The Financial System: Stability for Growth

6–8 June 2018, ST. PETERSBURG


Programme

As of 22 May 2018
The list of speakers has yet to be finalized

07 June

08:00–09:00

Registration

09:00–09:30

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

09:30–10:45

Presidential Library,
Plenary session hall (second floor)
Plenary session How does Regulation Affect Financial System Stability and Economic Growth? It’s been ten years since the outbreak of the last financial crisis, when many countries faced the pressing issue of propping up and reorganizing t...
It’s been ten years since the outbreak of the last financial crisis, when many countries faced the pressing issue of propping up and reorganizing their banking systems, and even their financial systems in general. As a result, regulators throughout the world saw the need for new approaches to regulation and recovery. This led to the development of Basel III, which includes new strategies for regulating financial institutions, markets, and infrastructure. Financial stability became the top priority for central banks and regulators.
• What are the results of this process?
• Where do we stand now?
• What is the impact of this policy so far? And how will it impact financial stability and economic growth?
Moderator
Elvira Nabiullina, Governor, Bank of Russia
Speakers
Svein Andresen, Former Secretary General, Financial Stability Board
Jacob Frenkel, Chairman, JPMorgan Chase International
Arthur Javadyan, Chairman, Central Bank of the Republic of Armenia
Ilya Polyakov, Chairman of the Management Board, ROSBANK PJSC
Felix Wenger, Senior Partner, Head of Swiss office, McKinsey & Company

10:45–11:00

Coffee break

11:00–12:15

Presidential Library,
Plenary session hall (second floor)
Panel session I Birth Traumas and Acquired Illnesses in Russian Banking System: on the Way to Recovery This panel session will discuss current trends and development prospects in the Russian banking sector. In many ways the stage Russian banks are c...
This panel session will discuss current trends and development prospects in the Russian banking sector. In many ways the stage Russian banks are currently going through is a result of the early days and further development of the country’s banking system. The banking sector is facing new challenges now. However, there is a clear trend towards consolidation and recovery. Participants will attempt to explain the past, comprehend the present, and look into the future.
Moderator
Dmitry Tulin, First Deputy Governor, Bank of Russia
Speakers
Daniyar Akishev, Governor, National Bank of Kazakhstan
Anatoly Aksakov, Chairman, Committee on Financial Markets of the State Duma; Chairman, Association of Russian Banks
Mikhail Alekseev, Chairman of the Management Board, UniCredit Bank JSC
Sergey Hotimskiy, First Deputy Chairman of Management Board, PJSC Sovcombank
Oleg Vyugin, Chairman of the Management Board, Russian National Association of Securities Market Participants (NAUFOR)

12:15–12:30

Coffee break

12:30–13:45

Presidential Library,
Plenary session hall (second floor)
Panel session II How Economic Trends will Shape the Financial Sector This panel discussion will bring together economists and business leaders. They will focus on the effect of medium- and long-term economic trends o...
This panel discussion will bring together economists and business leaders. They will focus on the effect of medium- and long-term economic trends on Russia’s financial sector and its further development, as well as the impact the financial sector will have on the companies’ growth and the economy in general. Naturally, participants will address the role of the Bank of Russia and the Government in developing Russia’s financial sector.
Moderators
Elvira Nabiullina, Governor, Bank of Russia
Ksenia Yudaeva, First Deputy Governor, Bank of Russia
Speakers
Erik Berglof, Director of the Institute of Global Affairs, The London School of Economics and political Science (LSE)
Alexander Dyukov, Chairman of the Management Board, Chief Executive Officer, PJSC Gazprom Neft
Dmitry Konov, Chairman of the Management Board, PAO SIBUR Holding
Andrey Kostin, President, Chairman of the Management Board, VTB Bank
Marc Uzan, Executive Director, Reinventing Bretton Woods Committee
Mikhail Zadornov, President — Chairman of the Management Board, Otkritie FC Bank

