor third-party liability insurance.
Moderator
Victor Klimov, Financial Ombudsman in Insurance
Speakers
Philip Gabunia, Director, Insurance Market Department, Bank of Russia
Petr Shkumatov, Coordinator, Blue Buckets Society
Mikhail Volkov, CEO, Chairman of the Management Board, Ingosstrakh
Andrey Yazykov, Leading Researcher, Department of Insurance and Social Economics, Financial University under the Government of the Russian Federation

14:30–15:40

Presidential Library,
Conference hall 2 (first floor)
Cross-sector sessions Session 7.2: Digital Transformation and Cyber Risks in the Financial Sector The development of digital technologies, the emergence of new solutions and services, and the transfer of business processes into the digital space...
The development of digital technologies, the emergence of new solutions and services, and the transfer of business processes into the digital space can significantly improve customer experience and reduce companies’ costs. Regulators, meanwhile, also play an important role in digital transformation by creating the legal conditions for introducing innovations and implementing infrastructure projects that affect all financial market participants.
At the same time, in the context of the digitalisation of the entire economy, risks in the field of information security are growing, and therefore information security and cyber resistance are key factors for the success of any technical solution. Information security has been assigned to a separate project as part of the Digital Economy of the Russian Federation programme.
Moderator
Olga Skorobogatova, First Deputy Governor, Bank of Russia
Speakers
Olga Dergunova, Deputy President and Chairman of the Management Board, VTB Bank
Max Hauser, Partner, Managing Director, BCG
Stanislav Kuznetsov, Deputy Chairman of the Executive Board, Sberbank
Ilya Sachkov, CEO and founder, Group-IB
Artem Sychev, First Deputy Director, Information Security Department, Bank of Russia

15:40–16:00

Coffee break

16:00–17:10

Astoria Hotel, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.3: Business Models for Regional Banks: The Past, Present, and Future Regional banks used to have the advantage of flexibility, a custom-tailored approach, and faster loan approval over credit institutions that operat...
Regional banks used to have the advantage of flexibility, a custom-tailored approach, and faster loan approval over credit institutions that operate on a federal level. In recent years, the situation has shifted in favour of the latter, in part as a result of significant investments and other opportunities that regional banks do not have the means for or access to. Consequently, regional banks have been forced to shift their focus to operations in the interbank lending market and with the Bank of Russia. In response, the Bank of Russia has enacted proportional regulations, created the Marketplace platform, and helped improve the deposit insurance system by extending it to include small enterprise assets. Is this enough to activate the development of regional banks? What is their role today?
Moderator
Anatoly Aksakov, Chairman, Committee on Financial Markets of the State Duma of the Federal Assembly of the Russian Federation
Speakers
Mikhail Gaponov, Chairman of the Management Board, Assotsiatsiya Bank
Larisa Pavlova, Head, Volga-Vyatka Main Branch, Bank of Russia
Alexander Polonsky, Director, Banking Supervision Support Department, Bank of Russia
Bogdan Shablya, Head, Service for Ongoing Banking Supervision, Bank of Russia

16:00–17:10

Hotel Angleterre, Conference hall 7 (first floor)
Macroeconomics and Monetary Policy Session 2.3: Central Banks’ Communication as a Monetary Policy Tool Just three decades ago, the most common practice of central banks was to keep information about decision-making processes inside. The situation cha...
Just three decades ago, the most common practice of central banks was to keep information about decision-making processes inside. The situation changed with the spread of inflation targeting which provides for a public obligation to deliver on an inflation target and anchoring inflation expectations. An active communication policy has gradually become a crucial element of contemporary central banking.
The global experience in central bank communications under inflation targeting and current practices in different countries show that a lot remains unclear in this area.
One of the most debated issues is the future of monetary policy forward guidance amid the normalisation of monetary policy in advanced economies and global financial conditions. The issues of optimal policy transparency and expediency of releasing the key rate forecast remain crucial. Emerging market economies face their own challenges.
These are the questions addressed at the session with representatives of international organisations and central banks with a long and successful record of communication policy.
Moderator
Stephanie Flanders, Senior Executive Editor for Economics, Bloomberg News
Speakers
Michael Ehrmann, Head of the Monetary Policy Research Division, European Central Bank
Clemens Grafe, Co-Head of CEEMEA (Central & Eastern Europe, Middle East and Africa) Economics, Goldman Sachs Global Investment Research
Sergey Romanchuk, Head of FX&MM Metallinvestbank; President, ACI Russia – The Financial Markets Association
Zdenek Tuma, Partner of the Management Consulting Department, KPMG Czech Republic

16:00–17:10

Presidential Library,
Conference hall 3 (second floor)
Financial Market Professionals Session 3.3: The Derivatives Market: On the Cusp of Change? During this session, participants will discuss existing regulation, the requirements of today’s financial market participants (including corporate ...
During this session, participants will discuss existing regulation, the requirements of today’s financial market participants (including corporate and institutional investors) and actions that need to be taken for the further development of the derivatives market.
Currently, spot trading holds the largest share of the commodity market. The development of a derivatives market is the logical transition from a spot market to an investment market, whereby derivatives move in correspondence to underlying assets, which is a crucial part of using hedging to manage financial risks. Currently, commodity derivatives are tied for the most part to foreign benchmarks, which do not always fairly reflect the value of Russian commodities.
This session will therefore focus on plans by Russian exchanges to develop derivative trading based on commodities (oil, petroleum products, agricultural products, etc.) targeting both domestic and foreign markets.
Derivatives traded on the Russian market based on other underlying assets, including standardised and other exchange derivatives, will also be discussed.
The discussion will cover pressing issues of regulating interest rate risk of a certain financial instrument, and the use of repo with CPC indicators as an indicator of a fast developing product in the money market
Moderator
Igor Marich, Managing Director, FX, MM & Derivatives, Member of the Executive Board, Moscow Exchange
Speakers
Igor Golutvin, Head of Commodity Trading and Deputy Head of Global Commodities division, VTB Capital
Roman Lokhov, Member of the Management Board, Deputy CEO for Global Markets and Investment Banking Services, BCS (BrokerCreditService)
Dmitry Popov, Head of Petroleum Product Sales, Lukoil
Olga Shishlyannikova, Deputy Director, Securities Market and Commodity Market Department, Bank of Russia
Alexander Zozulya, Co-Head of Trading, Global Markets Department, Sberbank

