XXVI International Financial Congress

hosted by the Central Bank of the Russian Federation

July 12–14, 2017 St. Petersburg

  • Finance for Development
  • Finance for Development
  • Finance for Development
  • Finance for Development
  • Finance for Development
  • Finance for Development
  • Finance for Development
  • Finance for Development
  • Finance for Development
  • Finance for Development
  • Finance for Development
  • Finance for Development

Programme

25th International Financial Congress:
The Future of Financial Markets
St. Petersburg, Russia
June 29–July 1, 2016

Wednesday, June 29, 2016 Arrival and registration
19:00—22:00 Cultural programme:
Choice of theatre visit. Listings can be found in the Personal Web Office.
Thursday, June 30, 2016 25th International Financial Congress
Day One
Presidential Library (3 Senatskaya Square, St. Petersburg)

08:00—09:00 Registration
09:00—09:15 Welcome addresses received by the IFC
Welcome address by Governor of St. Petersburg Georgy Poltavchenko
Plenary Session Hall (2nd floor)
09:15—09:55 Address by Governor of the Central Bank of Russia (Bank of Russia) Elvira Nabiullina
Plenary Session Hall (2nd floor)
09:55—10:00 The signing ceremony of the Memorandum of cooperation between the Government of St. Petersburg and the Central Bank of the Russian Federation (the Bank of Russia)
10:00—11:30 Plenary Session 1: GLOBAL ECONOMIC GROWTH AND FINANCIAL STABILITY

Plenary Session Hall (2nd floor)

Today global economy is facing a lot of challenges, cross currents and spillovers. Some of the major economies in the post-crisis world are plagued with chronically lower growth and debt overhangs. Unconventional monetary policy in developed economies has failed to ensure robust economic growth, boost consumption and solve the sovereign debt problem. Moreover, further unconventional measures may add to instability of the global financial architecture. Emerging economies felt the “unintended consequences” of the monetary policy of advanced economies to the full extent. What tools can central banks use to meet the current global challenges? What policy changes must global leaders make in the face of a new economic crisis or a  market crash?

Moderator:
Elvira Nabiullina, Governor, Central Bank of the Russian Federation

Speakers:
Stephen G. Cecchetti, Professor of International Economics, Brandeis International Business School, USA
Jacob Frenkel, Chairman, JPMorgan Chase International, USA
Stephen King, Senior Economic Advisor, HSBC
Guillermo Ortiz, Board Member, Chairman, Partner, BTG Pactual, Mexico
Kenneth Rogoff, Professor of Economics and Public Policy, Harvard University
Marc Uzan, Executive Director, Reinventing Bretton Woods Committee, USA
11:30—12:00 Coffee break
12:00—13:30 Plenary Session 2: MONETARY POLICIES IN THE TIME OF GLOBAL UNCERTAINTY: LESSONS AND OPPORTUNITIES

Plenary Session Hall (2nd floor)

The start of the Fed policy normalization and decline in commodity prices intensifies the inflation divergence among different groups of countries. While very low inflation or even deflation is a major concern in advanced economies and some emerging economies as well, the number of countries with inflation on the rise keeps growing. Inflation often carries risks for financial stability. Fiscal dominance has become an issue of concern in some countries. What is the optimal monetary policy in this environment? What is the best way to face and/or alleviate financial stability risks? Is there a place for coordination between fiscal and monetary policy?

Moderator:
Ksenia Yudaeva, First Deputy Governor, Bank of Russia

Speakers:
Karnit Flug, Governor, Bank of Israel
Már Gudmundsson, Governor, Central Bank of Iceland
Mario Marcel, Board Member, Central Bank of Chile
Oleg Smolyakov, Deputy Governor, National Bank of Kazakhstan
Boris Vujčić, Governor, Croatian National
ZHANG Tao, Deputy Governor, People's Bank of China 
Fritz Zurbrügg, Vice Chairman, Governing Board, Swiss National Bank
13:30—15:00 Lunch
Stroganoff Steak House (4, Konnogvardeisky Blvd.)
15:00—16:30 Plenary Session 3 and parallel round tables (RTs):
Plenary Session 3: The banking industry: Through hardships to the stars?