13:45–15:00

Restaurants for the Congress participants, 4 Konnogvardeysky Bulvar
Lunch

15:00–16:30

Parallel round tables RT 1.1: The Impact of Low Inflation on the Economy 2017 saw the end of disinflation. The Bank of Russia is going through a gradual transition to a neutral monetary policy. Given its history of high ...
2017 saw the end of disinflation. The Bank of Russia is going through a gradual transition to a neutral monetary policy. Given its history of high and volatile inflation rates, this is a new reality for Russia that will form new business models and consumer demand. An important objective is to reduce inflation expectations and their sensitivity to short-term price fluctuations.
Moderator
Andrey Lipin, Deputy Director, Monetary Policy Department, Bank of Russia
Speakers
Aleksei Lyakin, Director of Treasury, Sberbank
Marek Mora, Member of the Management Board, Czech National Bank
Marc Uzan, Executive Director, Reinventing Bretton Woods Committee

15:00–16:30

RT 1.2: Modernizing Banking Supervision: Initial Results Today’s challenges to sustainable development in the banking sector required reforms in the supervisory process to improve its quality and efficien...
Today’s challenges to sustainable development in the banking sector required reforms in the supervisory process to improve its quality and efficiency. We’ve achieved the first results and can already declare improvements in the interactions between the regulator and supervisory organisations. Banking sector participants are now beginning to respond to supervision, while supervision responds to shortcomings in banking operations and negative market trends more efficiently. How were these results achieved? What other key areas need to be addressed in future supervisory reforms? How does the market evaluate the changes that occurred in supervision? These and other topics will be part of an insightful discussion.
Moderator
Olga Polyakova, Deputy Governor, Bank of Russia
Speakers
Dmitry Gusev, Chairman of the Management Board, PJSC Sovcombank
Dmitry Olyunin, First Deputy President - Chairman of the Management Board, VTB Bank
Andrey Sokolov, Chairman of the Management Board, AO ALFA-BANK
Garegin Tosunyan, President, Association of Russian Banks
John Walsh, Partner, Financial Regulation Practice, McKinsey & Company, Washington DC, USA

15:00–16:30

RT 1.3: A Single EAEU Financial Market: Development Parameters The Treaty on the Eurasian Economic Union (EAEU) is effective as of on 1 January 2015. It marked a transition to an entirely new stage in the econo...
The Treaty on the Eurasian Economic Union (EAEU) is effective as of on 1 January 2015. It marked a transition to an entirely new stage in the economic integration of the former Soviet countries, which resulted in a gradual formation of an economic union. This stage of integrative formation can be described with the four freedoms principle – free movement of capital, services, goods, and labour. This can be achieved by identifying and subsequently removing barriers and restrictions within the common economic space. A key element of this process is to jointly promote the creation of common sectoral markets (oil, gas, electricity, transport, and, of course, a common financial market). We can go even further: successful creation of a common financial market is a prerequisite for the full capacity of common markets in other sectors, as finance is the lifeblood of the EAEU economic body in general.
The importance of building a common financial market is emphasized by attention from the heads of EAEU countries to the problem of financial integration. In December 2016 they issued an instruction for financial regulators and the Eurasian Economic Commission to develop a vision for a common financial market. This vision will need to answer a number key questions: how quickly can we achieve the goal of building a common financial market? What are the major milestones on the way? Is there a need to harmonize regulatory systems? Should national segments be incorporated into the common financial market at a different pace?
In this context, the most relevant topics for discussion are:
- The future architecture of the EAEU common financial market: what awaits us in 2025?
- Legislative harmonization in the financial sector: what are we trying to achieve?
- A common exchange space: key elements.
- Supervising the activity of common financial market participants: the essentials.
- Cross-border aspects of protecting financial consumers across the EAEU.
Moderator
Timur Zhaxylykov, Member of the Board (Minister) for Economy and Financial Policy, Eurasian Economic Commission
Speakers
Tolkunbek Abdygulov, Chairman, National Bank of the Kyrgyz Republic
Daniyar Akishev, Governor, National Bank of Kazakhstan
Arthur Javadyan, Chairman, Central Bank of the Republic of Armenia
Sergey Kalechits, Deputy Chairman of the Board, National Bank of the Republic of Belarus
Elvira Nabiullina, Governor, Bank of Russia
Tatiana Valovaya, Member of the Board - Minister in Charge of Integration and Macroeconomics, Eurasian Economic Commission