16:00–17:10

Presidential Library,
Conference hall 1 (first floor)
Collective Investments: Main Challenges and Areas of Growth Session 4.3: The Special Depository: Keeping in Step with the Times; What Does an Investor Pay for? This session will focus on the main areas of growth for specialised depositories, as well as the current technological infrastructure needs as dict...
This session will focus on the main areas of growth for specialised depositories, as well as the current technological infrastructure needs as dictated by the market.
Leading experts in the collective investment market will share their opinions on the new functions that specialised depositories may potentially provide, including outsourcing the functions of client services, such as the back office; possible settlements of client transactions and liabilities by specialised depositories; additional services for insurance companies; and serving other types of clients. The possibility of applying international practices of introducing custodians and fund administrators will also be discussed.
Additional topics will cover the rules of mutual fund trust management and regulatory barriers.
Are specialized depositaries willing to have the rules of trust management registered, and do investors need it? What is currently hindering the improvement of business efficiency and client confidence?
Moderator
Catherine Golub, Project Coordinator, Forum Analytical Centre
Speakers
Michael Boboshko, Head of the NAIMA Hedge Fund Committee
Tatiana Esaulkova, General Director, SDK Garant
Jean-Pierre Gomez, Head of Regulatory & Public Affairs, Societe Generale Securities Services in Luxembourg
Vladimir Kirillov, Chief Executive Officer, TKB Investment Partners
Pavel Prass, Managing Director, INFINITUM Asset Services

16:00–17:10

Presidential Library,
Conference hall 4 (third floor)
Microfinance Session 5.3: The Development and Improvement of a Self-Regulation Institution on the Microfinance Market This session will review the main developments in the microfinance market since legislative requirements for self-regulation came into force. Prosp...
This session will review the main developments in the microfinance market since legislative requirements for self-regulation came into force. Prospects for further improvement, as well as the possibility for self-regulatory organisations (SROs) to play a bigger role in the process of monitoring and oversight will be covered.
Aspects related to shaping the monitoring environment will also come under discussion. Topics will include providing the necessary methods and instruments of monitoring for SROs, and implementing measures to improve the quality of work done by SROs.
Participants will examine the benefits of regulation based on key standards, and the flexible and prompt regulatory impact it would have on microfinance institutions. They will have the opportunity to find out how applying these standards has affected microfinance market participants, particularly with regard to financial stability. The topics of misconduct and preventing unfair practices will also come under discussion.
Moderator
Ilya Kochetkov, Director, Microfinance Market Department, Bank of Russia
Speakers
Igor Baginsky, Deputy Director, Department of Economics and Public Support for Agribusiness, Ministry of Agriculture of the Russian Federation
Renat Davletgareyev, Chairman of the Board, Credit Union ‘Renda Savings and Loan Fund’
Elman Mekhtiev, Chairman of the Council, Union of Microfinance Organisations ‘Microfinance and Development’; President, National Association of Professional Collector Agencies
Alexander Solomkin, Director, Self-Regulatory Organisation of Credit Consumer Cooperatives ‘Cooperative Finances’

16:00–17:10

Astoria Hotel, Conference hall 5 (first floor)
Insurance Market Session 6.3: The Consumer in the Insurance Market The development of the insurance industry and, by extension, the improvement of people’s quality of life, depend on several factors. Companies and ...
The development of the insurance industry and, by extension, the improvement of people’s quality of life, depend on several factors. Companies and customers must be able to interact in a constructive manner, misconduct in the market must be prevented, and innovative solutions need to be applied to make insurance products more affordable and to improve customer service.
Discussions will cover the responsibilities of the insurance industry, ways to increase the focus on the customer, standardisation across the industry, the digitalisation of insurance products, the customisation of services, and growth of healthy competition on the insurance market.
Moderator
Petr Shkumatov, Coordinator, Blue Buckets Society
Speakers
Ivan Kozlov, Deputy Head, Service for Consumer Protection and Financial Inclusion, Bank of Russia
Evgeniya Lazareva, Project Manager, All-Russian People’s Front ‘For Borrowers’ Rights’
Vladimir Skvortsov, Chief Executive Officer, AlfaStrakhovanie Group
Yury Voronin, Chief Financial Commissioner for Consumer Rights, Financial Ombudsman Administration
Front row participant
Kirill Molodyko, Leading Researcher, National Research University Higher School of Economics