Plenary Session Hall (2nd floor)

The session is expected to focus on the following subjects: current trends in banking organization and design in light of the latest global shifts in banking regulation aimed at lowering systemic risks and shoring up system stability; top priorities guiding the development of corporate governance systems and risk management tools within banks; risks and opportunities presented by the sweeping introduction of new technologies to the banking industry.

Moderator:
Mikhail Alekseev, Chairman of the Management Board, UniCreditBank, Russia

Speakers:
Anatoly Aksakov, Chairman of the Committee on Economic Policy, Innovative Development, and Entrepreneurship, State Duma of the Federal Assembly of the Russian Federation; President, Association of Regional Banks of Russia (‘Russia’ Association)
Adam Farkas, Executive Director, European Banking Authority
Dr. Akbar Komijani,Deputy Governor, Central Bank of Iran
Aditya Narain, Deputy Director, Monetary and Capital Markets Department, IMF
Mario Nava, Director of Financial System Surveillance and Crisis Management, European Commission
Alexey Simanovskiy, First Deputy Governor, Bank of Russia
Garegin Tosunyan, President, Association of Russian Banks

RT 1.1: Trust management: the future of the industry

Round Table Hall 1 (1st floor)

Russia’s trust management market has been expanding, thanks to growing public trust in the market players: individual trustees. Trustees, the Bank of Russia, and self-regulatory organizations (SROs) must work together to ensure that trustees work in the interests of their beneficiaries. This, in turn, demands increased transparency and accountability on the part of trustees and the expansion of institutions designed to provide an independent assessment of their work. The round table will also focus on the differences between regulations that govern collective and individual trustees, and will assess obstacles impeding the growth of the trust management industry.

Moderator:
Philipp Gabunia, Director, Collective Investment and Trust Management Department, Bank of Russia

Speakers:
Rostislav Kokorev, Senior Scientific Advisor, Moscow State University
Irina Krivosheeva, Chairwoman of the Executive Board, CEO, Alfa Capital
Vladimir Potapov, Chairman of the Board of Directors, CEO, VTB Capital Investment Management
Alexey Timofeev, Chairman of the Executive Board, NAUFOR
Olga Shishlyannikova, Deputy Director, Securities Market and Commodity Market Department, Bank of Russia
Sergey Shvetsov, First Deputy Governor, Bank of Russia 
Andrei Zhuikov, Member of the Board of Directors, Region
RT 1.2: Improving insurance regulation

Round Table Hall 3 (1st floor)

The round table will focus on the major trends in the insurance market and the changes to insurance law required for their success.
The discussion will touch upon life insurance trends; the development of national reinsurance capacities; changes in requirements for entering the insurance market; approaches to regulating the financial stability and solvency of insurance companies; and the introduction of new insurance company reorganization tools which rely on investor and Deposit Insurance Agency funds.
Participants are expected to concentrate on the transition to electronic document management in the insurance industry (establishment of the legal basis for the use and standardization of off-the-shelf products; incentives designed to increase Internet and call centre insurance sales) and the growing electronic registration practices used in the most widespread type of insurance – mandatory car insurance – aimed at lowering costs and making insurance products more accessible. Considering the need to expand access to insurance while maintaining the financial stability of insurance companies, we propose that the discussion focus on possible solutions to the challenges facing Russia’s digital insurance sector.

Moderator:
Vladimir Chistyukhin, Deputy Governor, Bank of Russia

Speakers:
Alexey Bobylev, General Director, Moskovia Insurance Company
Gudrun Hoyer, Expert, Federal Financial Supervisory Authority (BaFin), Germany
Maksim Khanzhin, President, Association for the Defence of Auto Insurance Holders’ Rights, Russia
Ivan Kozlov, Deputy Head, Chief Inspection, Bank of Russia
Igor Yurgens, President, All-Russian Insurance Association
Alexander Zaretsky, President, MetLife Russia; President, Life Insurance Association, Russia
Igor Zhuk, Director, Insurance Market Department, Bank of Russia
RT 1.3: Rating information and its uses

Round Table Hall 4 (3rd floor)

Credit rating agencies are an important part of the financial market infrastructure. Their assessment of organizations’ solvency (financial stability, reliability), individual financial liabilities, and financial instruments shapes understanding of the financial wellbeing and competence of organizations and drives investment decisions.
This session will explore approaches to implementing new Russian legislation governing the activity of credit rating agencies, market expectations of the quality of their credit assessments, and the level of independence and transparency displayed by credit rating agencies.

