Program | International Financial Congress

05:00—09:00

Registration

09:00—10:00

Presidential Library,
Plenary Hall (2nd floor)

Opening
Speech by the Chairman of the Bank of Russia Elvira Nabiullina

10:00—11:30

Presidential Library,
Plenary Hall (2nd floor)

Plenary session:
How regulation affects the stability of the financial system and economic growth

Moderator – Elvira Nabiullina, Chairman of the Bank of Russia

10 years have passed since the start of the last financial crisis. During a crisis...

Moderator – Elvira Nabiullina, Chairman of the Bank of Russia

10 years have passed since the start of the last financial crisis. During the crisis, the problems of supporting and rehabilitating the banking and financial systems as a whole became acute in many countries. As a result, regulators around the world decided that it was necessary to change approaches to regulation and recovery: Basel III was developed, new approaches to the regulation of financial institutions and markets, and financial infrastructure. For central banks and regulators, financial stability has become the No. 1 priority. What are the results of this process? Where are we now? What impact have these policies had and will have on economic growth and financial stability?

11:30—12:00

Coffee break

12:00—13:30

Presidential Library,
Plenary Hall (2nd floor)

Panel session I:
Birth injuries and acquired diseases of the Russian banking system: on the road to recovery
The panel session will discuss current trends and prospects for the development of the Russian banking sector. Much of what is happening now...

The panel session will discuss current trends and prospects for the development of the Russian banking sector. Much of what is happening to banks now has historical roots related to the peculiarities of the origin and development of our banking system. New challenges are also emerging for the banking sector, but in general there is a tendency towards its consolidation and recovery. Explain the past, comprehend the present and look into the future of the banking sector - these are the tasks of the panelists.

13:30—15:00

Restaurants for Congress participants (Konnogvardeisky Boulevard, 4)

Dinner

15:00—16:30

KS 1.1: Russian economy: in search of sustainable growth It is well known that fast-growing companies – “gazelles” – have the greatest impact on economic dynamics. Do such companies exist in Russia?...

It is well known that fast-growing companies – “gazelles” – have the greatest impact on economic dynamics. Do such companies exist in Russia? How can we help them survive in the current institutional environment? This is part of the issues that will be discussed at the round table with the participation of business representatives, regulators and experts.

15:00—16:30

CS 1.2: Modernization of banking supervision: first results The prerequisites for the reform of banking supervision were formed objectively: the banking sector and the banking services market are changing, first of all, in terms of...

The prerequisites for the reform of banking supervision were formed objectively: the banking sector and the banking services market are changing, first of all, in terms of the development of financial technologies, financial products and services, the speed of transactions, and increased competition. Modern challenges in the field of ensuring sustainable development of the banking sector require meaningful changes in the supervisory process, improving its quality, manageability and efficiency.
The geographically distributed model of supervision with significant regional differences and “multi-level” decision-making that existed for quite a long period no longer meets modern requirements. It was necessary to centralize banking supervision - the formation of a single supervisory vertical.
In order for supervision to contribute to the sustainable development of the banking sector, it must become proactive and risk-oriented, capable of dialogue with business and work in a consultative mode.
Supervision reform required the development and implementation of Supervisory Standards containing basic provisions - the basic principles and methods of risk-based supervision, and special norms - in particular, approaches to the analysis of business models of credit institutions. One of the main elements of the supervisory process will be the use of stress tests when assessing the stability of credit institutions. Another important area will be the development of supervision on a consolidated basis and the synchronization of supervisory activities for participants in different segments of the financial market (taking advantage of mega-regulation of financial market participants by the Bank of Russia). In this regard, key measures will be aimed at improving the quality of data received from credit institutions.
One of the new elements of the supervisory mechanism was the Risk Analysis Service. Increasing competence in the Risk Analysis Service to analyze the risks of credit and non-credit financial organizations on a regular, ongoing basis allows us to identify emerging risks in real time.

15:00—16:30

CS 1.3: Single financial market of the EAEU: development parameters The entry into force of the Treaty on the Eurasian Economic Union on January 1, 2015 marked a transition to a qualitatively new stage of economic...