16:00–17:10

Presidential Library,
Conference hall 2 (first floor)
Cross-sector sessions Session 7.3: Approaches to the Regulation of Financial Groups Currently, the lines between various types of financial intermediaries tend to blur, and even though their operations are specialised, they are in ...
Currently, the lines between various types of financial intermediaries tend to blur, and even though their operations are specialised, they are in fact managed by the same stakeholders and executives at the level of financial groups’ parent organisations. Capital, liquidity and risks are managed at a consolidated level within financial groups, and the specific risks which arise in the operations of these groups present a serious challenge to central banks and other regulators. Regulators’ activities to monitor these risks should be efficient, but not excessive. Session participants will have the opportunity to discuss plans of the Bank of Russia to introduce a new approach to regulating the operations of financial groups.
Moderator
Dmitry Tulin, First Deputy Governor, Bank of Russia
Speakers
Dmitry Levin, Deputy President – Chairman of the Board, Bank Otkrytie FC
Vasily Pozdyshev, Deputy Governor, Bank of Russia
Andrey Sokolov, Chairman of the Executive Board, ALFA-BANK

17:10–17:30

Coffee break

17:30–18:40

Astoria Hotel, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.4: RegTech and SupTech: Technological Transformation of Interaction between the Financial Industry and the Regulator The rapid development of digital financial market technologies has provided new tools for improving the regulation and supervision. The digitisatio...
The rapid development of digital financial market technologies has provided new tools for improving the regulation and supervision. The digitisation of regulation and supervision has not just created new technological fields (RegTech and SupTech), it has prompted a transformation of the relationship between the regulator and financial market participants. The session will address the following issues:
• What regulatory and supervisory technologies are in demand and trending the most?
• What are the challenges faced when implementing new approaches to regulation and supervision that utilise digital technologies?
• Current demand for RegTech and SupTech solutions from credit organisations. The necessity of contributions on the part of the Bank of Russia in order to find these solutions.
• A roadmap to the implementation of RegTech and SupTech projects at the Bank of Russia.
Moderator
Vasily Pozdyshev, Deputy Governor, Bank of Russia
Speakers
Giuseppe Bruno, Director, Head of Support for Economics and Statistics, Bank of Italy
Laurent Camus, Representative of the FinTech Innovation Department, Bank of France
Johannes Turner, Director, Statistics Department, Oesterreichische Nationalbank (OeNB)
Alexander Vedyakhin, First Deputy Chairman of the Executive Board, Sberbank

17:30–18:40

Hotel Angleterre, Conference hall 7 (first floor)
Macroeconomics and Monetary Policy Session 2.4: Inflation Expectations: How Do We Anchor Them? Most central banks in advanced economies pursue an inflation targeting policy. The key characteristic of this regime is that a central bank can inf...
Most central banks in advanced economies pursue an inflation targeting policy. The key characteristic of this regime is that a central bank can influence the future inflation path by managing expectations of economic agents. Therefore, the anchoring of inflation expectations, that is their response to short-term inflation shocks, is of high importance.
Data on inflation expectations are usually obtained from sociological surveys or indirect estimates of observed data. As a result, they may differ in different groups of economic agents and influence inflation in different ways.
What approaches are used to measure inflation expectations, assess their effect on inflation and determine to what extent they are anchored? How should monetary policy decision-making take inflation expectations into account?
Moderator
Miroslav Singer, Member of the Board, Generali Austria, CEE & Russia
Speakers
Andrey Lipin, Deputy Director, Monetary Policy Department, Bank of Russia
Armen Nurbekyan, Head of Economic Research Department, Central Bank of Armenia
Lyudmila Presnyakova, Head of Research Projects, InFOM
Sergey Slobodyan, Director, CERGE-EI

17:30–18:40

Presidential Library,
Conference hall 3 (second floor)
Financial Market Professionals Session 3.4: Identifying Optimal Levels of Regulation and Efficient Oversight in the Securities Market: Theory and Practice This session will cover key issues for professional market players, including managing regulatory burdens and interacting with the regulator during...
This session will cover key issues for professional market players, including managing regulatory burdens and interacting with the regulator during oversight activities.
In 2018, the Bank of Russia issued a concept covering proportional regulation and risk-based oversight for non-bank financial organisations (NFOs). It worked with self-regulatory organisations and market participants to draw up a roadmap to introduce the concept for securities market players. The implementation of this concept has meant that the Bank of Russia’s principles of and approach to oversight are changing.
Proportional oversight hinges upon the level of risk for organisations which come under scrutiny, as well as the nature and extent of consequences for such organisations if they fail to meet obligations to their customers, the industry, and the market as a whole. Accordingly, when performing regulatory measures, the Bank of Russia currently places an emphasis on a risk-based approach and ensuring a transition to proportional supervision by establishing uniform ways to determine oversight methods, depending on the size, significance, and the risk profile of organisations under scrutiny. At the same time, market participants claim that the supervisory procedures place a significant burden on financial institutions.
In this discussion between the professional community and the regulator, further steps to achieve optimal regulation and risk-based supervision of NFOs will be considered.
Moderator
Andrey Zorin, Government Relations Director, Otkritie Bank
Speakers
Tatyana Fedyashina, CEO, REGION Broker Company
Larisa Selyutina, Director, Securities Market and Commodity Market Department, Bank of Russia
Vladimir Yarovoy, Head of Global Markets and Managing Director of Global Markets Department, Sberbank
Kirill Zverev, Vice President, National Association of Securities Market Participants (NAUFOR)