Moderator:
Victoria Stepanenko, Deputy Director, Financial Market Development Department, Bank of Russia

Speakers:
Elena Eliseyenko, Head of Branch, S&P Global Ratings
Anna Kuznetsova, Managing Director, Moscow Exchange
Alexey Lobanov, Deputy Director, Banking Regulation Department, Bank of Russia
Sergey Moiseev, Director, Financial Stability Department, Bank of Russia
Dmitry Surkov, Head, Moscow Office, AO Fitch Ratings
Sergey Tishenko, General Director, Expert RA
Ekaterina Trofimova, CEO, Analytical Credit Rating Agency
RT 1.4: Defending the rights of financial services consumers and investors: current issues

Round Table Hall 2 (1st floor)

Defending the rights of financial services consumers and investors is one of the fundamental requirements for a healthy and growing financial market.
Effectively protecting the rights of financial services consumers requires the creation of a comprehensive system of consumer assistance and the ability to identify ways in which the current regulations must be adjusted. This system must be constantly refined.
In addition, to better protect the rights of financial services consumers, consumer protection bodies must continuously cooperate on oversight measures and must take a unified approach to advocacy efforts.

Moderator:
Mikhail Mamuta, Head, Service for the Protection of Financial Services Consumers and Minority Shareholders, Bank of Russia

Speakers:
Lilia Belyaeva, Deputy Head, Department for Control over Financial Markets, Federal Antimonopoly Service of the Russian Federation
Viktor Klimov, Deputy Chairman, Committee on Economic Policy, Innovative Development, and Entrepreneurship, State Duma of the Federal Assembly of the Russian Federation; Project Supervisor, All-Russia People’s Front For the Rights of Credit Users
Elman Mekhtiev, Executive Vice President, Association of Russian Banks
Elena Stratyeva, Vice President, National Partnership of Microfinance Market Stakeholders (NAUMIR), Russia
Ilya Sverdlov, Head of Global Partnerships, Alliance for Financial Inclusion
Evgeny Ufimtsev, Vice-President, All-Russian Insurance Association; Executive Director, Russian Association of Motor Insurers

Experts:
Vera Molchanova, Deputy Director, Systemically Important Banks Supervision Department, Bank of Russia
Marat Safiullin, CEO, Federal Foundation for the Protection of Investors and Shareholders Rights
16:30—17:00 Coffee break
17:00—18:30 Parallel round tables (RTs):
RT 2.1: Bank operating conditions: international standards and national specifics

Plenary Session Hall (2nd floor)

The round table will focus on the latest global shifts in banking regulation designed to lower systemic risks and shore up system stability.

Moderator:
Vasily Pozdyshev, Deputy Governor, Bank of Russia

Speakers:
Mikhail Alekseev, Chairman of the Management Board, UniCreditBank, Russia
Aditya Narain, Deputy Director, Monetary and Capital Markets Department, IMF
Dmitry Olyunin, Chairman of the Management Board, Rosbank, Russia
Frank Pierschel, Head of the Banking Supervision Section of the Department for International Policy, BaFin, Germany
Olya Ranguelova, Deputy Head, ECB Single Supervisory Mechanism Coordination and Secretariat, International Affairs Department, Autorité de contrôle prudentiel et de résolution (French Prudential Supervisory Authority)
Alexey Simanovskiy, First Deputy Governor, Bank of Russia
Michael Würz, Head, Financial Stability and Macroprudential Supervision Division, Oesterreichische Nationalbank 
Bella Zlatkis, Deputy Chairman of the Executive Board, PAO Sberbank
RT 2.2: Monetary policy tools of the Bank of Russia

Round Table Hall 4 (3rd floor)

How does the Bank of Russia operate against the background of a decreasing structural liquidity deficit in the banking sector? Why does the liquidity situation keep changing, and how can it affect the use of the Bank of Russia’s tools?
Current issues affecting lending organizations that use the Bank of Russia’s monetary policy tools. Improving operating procedures and technologies. Changing the way banks manage their liquidity against the background of a decreasing structural liquidity deficit.
Lending organizations and mandatory reserves: defining current issues in their use and evaluating how the mechanism will change in 2016.