The entry into force of the Treaty on the Eurasian Economic Union on January 1, 2015 marked a transition to a qualitatively new stage of economic integration in the post-Soviet space and the consistent construction of an economic union. A feature of this stage of integration construction is the implementation of the principle of “four freedoms” - freedom of movement of capital, services, goods and labor. This can be achieved by identifying and then eliminating barriers and restrictions within the common economic space. The key element of this work is joint progress in creating common sectoral markets (oil, gas, electricity, transport and, of course, a common financial market). One can say even more: without the successful formation and launch of a common financial market, it is unlikely that other sectoral common markets will operate in full force - after all, finance is the circulatory system of the entire economic body of the EAEU.
The importance of the task of building a common financial market is evidenced by the close attention of the leaders of the EAEU states to the issues of financial integration and their order of December 2016 to financial regulators and the EEC to develop a concept for the formation of a common financial market. It will be called upon to answer key questions: how quickly will we collectively move towards the goal of building a public financial structure, what are the main milestones along this path? To what extent does this require harmonization of regulatory systems? Are there any grounds for integrating different national segments of the financial market into the financial market at different speeds?
In this context, the most relevant issues for discussion are the following:
- The future architecture of the common financial market of the Eurasian Economic Union: what awaits us in 2025;
- Harmonization of legislation in the financial sector: what are we moving towards;
- Single exchange space: key elements;
- Supervision of the activities of participants in the common financial market: what we need;
- Cross-border aspects of protecting the rights of consumers of financial services in the space of the Eurasian Economic Union.

15:00—16:30

CS 1.4: Digital transformation of the financial industry: challenges
and prospects
The influence of technology on all areas of the economy is constantly increasing. For the financial market, the development of digital technologies forms one of the main challenges...

The influence of technology on all areas of the economy is constantly increasing. For the financial market, the development of digital technologies forms one of the main challenges for the next few years.
The role of the state in digital transformation is to create conditions that will allow the rapid and effective implementation of innovative technologies in both the financial and non-financial sectors of the economy, while ensuring a high level of trust and security in such technologies on the part of citizens and organizations.
Questions for discussion:
• Main technological trends and challenges of the digital economy;
• Development of competition in the financial market through the introduction of new technologies, development of fintech ecosystems;
• Priorities of the Bank of Russia in the field of development of financial technologies for 2023-2020;
• Projects to create digital financial infrastructure;
• Regulatory platform of the Bank of Russia.

16:30—17:00

Coffee break

17:00—18:30

KS 2.1: Preventive supervision: internal procedures for assessing capital adequacy and stress testing Issues of capitalization and ensuring adequate coverage of risks taken by banks are the focus of banking supervision. Introduction to the supervisory...

Issues of capitalization and ensuring adequate coverage of risks taken by banks are the focus of banking supervision. The introduction into the supervisory process of assessing the quality of internal procedures for assessing bank capital adequacy (ICAAP) is the main regulatory innovation of the last year. The regulator sets the task for banks to correctly assess their own risk appetite and how adequate the risk management system in the credit institution is to this appetite. As part of this process, a large role is given to organizing stress testing in banks and actually taking into account the results of stress tests in business planning.
Questions that arise for banks in connection with the ICAAP include the availability of the necessary data and the frequency of the assessment. These topics will be discussed on this panel.

17:00—18:30

KS 2.2: Human capital in the financial sector: challenges, strategies, values The main challenges facing companies, their connection with strategy and HR:
• company strategy and HR strategy: a look into the future;
• new practices...

The main challenges facing companies, their connection with strategy and HR:
• company strategy and HR strategy: a look into the future;
• new practices and technologies used by companies;
• the role of the CEO and key management team;
• trends in HR priorities of companies (research presentation);
• discussion of cases.

17:00—18:30

KS 2.3: Impact of low inflation on the economy The disinflation process ended in 2017, and now the monetary policy goal is to consolidate inflation near 4%. Achieving this goal requires solving a number of problems that...

The disinflation process ended in 2017, and now the monetary policy goal is to consolidate inflation near 4%. Achieving this goal requires solving a number of problems, which we propose to discuss at the round table:
• Reducing inflation expectations, reducing their sensitivity to short-term price fluctuations: channels of influence of inflation expectations on prices, assessments of their contribution to inflation, measures to reduce inflation expectations, including including communication policy;
• Reducing the influence of non-monetary factors on price dynamics: defining a list of problems, building a dialogue with authorities, including at the regional level;
• Optimal combination of monetary and budget policies: adherence to the inflation targeting regime and budget rules, increasing the efficiency of budget expenditures, approach to indexation of regulated prices and tariffs;
• Restoration of consumer demand, not outpacing the economic capabilities: a gradual transition from tight to neutral monetary policy.

17:00—18:30

CS 2.4: Hot Cybersecurity Trends The Internet and new technologies provide people with incredible opportunities to work with information, but at the same time we are faced with serious...

The Internet and new technologies provide people with incredible opportunities to work with information, but at the same time we are faced with a serious challenge of the time - how to protect our valuable information from cybercriminals? Currently, information security issues are becoming more relevant than ever. Criminals' interest in accounts and valuable information is increasing every day, and along with it, the number and variety of computer attacks is growing: over the past three years, the number of cybercrimes has increased sharply. In most cases, the main blow falls on participants in the credit and financial sphere, in particular banks.
Naturally, in the face of such a serious threat, the banking community unites its forces, but how to optimize its resources in order to be as efficient as possible (in this case, protected)?
What steps can you take to predict cybercriminals' next move?
What is the best way to organize a joint effort to combat the dynamic cybercriminal industry?
How to organize teamwork to be “proactive”?
These and other pressing issues will be discussed by the round table participants.