17:30–18:40

Presidential Library,
Conference hall 1 (first floor)
Collective Investments: Main Challenges and Areas of Growth Session 4.4: Private Pension Funds: Competition and Factors Hindering Business Development This session will examine various manifestations of competition in the private pension fund market.Discussions will focus on competition between PP...
This session will examine various manifestations of competition in the private pension fund market.
Discussions will focus on competition between PPFs of different sizes, including those with and without government participation, and the consequences of unfair competition, particularly as a result of actions by a fund’s agents. This will also provide an opportunity to assess the prospects for small private pension funds.
Speakers will review how PPFs compete for investors’ money with other financial market participants, such as insurers, banks, and professional market players. Special attention will be paid to enhancing confidence in PPFs through, for example, the pension guarantee system (compulsory pension insurance and, at a later stage, non-state pension schemes), and the financial recovery mechanism for PPFs.
The competitive advantage of asset management companies over private pension funds will also be examined, as limitations on managing pension investment portfolios are being removed.
Moderator
Yury Voronin, Chief Financial Commissioner for Consumer Rights, Financial Ombudsman Administration
Speakers
Sergey Belyakov, President, Association of Non-State Pension Funds; Chairman of the Presidium, The Retail Companies Association; Chairman of the Management Board, National Association of Investment and Development Agencies; Managing Director, InfraONE
Vladimir Chistyukhin, Deputy Governor, Bank of Russia
Viktor Kitaev, President, Atomgarant Private Pension Fund
Galina Morozova, Deputy General Director, REGION Investment Company
Olga Sergeeva, Head, Financial Markets Control Department, Federal Antimonopoly Service (FAS Russia)

17:30–18:40

Presidential Library,
Conference hall 4 (third floor)
Microfinance Session 5.4: Online Services in the Microfinance Market: Challenges and Growth Prospects The microfinance market is rapidly being transformed by the latest technologies. Loans are issued online, biometrics and artificial intelligence ar...
The microfinance market is rapidly being transformed by the latest technologies. Loans are issued online, biometrics and artificial intelligence are used almost as often as in the banking sector, and microfinance companies are becoming advanced platforms incorporating FinTech solutions.
Participants will discuss the challenges facing the online segment, including those emerging as remote sales channels expand, and present their methods of effectively confronting such challenges.
The session will also provide an opportunity to learn about currently available technical innovations that can be used, among other things, to minimise companies’ risks, reduce costs, enhance customer relations, and improve the quality of services.
Representatives of the business community will share their knowledge on remote scoring. In addition, a representative of the Bank of Russia will provide an update on the development of biometrics.
Moderator
Andre Achtstaetter, Chief Executive Officer, Vexcash
Speakers
Irina Khoroshko, CEO, MoneyMan
Andrey Petkov, CEO, IFC Chestnoe Slovo
Danil Sherstobitov, Chief Operations Officer, Scorista
Ivan Zimin, Acting Director, Financial Technology Department, Bank of Russia

17:30–18:40

Astoria Hotel, Conference hall 5 (first floor)
Insurance Market Session 6.4: New Approaches to Assessing the Financial Stability of Insurance Companies The development of both the financial and insurance markets has led to increasingly complex operations on the insurers’ balance sheets. In order to...
The development of both the financial and insurance markets has led to increasingly complex operations on the insurers’ balance sheets. In order to assess the financial stability of insurance companies, it is vital to systematically evaluate all the insurers’ assets and liabilities, as well as potential shake-ups affecting individual companies and the economy as a whole.
Topics for discussion:
The main sources of risk to financial stability: the ratio of insurance, financial, and operational risks.
The role of corporate governance in improving financial sustainability.
The impact of turbulence in the market, and contributing factors.
The effect a high concentration of credit risk has on financial stability assessments.
Features of insurers’ individual business models: reinsurance, life insurance, and compulsory medical insurance.
Moderator
Maria Bogomolova, Partner, Assurance and Consulting Services Leader to the Insurance Sector in Russia, PricewaterhouseCoopers Audit
Speakers
Alexey Bredikhin, Director, Financial Institutions Rating Group, Analytical Credit Rating Agency (ACRA)
Philip Gabunia, Director, Insurance Market Department, Bank of Russia
Andrey Saveliev, Director for Finance and Investment, Corporate Governance Directorate, RESO-Garantia
Anastasia Vinogradova, Partner, Head of Insurance and Non-State Pension Funds Advisory Division, EY

17:30–18:40

Presidential Library,
Conference hall 2 (first floor)
Cross-sector sessions Session 7.4: The Сontribution of Сorporate Governance to the Competitiveness of a Financial Institution Why do some banks have an effective strategy, while others have to undergo reorganisation? What is the difference between insurance companies that ...
Why do some banks have an effective strategy, while others have to undergo reorganisation? What is the difference between insurance companies that successfully attract strategic partners and build long-term business relations, and those that need to be bailed out or have their licence withdrawn? While the reason in each case will vary, it often boils down to the corporate governance employed by the company, and in particular its financial governance.
How do the owner, directors and management work together to utilise corporate governance principles to promote growth and competitiveness of a financial organisation? Do independent directors have any influence on the situation? Is there a way to effectively manage the owners’ conflicts of interest?
Moderator
Oleg Vyugin, Chairman of Supervisory Board, Moscow Exchange; Chairman of the Board of the Directors, PJSC “SFI”
Speakers
Dmitry Eremeev, Chairman of the Board of Directors, Owner, Bank 131; President, FIX
Maria Gordon, Chairman, Supervisory Board Audit Committee, Moscow Exchange, Independent Director
Alexey Panferov, Vice Chairman of the Management Board, Sovcombank
Sergey Shvetsov, First Deputy Governor, Bank of Russia
Elena Titova, Independent Director, Otkritie FC Bank
Front row participant
Alexander Ikonnikov, Chairman, Supervisory Board, Independent Directors Association