Moderator:
Dmitry Tulin, First Deputy Governor, Bank of Russia

Speakers:
Aleksei Lyakin, Director of Treasury, Sberbank of Russia
Mikhail Pavlov, Deputy Chairman of the Executive Board, Asian-Pacific Bank
Alexander Polonsky, Deputy Director, Monetary Policy Department, Bank of Russia
Igor Rusanov, First Vice-President, Member of the Management Board, Gazprombank
Konstantin Tserazov, Senior Vice President, Otkritie FC Bank
Viktor Zhidkov, Chairman of the Management Board, Investment Bank Vesta Bank
RT 2.3: Improving business reputation and qualification standards

Round Table Hall 3 (1st floor)

This round table will focus on defining the criteria for evaluating the business reputation, qualifications, and financial status of a financial organization’s founders (owners), managers, and executives in order to eradicate unethical business practices and ensure sustainable development and operations on the financial market.

Moderator:
Garegin Tosunyan, President, Association of Russian Banks

Speakers:
Elena Borisenko, Senior Vice-President, Gazprombank JSC
Elena Chaikovskaya, Director, Financial Market Development Department, Bank of Russia
Gulnara Ruchkina, Doctor of Law, Professor, Head of the Faculty of Business and Corporate Law, Financial University under the Government of the Russian Federation
Mikhail Sukhov, Deputy Governor, Bank of Russia
Konstantin Volkov, President, National Securities Market Association

RT 2.4: Financial conglomerates: challenges facing the mega-regulator

Round Table Hall 1 (1st floor)

Financial holding companies and conglomerates operating on a sector-wide scale may, if they encounter problems in their financial position, “infect” several market segments at once. Protracted concealment of the true state of affairs and artificial asset migration do not resolve problems but merely exacerbate them, especially in a critical situation. Bankruptcy of financial conglomerates undermines trust in the market and impedes economic development. Under these conditions, the key challenge for the mega-regulator, for self-regulating organizations, and for market participants themselves lies in identifying and eliminating problems in the initial stages.

Moderator: 
Vladimir Safronov, Deputy Governor, Head of Chief Inspection, Bank of Russia

Speakers:
Ruben Aganbegyan, Member of the Board of Directors, Chairman of the Managing Board, CEO, Otkritie Financial Corporation
Boris Ginzburg, Financial Director, Rosgosstrakh Bank PJSC
Elizaveta Filippova, General Director, PwC Audit
Mikhail Kovrigin, Director, Systemically Important Banks Supervision Department, Bank of Russia
Alexander Mints, Managing Director, О1 Group
Sergey Moiseev, Director, Financial Stability Department, Bank of Russia
Alexander Zhdanov, Deputy Director, Banking Regulation Department, Bank of Russia
RT 2.5: Cash circulation and non-cash payments strategy: vision of the regulator and market participants

Round Table Hall 2 (1st floor)

The round table will focus on strategic approaches to the development of cash circulation and cashless payments in Russia and abroad in the context of rapidly developing new technologies and their expanding areas of application. The debate will also examine practical solutions in the cash handling and cashless payments industry, taking into account the prospect of a transfer to digital currencies. Participants will offer their suggestions for increasing the efficiency and security of cash circulation and cashless payments.

Moderator: 
Georgy Luntovskiy, First Deputy Governor, Bank of Russia

Speakers:
Alla Bakina, Director, National Payment System Department, Bank of Russia
Alain Gerbier, Director, Cash Management, Bank of France
Gynedi Srinivas, Senior Payment Systems Specialist, World Bank
Arkady Trachuk, General Director, Goznak, Russia
Vladimir Urbansky, Head of E-Business, Alfa-Bank
Enrica Teresa Vignoli, Head, General Cashier Directorate, Bank of Italy
Ralf Wintergerst, Member of the Management Board, Head of the Banknote Business Unit, Giesecke & Devrient, Germany
19:00—23:00 Bank of Russia reception (by invitation only)