15:00–16:30

RT 1.4: The Digital Transformation of the Financial Sector: Challenges and Opportunities All areas of the economy are being increasingly influenced by technology. Development of digital technologies is a key challenge for the financial ...
All areas of the economy are being increasingly influenced by technology. Development of digital technologies is a key challenge for the financial sector in the coming years.

The main dilemma both for regulators and market participants is to find a balance between minimizing risks and using new innovative financial technologies to move the economy forward.

Digital technologies should be regulated in a way that protects the rights of consumers and investors and ensures financial stability.

Topics for discussion:
• Creating favourable conditions for the digital economy. A model for interaction between business and the state.
• Digital financial assets and new investment tools.
• The regulatory sandbox.
• Creating digital ecosystems.
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, The Boston Consulting Group
Lev Khasis, First Deputy Chairman of the Management Board, Sberbank
Dmitry Rudenko, President, Chairman of the Management Board, PJSC Post Bank
Sergey Solonin, Chief Executive Officer, Qiwi

16:30–17:00

Coffee break

17:00–18:30

Parallel round tables RT 2.1: Preventive Supervision: Internal Procedures for Assessing Capital Adequacy and Conducting Stress Tests Today banking supervision focuses on capitalization and ensuring adequate risk coverage for banks. Quality review for capital adequacy assessment p...
Today banking supervision focuses on capitalization and ensuring adequate risk coverage for banks. Quality review for capital adequacy assessment procedures was introduced into supervisory process and became last year’s major regulatory novelty. Banks are now required to properly assess their own risk appetite and the adequacy of their risk management systems. An important role in this process would be stress tests and factoring their results in business plans. Banks have a number of questions regarding the capital adequacy assessment procedure, which include availability of data and frequency of these reviews. And these topics will be the focus of this roundtable.
Moderator
Vasily Pozdyshev, Deputy Governor, Bank of Russia
Speakers
David Brawn, Chief Risk Officer, AO «ALFA-BANK»
Maxim Kondratenko, Member of the Management Board, VTB Bank
Alexey Lobanov, Director, Banking Regulation Department, Bank of Russia
Aleksander Vedyakhin, Senior Vice President, Chief Risk Officer, Sberbank
Svetlana Zolotareva, Deputy Chairman of the Management Board, AO UniCredit Bank

17:00–18:30

RT 2.2: Microfinance under New Conditions: Reducing the Cost of Stability of Microfinance Institutions At this round table, we plan to examine the potential of the microfinance market to reduce the cost of microloans whilst preserving stability in va...
At this round table, we plan to examine the potential of the microfinance market to reduce the cost of microloans whilst preserving stability in various business models (transformation and adaptation to new for business model conditions in the offline/online sectors, PDL/Instalments/SME), as well as to discuss solutions for risk management (risk standards, scoring models and innovations).
Experts will refer to international experience and Russia’s best practices to review how microfinance organizations use new technology to reduce the cost of their products and improve their stability.
Among other topics, this discussion will address the impact of legislative changes on the cost of microloans..
Moderator
Ilya Kochetkov, Director, Microfinance Market Department, Bank of Russia
Speakers
Aigul Khairullina, Director, self-regulatory organisation Unity Union of Microfinance Organisations
Victor Klimov, Member of Central Staff, All-Russia People’s Front (ONF); Head of ONF’s For Borrowers’ Rights project
Pavel Medvedev, Financial Ombudsman
Andrey Paranich, Deputy Director, self-regulatory organisation Microfinance and Development Union of Microfinance Organisations
Elena Stratyeva, Director, Russian Microfinance Center (RMC); Director, self-regulatory organisation Microfinance and Development Union of Microfinance Organisations