19:00–22:00

Presidential Library,
Plenary session hall (second floor)
Bank of Russia Reception
5 July

09:30–11:00

Presidential Library,
Plenary session hall (second floor)
Plenary session II Plenary sessions Self-Regulation, Ethics, and Conduct Supervision: Challenges for the Next Three Years Self-regulation on the financial market is an effective means of determining requirements for professional standards, implementing ethical codes of...
Self-regulation on the financial market is an effective means of determining requirements for professional standards, implementing ethical codes of conduct, and applying best business integrity practices. This session will focus on approaches to implementing professional and ethical standards which take into account the specific aspects of working in the financial market. Participants will also discuss the role of the regulator in drafting and monitoring standards, as well as the feasibility of self-regulation in the banking sector. What innovations should we expect to see in self-regulation over the coming three years, during which time the Bank of Russia will be implementing its new financial market development strategy?

The lack of a systemic approach to establishing a corporate culture in the financial market is one of the reasons why trust in financial institutions has fallen. The Bank of Russia has drafted a Code of Integrity to serve as the foundation for applying ethical standards in the financial industry. What are the benefits and costs of implementing the code in the eyes of the financial industry? How can the corporate culture of the financial sector be transformed? Is the market prepared for principle-based regulation? Are the Bank of Russia’s efforts to focus on improving integrity among financial market players and employees sufficient?

This session will feature a dialogue between the regulator and the market on developing and improving the effectiveness of conduct supervision. How can conduct supervision be made into a strategic development tool for financial market participants aimed at implementing the best behavioural models? Could systemic violations of consumer rights or malpractice lead to harsh consequences, even if the company is in good financial health? International experience will also come under examination, particularly non-standard approaches to behavioural oversight, including measures to counter the misselling of financial products.
Moderator
Sergey Shvetsov, First Deputy Governor, Bank of Russia
Speakers
Tiago Aguiar, Deputy Head of the Banking Conduct Supervision Department, Bank of Portugal
Georgy Luntovskiy, President, Assoсiation of Banks of Russia
Mikhail Mamuta, Head, Service for Consumer Protection and Financial Inclusion, Bank of Russia
Front row participants
Sergey Belyakov, President, Association of Non-State Pension Funds; Chairman of the Presidium, The Retail Companies Association; Chairman of the Management Board, National Association of Investment and Development Agencies; Managing Director, InfraONE
Alexander Solomkin, Director, Self-Regulatory Organisation of Credit Consumer Cooperatives ‘Cooperative Finances’
Elena Stratyeva, Director, Russian Microfinance Centre (RMC); Director, Microfinance and Development Union of Microfinance Organisations
Alexey Timofeev, President, Russian National Association of Securities Market Participants (NAUFOR)
Konstantin Ugryumov, President, National Association of Non-Governmental Pension Funds
Andrey Yazykov, Leading Researcher, Department of Insurance and Social Economics, Financial University under the Government of the Russian Federation
Igor Yurgens, President, All-Russian Insurance Association
Vasily Zablotsky, President, Self-Regulatory Organisation ‘National Finance Association’

11:00–11:30

Presidential Library,
Plenary session hall (second floor)
Keynote speaker

11:30–11:50

Coffee break

11:50–13:00

Astoria Hotel, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.5: Infrastructure Projects for the Financial Market: Initial Results and Prospects A range of infrastructure projects for the financial market are currently being implemented in partnership with stakeholders. These include a remot...
A range of infrastructure projects for the financial market are currently being implemented in partnership with stakeholders. These include a remote biometric identification platform, a fast payment system, the Digital Profile infrastructure, and the Marketplace and Masterchain platforms.
These projects are at various stages of development, ranging from pilot versions to fully commercial products. However, they are all going to affect banks’ business models, as well as the financial market as a whole. This session will examine the results of launching these projects and the next steps in their development. Participants will also have an opportunity to present their questions to the speakers.
Moderator
Olga Skorobogatova, First Deputy Governor, Bank of Russia
Speakers
Oliver Hughes, Chairman of the Management Board, Tinkoff Bank
Vladimir Komlev, Chairman, Chief Executive Officer, National Payment Card System
Alexey Panferov, Vice Сhairman of the Management Board, Sovcombank
Ilya Polyakov, Chairman of the Management Board, Rosbank
Dmitry Rudenko, President, Chairman of the Management Board, Post Bank
Vladimir Verkhoshinskiy, Chief Executive Officer, Member of the Board, Alfa-Bank

11:50–13:00

Hotel Angleterre, Conference hall 7 (first floor)
Macroeconomics and Monetary Policy Session 2.5: Accelerating Economic Growth in Russia Only a few countries at medium or high stages of development can deliver a steady acceleration in economic growth. Meanwhile, Russia has set such s...
Only a few countries at medium or high stages of development can deliver a steady acceleration in economic growth. Meanwhile, Russia has set such steady acceleration as a goal. Panel discussion participants will talk about drivers and enablers of quicker growth in Russia ranging from demographic trends, investments, and productivity to global value chains, investment climate, and growth incentives both at company and employee levels.
Moderator
Alexander Morozov, Director, Research and Forecasting Department, Bank of Russia
Speakers
Vladimir Gimpelson, Professor, Director of the Centre for Labour Market Studies, National Research University Higher School of Economics
Alexander Kalinin, President, All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses OPORA RUSSIA
Konstantin Tserazov, Director of the Investment Business Department, Bank “Otkririe”
Gabriel de Bella, Resident Representative for Russia, IMF