Manège of the First Cadet Corps (13, Universitetskaya Naberezhnaya)
Friday, July 1, 2016 25th International Financial Congress
Day Two
Presidential Library (3 Senatskaya Square, St. Petersburg)
08:00—09:30 Registration of participants for day two of the Congress
09:30—11:00 Plenary Session 4: Major trends in Russia’s financial market

Plenary Session Hall (2nd floor)

In 2016, the Bank of Russia issued its first document spanning multiple sectors and taking into account the growth vector followed by Russia’s financial market, based on its current features and on international trends. The main areas for development are defined in the Bank of Russia’s strategic action plan, which covers all segments of the financial market for the next three years. Publication of the action plan will help financial market players understand and predict the regulator’s future actions.

Moderator:
Oleg Vyugin, Chairman of the Board of Directors, NAUFOR, Russia

Speakers:
Ruben Aganbegyan, Member of the Board of Directors, Chairman of the Managing Board, CEO, Otkritie Financial Corporation
Anatoly Aksakov, President, Association of Regional Banks of Russia (‘Russia’ Association)
Alfred Hannig, Executive Director, Alliance for Financial Inclusion
Andrey Kostin, President, Chairman of the Management Board, VTB Bank
Alexander Murychev, Executive Vice President, Russian Union of Industrialists and Entrepreneurs
Elvira Nabiullina, Governor, Central Bank of the Russian Federation  
Anton Siluanov, Minister of Finance of the Russian Federation
Vladimír Tomšík, Vice-Governor, Czech National Bank 
Igor Yurgens, President, All-Russian Insurance Association
11:00—11:30 Coffee break
11:30—12:15 Plenary Session Hall (2nd floor)
Keynote speaker:
Nouriel Roubini, Chairman, CEO, Roubini Macro Associates, USA

12:15—14:00 Plenary Session 5 and parallel round table (RT):
Plenary Session 5: Emerging technologies on the financial market: market and regulator perspectives

Plenary Session Hall (2nd floor)

The plenary session will highlight major trends in financial technology and their impact on the landscape of financial and payment system infrastructure: digitalization, distributed registers, cloud platforms, Big Data, smart contracts, and so on. Discussion is expected to focus on the strengths and weaknesses of innovation, the future and development stages of new technologies, and their possible effects on government regulation and oversight.

Moderator:
Olga Skorobogatova, Deputy Governor, Bank of Russia

Speakers:
Ruben Aganbegyan, Member of the Board of Directors, Chairman of the Managing Board, CEO, Otkritie Financial Corporation
Andrei Filatov, General Manager, IBM Russia/CIS
Amor Sexton, Citi Innovation Labs, Citibank
R.S. Sharma, Chairman, Telecom Regulatory Authority of India
Sergey Solonin, Director, Qiwi
Kirill Varlamov, Head, Internet Initiatives Development Fund
RT 3.1: Coordinating budgetary and monetary policy while targeting inflation

Round Table Hall 1 (1st floor)

The Bank of Russia has pursued an inflation targeting policy since November 2014 with the aim of achieving the inflation rate of 4%. This could be achieved by as early as 2017 if the Central Bank and the Russian Government take action together, primarily in the area of budgetary policy. Participants will discuss the interim results of the budgetary targeting policy and the problems and challenges which face the Central Bank and the Russian Government in 2016–2018.

Moderator:
Alexander Morozov, Director of Research and Forecast Department, Bank of Russia

Speakers:
Nikolai Kashcheev, Director of the Analysis Department, Promsvyazbank
Vladimir Kolychev, Director, Department for Budget Policy and Strategic Planning, Ministry of Finance of the Russian Federation
Iikka Korhonen, Head, Institute for Economies in Transition, Bank of Finland
Elina Ribakova, Visiting Scholar, London School of Economics and Political Science
Anatoliy Shal, Senior economist for Russia, JPMorgan Chase
RT 3.2: Risk management: levels, tools, technologies, procedures, and points of contention

Round Table Hall 2 (1st floor)

The round table will focus on the issues inherent in expanding banking oversight and the challenges facing banks in various countries due to growing regulatory pressure.