17:00–18:30

RT 2.3: Hot Trends in Cybersecurity Internet and new technology provide incredible opportunities to work with information. At the same time, we face a true challenge of our time: how ...
Internet and new technology provide incredible opportunities to work with information. At the same time, we face a true challenge of our time: how can we protect valuable information from cyber criminals? Nowadays, information security is pressing as ever. Accounts and sensitive information draw criminals’ attention, which is growing by the day. Therefore, the number and the diversity of hacks is on the rise: over the last three years the world has seen significantly more cybercrimes. And in most cases, it’s the players of the credit and finance market that get the biggest hit.
Naturally, the banking community is coming together in the face of such a serious threat, but how should it optimise its resources in order to make them as effective as possible (in this case, maximising protection)?
What measures should be taken in order to predict cyber criminals’ next step?
How can the sector best organise its collective forces to combat a rapidly developing cybercrime industry?
How can we organize our combined efforts in order to be ‘proactive’?
These and other relevant issues will be discussed by participants in this round-table session.
Moderator
Igor Lyapunov, Co-owner and Chief Executive Officer, Solar Security
Speakers
Dmitry Gadar, Vice-President, Director of the Information Security Department,Tinkoff Bank
Igor Kachalin, Deputy Head, Center for Information Security and Special Communication, Federal Security Service of Russian Federation
Sergey Lebed, Head of the Information Security Service, Sberbank
Aleksander Muranov, Deputy Chairmаn of the Management Board, Bank GPB (JSC)
Ilya Sachkov, Founder and General Director, Group-IB
Artem Sychev, Deputy Head, Main Office of Security and Information Protection, Bank of Russia

17:00–18:30

RT 2.4: Attracting Investment: Banks vs Capital Markets As sources of investment for businesses, banks and capital markets simultaneously compete with and complement one another. A developed securities m...
As sources of investment for businesses, banks and capital markets simultaneously compete with and complement one another. A developed securities market makes it possible to attract significant and long-term investment, which is vital for Russian companies. A surplus of liquidity in the banking sector stimulates banks and stokes activity on the financial market. The rapid development of the domestic corporate bonds market in 2017 continues the trend of using bonds as a partial replacement for loans, although most borrowing by non-financial organizations still occurs in loan form. The current status of the Russian capital market is characterised by low capitalisation of the stock market, as well as a low bond debt-to-GDP ratio, high entry barriers for medium-sized businesses, and weak development of the securitisation market and project finance instruments.
• Why does the volume of investment attracted by Russian companies through placement of shares and bonds continue to lag significantly behind lending by banks?
• Where can additional internal sources of long-term financing for Russian companies be found at a time of active international sanctions and a closed European bonds market?
• What key factors determine the investment appeal of Russian companies?
• How can the circle of issuers be widened and major, reliable borrowers be encouraged to raise funds on the capital market?
• What risks are borne by businesses depending on their chosen means of raising financing?
• What additional methods can be used by the regulator to support and stimulate the use of capital markets by companies in need of investment?
Moderator
Alexander Afanasiev, Chairman of the Executive Board, Moscow Exchange
Speakers
Svetlana Balanova, Chief Executive Officer, IBS
Mats Isaksson, Director of the Corporate Relations Department, OECD
Oleg Jelezko, Managing Partner, Da Vinci Capital
Roman Lokhov, Member of the Management Board, Deputy General Director for Global Markets and Investment Banking Services, BCS (BrokerCreditService)
Irakli Mtibelishvili, Managing Director and Chairman, Citi Corporate and Investment Bank in CEEMEA
Vladimir Potapov, Chief Executive Officer, VTB Capital Investments, Senior Vice President, VTB Bank

19:00–22:00

Presidential Library,
Plenary session hall (second floor)
Reception on behalf of the Bank of Russia