11:50–13:00

Presidential Library,
Conference hall 3 (second floor)
Financial Market Professionals Session 3.5: Investment Consulting: Initial Results Legislative changes that came into effect in December 2018 have helped shape regulation for a new sector of the financial market: investment consul...
Legislative changes that came into effect in December 2018 have helped shape regulation for a new sector of the financial market: investment consulting. Proposed topics for discussion during this session include the initial results of introducing the new legislation, along with required adjustments to the regulatory framework in light of established business practices. This will encompass an examination of a draft of the basic standard for investment consulting, which is designed to provide a detailed description of this kind of service. Another relevant issue – the launch of new products by market participants on the basis of the new legislation – will also be covered, as will changes to business models stemming from legislative developments. Taxation of investment advisers, including those who are self-employed and possibly also work in other fields, will also be an important area of discussion. The procedure and practice of accrediting automated consulting programs will also be considered.
Moderator
Alexey Timofeev, President, Russian National Association of Securities Market Participants (NAUFOR)
Speakers
Vladimir Chistyukhin, Deputy Governor, Bank of Russia
Vladislav Kochetkov, President and Chairman of the Management Board, Finam Group
Vasily Zablotsky, President, Self-Regulatory Organisation ‘National Finance Association’
Mikhail Znamensky, Head of Investment Products and Financial Consulting, Citibank

11:50–13:00

Presidential Library,
Conference hall 1 (first floor)
Collective Investments: Main Challenges and Areas of Growth Session 4.5: Growth of Non-State Pensions This session will cover key areas for developing the non-state pension provider network.The proposal to introduce a system of guaranteeing pension ...
This session will cover key areas for developing the non-state pension provider network.
The proposal to introduce a system of guaranteeing pension reserves for non-state pension providers will come into focus.
In addition, leading market experts will share their views on ways to expand the investment opportunities of private pension funds, and look at ways of introducing new requirements related to investing pension reserves.
Special attention will be paid to the need to increase the transparency of private pension fund operations, and the implementation of new information disclosure requirements.
Moderator
Konstantin Ugryumov, President, National Association of Non-Governmental Pension Funds
Speakers
Anatoly Milyukov, General Director, BLAGOSOSTOYANIE Pension Fund
Dmitry Scrivanov, Deputy, State Duma of the Federal Assembly of the Russian Federation
Anton Shpilev, First Deputy General Director, NPF GAZFOND Pensionnyye Nakolpeniya

11:50–13:00

Presidential Library,
Conference hall 4 (third floor)
Microfinance Session 5.5: Partnership between Credit and Microfinance Organisations: Benefits and Threats to Business and Consumers This session will cover the partnership between credit and microfinance organisations, and, above all, the development of microfinance companies th...
This session will cover the partnership between credit and microfinance organisations, and, above all, the development of microfinance companies that are part of banking groups. Microfinance institutions of this kind have access to cheaper funding, use advanced technologies, and apply high standards of customer service.
Participants will assess the impact that the development of such companies has on the microfinance market as a whole. Speakers will present their views on the potential benefits and threats for businesses and customers associated with incorporating microfinance organisations in banking groups.
Another important topic for discussion will be the customers’ interests: whether customers ultimately benefit from partnerships between credit and microfinance institutions, and how such partnerships affect the accessibility and affordability of financial products.
Moderator
Alexey Simanovskiy, Adviser to the Governor, Bank of Russia
Speakers
Andre Achtstaetter, Chief Executive Officer, Vexcash
Sergey Chetverikov, Managing Director – Director of the Office, Lending Products and Processes Division, Sberbank
Sergey Kotlyarenko, General Director, Microcredit Company ‘Kupi Ne Kopi’
Arsen Lyametov, General Director, Microfinance Company ‘T-Finance’
Dmitry Peshnev-Podolsky, Chairman of the Board, BCS Bank

11:50–13:00

Astoria Hotel, Conference hall 5 (first floor)
Insurance Market Session 6.5: Life Insurance: Prospects Realising the potential of the life insurance market, strengthening the role of the social function of life insurance, improving the quality of sal...
Realising the potential of the life insurance market, strengthening the role of the social function of life insurance, improving the quality of sales and customer satisfaction: these are the essential tasks that can be fulfilled with the active involvement of all parties.
This discussion will focus on the potential for the development of this segment, the prospects for maintaining growth rates, evaluating the state of personal life insurance and sales through banks, trends in the development of universal life insurance, the importance of introducing unit-linked life insurance, business conduct standards, and the impact of digital technologies.
Moderator
Maksim Chernin, Chairman, Committee on Insurance against Accidents and Development of Life Insurance, All-Russian Insurance Association
Speakers
Maxim Danilov, Vice President, All-Russian Insurance Association
Alexey Ermakov, Head of Segment and Non-Credit Products Development Directorate, Alfa Bank
Alexey Rudenko, General Director, IC Rosgosstrakh Life
Ilya Smirnov, Deputy Director, Insurance Market Department, Bank of Russia