Moderator:
Anna Orlenko, Director, Banking Supervision Department, Bank of Russia

Speakers:
Elena Chaikovskaya, Director, Financial Market Development Department, Bank of Russia
Maxim Kondratenko, Member of the Management Board, Head of Risks Department, Senior Vice President, VTB Bank
Alexey Lobanov, Deputy Director, Banking Regulation Department, Bank of Russia
Jean-Jacques Rognant, General Manager, Consumer Credit Department, BNP Paribas Russia
Aleksandr Vedyakhin, Senior Vice President, Managing Director of Risks Department, Sberbank
14:00—15:30 Lunch
Stroganoff Steak House (4, Konnogvardeisky Blvd.)
14:15—15:15 Presentation of the results of the roundtables at the St. Petersburg International Legal Forum 2016

Round Table Hall 1 (1st floor)

Alexander Konovalov, Minister of Justice of the Russian Federation
15:30—17:00 Parallel RTs:
RT 4.1: Accessibility of financial services: challenges and opportunities for development

Round Table Hall 1 (1st floor)

Recent years have seen an explosion of innovation in the financial sector, both technological and institutional in nature. All these changes undoubtedly help to make financial services more accessible, promoting growth in the process. At the same time, however, this trend amplifies the importance of keeping the financial system focused on the needs of financial market players, including the demand for remote financial services. Today, increasing the accessibility of financial services without compromising the stability of the financial system is one of the key issues on the agenda of international organizations (OECD, WB, CGAP, AFI), as well as Russian regulators and market players.

Moderator:
Vladimir Chistyukhin, Deputy Governor, Bank of Russia

Speakers:
Victor Dostov, President, Russian E-Money Association
Olga Goncharova, Director, Non-bank Financial Institutions’ Statements Collection and Processing Department, Bank of Russia
Vadim Kalukhov, Director, Department of Financial Technologies, Projects, and Process Organization, Bank of Russia
David Lewis, Executive Secretary, Financial Action Task Force
Andrey Makarov, Director, Financial Services Marketing, MTS, Russia
Konstantin Shabalin, CEO, Start Track
Andrey Sharov, Vice President, Head of Small Business Development Department, PAO Sberbank
RT 4.2: Compliance vs. Judgement

Round Table Hall 4 (3rd floor)

As the financial services market continues to expand, it requires improved regulation and oversight designed, among other things, to harmonize regulatory approaches at the global level. This need, in turn, increases the importance of a consolidated set of standards governing internal control systems and compliance functions, and the need for new approaches and principles to help guide the use of professional judgement in shaping a culture of honest conduct within company’s and the industry’s business environment in general on the basis of law, ethics, and transparency.
The session is set to examine the main objectives, functions, and industry-specific features of compliance and the best foreign compliance practices. The expanded role of professional judgement in risk analysis performed by compliance control officers will also be discussed.
We also plan to cover issues related to creating a supervisory institution designed to recognize problems within an organization early on and to apply a risk-oriented approach, including the use of professional judgement to identify the level of risk taken by the organization, as well as cooperation between the company’s internal control system and the supervisory body.

Moderator: 
Yuri Lyubimov, State Secretary, Deputy Minister of Justice of the Russian Federation

Speakers:
Alexey Guznov, Director, Legal Department, Bank of Russia
Valery Lyakh, Head, Main Office for Countering Malpractice in the Open Market, Bank of Russia
Vasily Pozdyshev, Deputy Governor, Bank of Russia
Anton Savushkin, Deputy Chairman of the Executive Board, Moscow Exchange
Vladislav Vlasenko, Head of Custodial Activities, MDM Bank, Chairman of the Depository Committee, NAUFOR
Andrei Yazykov, Chairman of the Committee for Development of Residential Construction and Mortgage Insurance, All-Russian Insurance Association, member of the Board of Directors, AO AIJK Insurance Company 
Larisa Zalomikhina, Global Head of Compliance, Sberbank
RT 4.3: The future of private pension funds

Round Table Hall 2 (1st floor)

In recent years, Russia’s pension fund management system has seen significant improvements, including increased transparency and a new guarantee system. Despite the progress that has been made, the industry is currently facing the problem of limited sources of funding. History shows that during periods of budgetary difficulties, the mandatory pension fund system cannot serve as a reliable and predictable source of long-term investment in the economy. If the current lack of funding persists, it may hamper further growth of Russia’s private pension fund sector.
The round table will focus on possible ways out of the current situation that could serve as an impetus to further growth of the industry, increased competition, lower fees, and implementation of internationally recognized standards and best practices in pension fund management.