19:00—22:00

Presidential Library,
Plenary Hall (2nd floor)

Reception on behalf of the Bank of Russia

09:00—10:30

Presidential Library,
Plenary Hall (2nd floor)

Panel Session II:
Competition in the financial market: obstacles and solutions
Competition in the financial services market acts as a driver of economic growth and an engine of technological progress. Monopolization of local...

Competition in the financial services market acts as a driver of economic growth and an engine of technological progress. Monopolization of local markets for financial services and uneven regional development lead to distortion of market incentives, reduced availability of services for consumers and the formation of non-transparent pricing in the financial market.
Leadership in innovation and leadership in prices - a benefit for competition or a toolkit of dominant financial market actors?
New technologies and business models - an opportunity to promote competition in the interests of consumers or a threat of regulatory arbitrage? Do they contribute to the weakening of geographical and sectoral barriers and the uniform development of the Russian financial market?

10:30—11:30

Presidential Library,
Plenary Hall (2nd floor)

Speech by key speaker

11:30—12:00

Coffee break

12:00—13:30

Presidential Library,
Plenary Hall (2nd floor)

Panel session III:
Three development strategies: financial market, information technology, financial inclusion
An effectively functioning financial market is an integral factor in the economic and social development of a country. In this regard, the development of financial...

An effectively functioning financial market is an integral factor in the economic and social development of a country. In this regard, the development of the financial market of the Russian Federation is one of the priority goals of the Bank of Russia. For the first time, the mega-regulator made public its strategic view of the future of the financial market, formulating the Main directions for the development of the financial market for the period 2016-2023, based on the principles of unity and interconnection of all its sectors. Assessing the results achieved, what will be the strategy of the Bank of Russia for the next three-year period?
The rapidly developing financial information technologies that are becoming part of everyday life, radically changing the landscape and structure of the financial market and the preferences of consumers of financial services, deserve special attention. How should the regulator respond to the challenge of new technologies in order to develop competition, protect consumer rights, increase accessibility, transparency, level of trust and investment attractiveness of the domestic financial market?
One of the solutions to the above tasks is the implementation of strategic documents developed by the Bank of Russia, including the Strategy for increasing financial inclusion in Russia for the period 2023-2020, which contains a description of the current state of financial inclusion and measures to improve it, and also includes key performance targets events. The strategy is primarily aimed at achieving such goals as increasing the level of accessibility and quality of financial services for consumers of financial services in remote, sparsely populated or hard-to-reach areas, SMEs and population groups with limited access to financial services, as well as increasing the speed and quality of access to financial services for using the capabilities of digital financial services.

13:30—14:45

Restaurants for Congress participants (Konnogvardeisky Boulevard, 4)

Dinner

14:45—16:15

CS 3.1: Digital financial assets: development and regulation Approaches to regulation in the field of digital financial assets, including digital currencies, smart contracts, ICOs. Elements of a digital financial ecosystem...

Approaches to regulation in the field of digital financial assets, including digital currencies, smart contracts, ICOs. Elements of a digital financial ecosystem.
The main dilemma for regulators and market participants is finding a balance between minimizing risks and supporting the development of innovative financial technologies.
Questions for discussion:
• Global trends in the field of cryptocurrencies and ICO (Initial Coin Offering);
• ICO market: participants, regulation, risks;
• Elements of the digital financial ecosystem;
• Application of distributed registry technology in the financial market;
• New technologies for the payment space.

14:45—16:15

CS 3.2: Fair competition in the financial market: practice of combating illegal participants The presence of unfair competition in the market makes such a market opaque and does not allow it to develop dynamically by attracting private...

The presence of unfair competition in the market makes such a market opaque and does not allow it to develop dynamically by attracting private and institutional investors. Ultimately, this affects the economy of the country as a whole. The shadow financial market disrupts the competitive environment, increasing the cost of services of legal market players. The lack of a license/accreditation/special status for financial market participants not only violates the rights of consumers, removing high-risk activities from the right field, but also puts bona fide market participants in unequal competitive conditions in advance. In addition, illegal market participants destroy the public’s trust in bona fide participants and the market as a whole. This aspect may neutralize the efforts of the regulator and market participants to create a high-quality reputation of the domestic financial market.
• What practical developments in identifying and suppressing the activities of fraudsters can be used by both the regulator and professional participants?
• What is the real scale of losses of legal financial market players due to the activities of fraudsters?
• How can market participants, together with the regulator, counteract unfair behavior in the financial market?
• Could regulatory changes in the financial sector make it economically unprofitable for fraudsters to operate?
• Is it possible to push illegal immigrants out of the market due to qualitative changes in the work of professional participants and the market as a whole?