11:50–13:00

Presidential Library,
Conference hall 2 (first floor)
Cross-sector sessions Session 7.5: Cyber Risks and Cyber Threats: Managing, Regulating, Insuring The rapid development of new digital tools and technologies, coupled with their extensive use on financial markets, has effectively reshaped the di...
The rapid development of new digital tools and technologies, coupled with their extensive use on financial markets, has effectively reshaped the digital environment. This has given rise to new challenges, particularly with regard to heightened risks. These risks are primarily related to threats to operations, information threats (cyber risk), and threats related to the growing interdependence between market participants due to the use of disruptive technologies. It is clear that all national regulators are, in one way or another, facing the need for specialised regulation in the field of information security risk management. One of the most pressing issues is evaluating the risk landscape and transforming risk management systems in order to tackle the most pressing issues in the new digital economy.
Moderator
Ilya Sachkov, CEO and founder, Group-IB
Speakers
Sergey Bochkarev, First Deputy Chairman of the Board, Deputy General Director, NSPK
Alfonso Garcia Mora, Global Director of Global Practice in Finance, Competition and Innovation, World Bank
Stanislav Pavlunin, Vice President, Director of Security, Post Bank
Boris Simis, Deputy CEO, Positive Technologies
Artem Sychev, First Deputy Director, Information Security Department, Bank of Russia

13:00–14:30

Lunch

14:30–15:40

Astoria Hotel, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.6: Macroprudential Policy: Aims, Means, Results Macroprudential policies became widespread throughout the world following the 2008 financial crisis.The focus on systemic risk rather than risks bo...
Macroprudential policies became widespread throughout the world following the 2008 financial crisis.
The focus on systemic risk rather than risks borne by individual market participants required the development of new tools. However, assessing how effective they are at strengthening financial stability is still a matter of heated debate among regulators. The Bank of Russia actively employs macroprudential policy instruments to reduce systemic risks in the financial system, but how do these measures affect banks, their business models, and strategies?
The latest global trends in applying macroprudential tools and evaluating their efficiency will also be examined.
Moderator
Elizaveta Danilova, Director, Financial Stability Department, Bank of Russia
Speakers
Patrizia Baudino, Senior Advisor, Financial Stability Institute, Bank for International Settlements
Alexander Danilov, Senior Director, Financial Institutions, Fitch Ratings
Dzhangir Dzhangirov, Senior Vice President, Sberbank
Ilya Polyakov, Chairman of the Management Board, Rosbank

14:30–15:40

Hotel Angleterre, Conference hall 7 (first floor)
Macroeconomics and Monetary Policy Session 2.6: The Implications of the Broad Regional Diversity for the Monetary Policy Decision-Making Open borders and an increasing resource mobility in the modern world make the economic policy-driven analysis ever more global. The bottom-up analy...
Open borders and an increasing resource mobility in the modern world make the economic policy-driven analysis ever more global. The bottom-up analysis can help solve many economic puzzles and grasp nascent trends that later capture the whole system. Outcomes of regional analysis are used in decision-making in the Bank of Russia and many central bank both in large and relatively small economies. Which questions can regional analysis answer? Determining and delivering on the monetary policy target – is it sufficient to track country-average inflation or should its distribution by region, border indicators and price divergence risks be taken into account? What are the main determinants of the inflation diversity? Such information is helpful in decision-making on monetary policy, macroprudential and public policy as a whole.
Speakers
Elina Ribakova, Deputy Chief Economist, Economic Research Department, Institute of International Finance
Andrey Shulgin, Economic Adviser, Volga-Vyatka Main Branch, Bank of Russia
Andrey Sinyakov, Deputy Director, Research and Forecasting Department, Bank of Russia

14:30–15:40

Presidential Library,
Conference hall 3 (second floor)
Financial Market Professionals Session 3.6: The Role of Infrastructure in Building a Trusting Environment and Simplifying Investor Access to the Financial Market in the Era of Digitalisation Investment is vital for economic growth. One source of investment is household savings, and as such we need to increase public interest in the fina...
Investment is vital for economic growth. One source of investment is household savings, and as such we need to increase public interest in the financial markets and improve financial literacy, and, most importantly, create a trusting environment in the financial market.

This environment should minimise the risks of fraud and violation of investor rights, and also provide investors with modern online tools to access the market, up-to-date and verified information about the tools and assets owned by investors, and improve investment returns.

The roundtable participants will share their experience, vision and expectations regarding the role of the future post-trading infrastructure in creating a trusting environment, as well as the prospects of new digital technologies for investors in the Russian market.
Moderator
Eddie Astanin, Chairman of the Executive Board, National Settlement Depository
Special guests
Elena Chaikovskaya, Advisor to the First Deputy Governor Sergey Shvetsov, Bank of Russia
Maxim Getsman, Deputy Director General for Core Business, VTB Registrar
Maxim Grigoriev, Executive Partner, Gartner
Natalia Smirnova, Independent financial advisor

14:30–15:40

Presidential Library,
Conference hall 1 (first floor)
Collective Investments: Main Challenges and Areas of Growth Session 4.6: Risk-Management Tools in Collective Investments: The Abilities of Managers and Expectations of Investors This session will examine client preferences in the closed-end fund segment of the collective investment market, and how these preferences have cha...
This session will examine client preferences in the closed-end fund segment of the collective investment market, and how these preferences have changed since 2014.
Leading market experts will share their views on the extent to which investors are prepared for risky strategies in closed-end mutual funds.
Participants will also review additional options outlined in the law on investment funds which allow funds to act as universal platforms for project financing.
Special attention will be paid to closed-end investment funds as tools for retail investors, and what these funds can offer for development projects.
Moderator
Vadim Khrapun, Partner, PwC Consulting
Speakers
Vitaly Balanovich, Managing Partner, TRINFICO Investment Group
Ekaterina Chernykh, Deputy CEO, Managing Director, Sberbank Asset Management
Edward Golosov, Head, BCS Capital, Board Member, Deputy President – Chairman of the Board for Investment and Insurance Business, FG BCS
Evgeny Postnikov, Head of Real Estate and Structured Funds Department, VTB Capital Investment Management