Moderator:
Alexey Kudrin, Chairman of the Board, Future Private Pension Fund

Speakers:
Sergei Belyakov, Chairman of the Management Board, National Association of Non-Governmental Pension Funds
Andrei Pudov, State Secretary, Deputy Minister of Labour and Social Protection of the Russian Federation
Ambrogio Rinaldi, Director, COVIP, Italy
Sergey Shvetsov, First Deputy Governor, Bank of Russia
Konstantin Ugryumov, President, National Association of Non-Governmental Pension Funds
Yury Voronin, Chief of Staff, Accounts Chamber of the Russian Federation

RT 4.4: Restructuring financial institutions: objectives, methodologies, and the role of the state and market players

Plenary Session Hall (2nd floor)

Measures taken to reinforce the banking sector include steps towards improving the financial health of banks. Financial organizations working in other market segments can request intervention in order to improve their financial status and the public’s trust in the industry.
It is crucial to define the market’s responsibilities and the limits of government involvement in these processes, and to come up with possible approaches to improving applicable legislation using international best practices. Pressing issues of the day include the balance between state and private financing and the introduction of the bail-in system in Russia.

Moderator:
Alexey Simanovskiy, First Deputy Governor, Bank of Russia

Speakers:
Sergei Barsukov, Department Director, Financial Policy Department, Ministry of Finance of the Russian Federation
Giuseppe Boccuzzi, Executive Director, Interbank Deposit Protection Fund, Italy
Yury Isaev, General Director, Deposit Insurance Agency, Russia
Herbert Moos, Deputy President – Chairman of the Management Board, Bank VTB
Mario Nava, Director of Financial System Surveillance and Crisis Management, European Commission
Svetlana Nikitina, Deputy Director, Insurance Market Department, Bank of Russia
Mikhail Sukhov, Deputy Governor, Bank of Russia
17:00—17:30 Coffee break
17:30—19:00 Parallel RTs:
RT 5.1: The growth of Russia’s financial instruments market

Round Table Hall 4 (3rd floor)

In the current environment, barriers that currently bar Russian borrowers from capital markets must be removed and the range of financial instruments available to consumers must be expanded. The top item on this agenda is to provide market players with a reliable infrastructure and access to cutting-edge technologies. The session will also focus on quality standards for financial intermediaries and protecting the rights of investors. Effective application of foreign experience in these areas will drive Russia’s successful economic development and give the country a new competitive edge on the global stage.

Moderator:
Elena Chaikovskaya, Director, Financial Market Development Department, Bank of Russia

Speakers:
Eddie Astanin, Chairman of the Executive Board, National Settlement Depository
Sergei Avramov, Deputy Chairman, BNP Paribas Russia
Roman Goryunov, Chairman, Russian Trading System Stock Exchange
Yelena Kuritsyna, Director, Financial Market Access, Bank of Russia
Denis Shulakov, First Vice President, Gazprombank
Anatoly Shvedov, Chairman of the Board, Goldman Sachs Bank, Russia
Yury Sizov, First Deputy Director General, Leader Management Company
RT 5.2: The future of financial broker business models

Round Table Hall 1 (1st floor)

The round table will focus on issues related to changes in the financial intermediary business model, triggered partly by changes in the regulations and oversight applied to professional securities market players. Participants will discuss the evolution of prudential regulation governing professional securities market players, including new approaches to regulation that require companies to have sufficient funds on hand and to implement liquidity standards based on the Basel Accords; and the introduction of new requirements governing the risk management systems of professional market players and the continuity of their operations. The discussion will also focus on implementing the IOSCO Principles in the work of Russia’s financial intermediaries. During the part of the round table dedicated to oversight of professional market players, participants will discuss various ways to deter unethical practices, as well as the interplay between banking and non-banking oversight in evaluating investments in securities issued by organizations overseen by the Bank of Russia and operations involving these securities.