14:45—16:15

KS 3.3: Proportional regulation and supervision in the financial market Within the framework of the round table, it is planned to discuss implemented and promising innovations aimed at creating a regulatory environment in proportion...

Within the framework of the round table, it is expected to discuss implemented and promising innovations aimed at creating a regulatory environment proportional to the risks taken by financial market participants across the economy, creating a transparent business lift from a micro-organization of the financial sector to a systemically important company, ensuring the proportionality of administrative costs to the size of the business of financial sector organizations, development of control mechanisms of self-regulation in the financial market, professional and ethical standards of activity.

14:45—16:15

KS 3.4: Attracting investments: banks vs. capital market Banks and the capital market, as sources of investment for economic entities, both compete and complement each other. Developed securities market...

Banks and the capital market, as sources of investment for economic entities, both compete and complement each other. A developed securities market makes it possible to attract large-scale and long-term investments necessary for Russian companies. The liquidity surplus in the banking sector encourages banks to increase activity in the financial market. The rapid development of the domestic corporate bond market in 2017 leads to a continuation of the trend of partial replacement of loans with bonds, but the bulk of borrowing by non-financial organizations is still formed through loans. The current state of the Russian capital market is characterized by both a low level of stock market capitalization and a low ratio of bond debt to GDP, high entry barriers for medium-sized companies, and weak development of the securitization market and project financing instruments.
• Why does the volume of investment attracted by Russian companies through the placement of shares and bonds continue to lag significantly behind bank lending?
• Where can we find additional internal sources of attracting long-term financing for Russian enterprises in the context of current international sanctions and the closedness of the Eurobond market?
• What are the key factors that determine the investment attractiveness of Russian companies?
• How to expand the circle of issuers and encourage large, reliable borrowers to raise funds on the capital market?
• What risks do economic entities bear when choosing one or another form of attracting financing?
• What additional measures to support and encourage the use of capital markets by companies that need to attract investments can the regulator apply?

16:15—16:30

Coffee break

16:30—18:00

KS 4.1: Current issues of compulsory motor liability insurance How to overcome the problems of unavailability of services for consumers and balance the unprofitability of compulsory motor liability insurance.
Questions for discussion:
• Options for solving...

How to overcome the problems of unavailability of services for consumers and balance the unprofitability of compulsory motor liability insurance.
Questions for discussion:
• Options for solving the problem;
• Results of changes in regulation in recent years;
• What does international experience say?

16:30—18:00

CS 4.2: Creation of long-term money institutions: international experience for the development of the Russian market Within the framework of the round table, it is planned to discuss the following issues (taking into account international experience):
- possible sources and tools for attracting...

Within the framework of the round table, it is planned to discuss the following issues (taking into account international experience):
- possible sources and tools for attracting “long-term” money to finance the Russian economy;
- demand and availability of these sources and instruments in the Russian financial market;
- mechanisms for stimulating long-term investments (savings).

16:30—18:00

KS 4.3: Search by professional securities market participants for new opportunities in intermediary activities As part of the round table, it is proposed to discuss the development of autofollowing and robo-advising services, the sale of algorithmic investment solutions in...

At the round table, it is proposed to discuss the development of auto-following and robo-advising services, the sale of algorithmic investment solutions in the form of software applications, and also to analyze the justification of regulatory arbitrage between classic mutual fund management and new forms of individual asset management based on standard strategies, as well as within investment insurance. In connection with the emergence of a new type of activity on the securities market - investment consulting - it is also expected to consider issues related to its regulation and integration into the existing business models of professional participants.

16:30—18:00

CS 4.4: Microfinance in new conditions: reducing loan costs and sustainability of MFOs Within the framework of the Constitutional Court, it is planned to consider the possibilities of the microfinance market to reduce the cost of microloans while maintaining sustainability in different markets...

Within the framework of the CC, it is planned to consider the possibilities of the microfinance market to reduce the cost of microloans while maintaining sustainability in different business models (transformation and adaptation to new conditions of business models of the offline/online segment, PDL/Installments/SME), discuss solutions in the field of risk management (standards on risks, scoring models, innovations).
Taking into account international experience and best Russian practices, experts will discuss the use of modern technologies in MFO business solutions aimed at reducing the cost of products and increasing the sustainability of companies.
Special attention is expected to be paid to assessing the impact of changes in legislation on the cost of loans in the microfinance market.