14:30–15:40

Presidential Library,
Conference hall 4 (third floor)
Microfinance Session 5.6: Consumer Fraud and Borrower Misconduct: Taking Effective Countermeasures Participants will address issues faced by microfinance institutions regarding protection from customer fraud. Mechanisms to counter unfair practice...
Participants will address issues faced by microfinance institutions regarding protection from customer fraud. Mechanisms to counter unfair practices, as well as ways to minimise the damage to companies arising from customer misconduct, will also be considered.
Participants will examine new fraud schemes related to the development of remote sales channels, and share their experience in using modern technologies to manage those risks.
Discussions will also cover the development of anti-fraud initiatives, identifying triggers in client behaviour, and new tools for identifying and assessing borrowers.
Moderator
Victor Klimov, Financial Ombudsman in Insurance
Speakers
Alexander Akhlomov, Chief Product Officer and Co-Founder, JuicyScore
Lyudmila Gribok, Chairman of the Board, Regional Association of Pawnshops
Ivan Merinov, Chief Executive Officer, SMSFINANCE Group
Stanislav Romanchuk, Head of the Operational Search Unit, Russian MIA General Administration for St. Petersburg and the Leningrad Region

14:30–15:40

Presidential Library,
Conference hall 2 (first floor)
Cross-sector sessions Session 7.6: Compliance as a Part of Corporate Culture Large customer-focused financial companies that employ a risk-based approach approach to management invariably make compliance an important part of...
Large customer-focused financial companies that employ a risk-based approach approach to management invariably make compliance an important part of their corporate culture.
Abiding by the law and being guided by high ethical standards and integrity should be beneficial to all participants in the financial market.
Ultimately, this approach helps secure the integrity and attractiveness of the national financial market, enhances consumer protection, and maintains public confidence in financial institutions.
This session will focus on the main trends affecting the development of compliance in Russia; the role of compliance in building a corporate culture; regulatory arbitrage in compliance, including regulation in the Russian Federation as well as international standards and regulatory norms; and specific factors affecting the motivation of employees to observe a culture of compliance.
Moderator
Valery Lyakh, Director, Department for Countering Malpractice, Bank of Russia
Speakers
Yuriy Denisov, Chairman of the Management Board, Moscow Exchange
Sergey Ozerov, Chairman of the Management Board, Rusfinance Bank
Mikhail Polyakov, Chairman of the Management Board, Member of the Board of Directors, Nordea Bank

15:40–16:00

Coffee break

16:00–17:10

Astoria Hotel, Conference hall 6 (first floor)
Parallel sessions Banks Session 1.7: The Development of the Deposit Insurance System This session will focus on the objectives of Russian banks in the deposit insurance system, together with the main aspects affecting growth in the ...
This session will focus on the objectives of Russian banks in the deposit insurance system, together with the main aspects affecting growth in the sector, and next stages. Discussions will take into account ambitious objectives aimed at improving the Russian banking sector, growing numbers of members in the deposit insurance scheme, and the insurance liability of the Deposit Insurance Agency (DIA). Participants will look at ways to ensure the self-sufficiency of the compulsory deposit insurance fund and the commensurate burden on banks, particularly with regard to approaches to forming a calculation base and a differentiated system of insurance premiums which takes a bank’s financial stability into account. International trends in the development of deposit insurance systems (the EU, BRICS) will also be examined, as will the potential of the emerging common financial market of the EAEU, and ways to harmonise the deposit insurance systems of EAEU member states in order to provide depositors with full and cross-border insurance coverage.
Moderator
Vasily Pozdyshev, Deputy Governor, Bank of Russia
Speakers
Thierry Dissaux, Chairman of the Board, Fonds de Garantie des Depots et de Resolution (FGDR), France
Daniel Dominioni, President, Bank Savings Protection Corporation (COPAB), Uruguay
Yury Isaev, General Director, Deposit Insurance Agency
Valery Tsyalipka, Director General, Agency of Deposit Compensation, Republic of Belarus
Vladimir Šarić, Chairman of the Board of Directors, Deposit Insurance Agency, Republic of Serbia

16:00–17:10

Presidential Library,
Conference hall 2 (first floor)
Financial Market Professionals Session 3.7: Fair Pricing on the Securities Market Fair pricing of securities, in line with a particular economy’s requirements, is essential for sustainable growth in a financial market.Given the e...
Fair pricing of securities, in line with a particular economy’s requirements, is essential for sustainable growth in a financial market.
Given the existing ill-founded practice of estimating the fair value of equities based on their stock prices, the notion of fair equity value in organised trading needs to be verified and validated by both the regulator and market participants.
What determines the confidence of the Bank of Russia and market participants in the price established in exchange trades? Who creates the price: professional analysts and traders, or retail investors and speculators?
What is the role of domestic investors as a source of fair pricing? Why is it that the fundamental value, exchange price, and fair value are not the same thing? How is fair value affected by factors such as access to insider information and external shocks of a political or non-market nature? Is it possible to define the criteria for market activity and liquidity, and determine quantitative values for them?
Speakers
Alexey Buzdalin, Head of the Working Group of the NSD Price Center, Director of the Center for Economic Analysis of the Interfax Group
Andrey Kuznetsov, Partner, KPMG
Anna Kuznetsova, Member of the Executive Board, Managing Director of Securities Market, Moscow Exchange
Anton Malkov, Managing Director, Corporate Finance, Sberbank CIB
Sergey Shvetsov, First Deputy Governor, Bank of Russia