Moderator:
Larisa Selyutina, Director, Securities Market and Commodity Market Department, Bank of Russia

Speakers:
Andrei Aletdinov, Member of the Board, CEO, BrokerCreditService Company
Alexander Birman, Head, Department for Client Services, FINAM Investment Company
Yakov Mirkin, Head of Department, Institute of World Economy and International Relations of the Russian Academy of Sciences
Sergey Nikolyuk, Deputy CEO, Head of Internal Control, ALOR Plus
Alexey Timofeev, Chairman of the Executive Board, NAUFOR, Russia
RT 5.3: The future of microfinance: challenges and opportunities

Round Table Hall 2 (1st floor)

The round table will focus on the top trends in the microfinance market utilized by microfinance organizations. Participants will discuss the role of microfinance in supporting small and medium-sized businesses; best business practices, software solutions, and promising technologies that could help microfinance organizations to lower their overheads and reduce the final cost of financial services to consumers, while improving the quality of borrower assessment.
The round table will also focus on the current condition and perspectives of the pawnbroker market and the credit cooperation sector. The experts will discuss global experience and Russia’s best practices, as well as potential development trajectories for the pawnbroker market and key areas of cooperative societies’ activity; existing challenges and ways to improve the importance of cooperative societies’ role in Russia’s financial system, including enhancement of savings insurance system and expanding the areas of cooperative societies’ performance. The participants are expected to focus on financial services for agricultural manufacturers and the role of agricultural credit cooperative societies in this process.

Moderator:
Ilya Kochetkov, Head, Main Office of Microfinance Market and Financial Inclusion Methodology, Bank of Russia

Speakers:
Igor Baginsky, General Director, Agricultural Credit Cooperation Development Fund
Lyudmila Gribok, Chairperson of the Management Board, Regional Association of Pawnbrokers
Tatyana Ivashkina, General Director, Credit Union League
Maxim Lubomudrov, Deputy Director, Russian Agency for Small and Medium Business Support
Vladislav Mishin, Chairman of Management Board BRIO FINANCE, Microfinance Organization
RT 5.4: The MIR Card: ensuring widespread accessibility of national payment mechanisms

Round Table Hall 3 (1st floor)

The session will focus on the history of the MIR payment system and will explore the objectives that inspire banks to launch national payment mechanisms and ensure that they are accepted on the market within the scope defined by legislation.

Moderator:
Sergey Radchenkov, Member of the Management Board, Chief Commercial Officer, National Payment Card System

Speakers:
Nikolai Bilan, Deputy Director for Retail Business, RNKB Bank
Vyacheslav Dusaleev, Advisor to the Chairman of the Management Board, Uralsib Bank 
Andrei Klenin, General Director, Wikimart
Vladimir Komlev, Chairman of the Management Board, General Director, National Payment Card System
Alexey Maslov, Deputy General Director, JCB International (Eurasia)
Andrey Shamraev, Deputy Director, National Payment System Department, Bank of Russia

RT 5.5: Financial literacy: the cornerstone of financial market growth

Plenary Session Hall (2nd floor)

The round table will examine the challenges that come with accelerated technological development. To use financial instruments in the twenty-first century, citizens must possess and maintain a high level of financial literacy. Numerous studies have shown that Russian consumers have a weak grasp of services offered by financial institutions, and this prevents them from using financial instruments productively. Improved financial literacy will help people to manage their personal finances more effectively and will guide them through the complex processes of the modern financial market. The round table is also set to focus on protecting citizens, financial security, and fraud prevention.

Moderator:
Alexei Kudrin, Head, Expert Council for Financial Literacy, Ministry of Finance of the Russian Federation

Speakers:
Anatoly Gavrilenko, Chairman, Expert Council on Consumer Rights Protection, Bank of Russia
Olga Kuzina, Professor, Higher School of Economics, Russia
Yefim Rachevsky, People’s Teacher of Russia, Director of Tsaritsyno Educational Centre, Moscow
Sergey Shvetsov, First Deputy Governor, Bank of Russia
Natalya Tretyak, First Deputy Minister of Education and Science of the Russian Federation
Alexander Zhdanov, Deputy Director, Banking Regulation Department
                                            *The programme is subject to change
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