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Shadow Banking: Financial Intermediation beyond Banks

Shadow Banking: Financial Intermediation beyond Banks

Date : 14 - 15 Sep 2017
Location : Helsinki, Finland
Category : Finance & Banking

Shadow banking is a broad concept. A possible definition is that it comprises non-bank institutions which do bank-like activities. Another characteristic, to which the word “shadow” refers to, is that the sector is less regulated. Shadow banks can increase competition and spur new innovation in the financial sector. The benefits could come in the form of i) improving efficiency and quality of financial services, and ii) offering better returns and risk diversification opportunities, especially for institutional investors and wealthy individuals. Markets may also become more liquid. On the downside, opacity and risks may increase. The lack of regulation implies that it is difficult to monitor and prevent the build-up of leverage and concentrated risks in the shadow banking sector. Hence, the sector can be a source of systemic risks. Further, traditional banks may utilize the shadow banking sector for regulatory arbitrage. Hence, a big question is whether regulation should be extended to the shadow banking sector, to make it come “out of the shadows”? Will new regulatory loopholes between banks and non-banks develop? Will risks simply pile up in the shadow banking sector now that banks are more heavily regulated? Or will market discipline suffice to do the job of regulation in this sector? Is the growth of shadow banking this time more about FinTech; the provision of financial services making use of technological innovations? What are the fundamental problems of financial frictions they might have solved differently? Are new digital technologies key to finding solutions to the traditional financing frictions? Or are we experiencing just another boom in novel-looking financial services which ultimately share the same problems and risks as more traditional banks?

We have the great pleasure to announce that the 15th SUERF Marjolin Lecture will be given by Daniéle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism.

CONFIRMED SPEAKERS (Speakers are listed in alphabetical order)

Tobias Adrian, Senior Vice President, NY Fed
Gabriel Bernardino, Chairman, EIOPA
Nicola Gennaioli, Professor, Bocconi University
Dong He, Deputy Director, Monetary and Capital Markets Department, IMF
Bengt Holmström, Nobel Laureate 2016, Professor, MIT
Stan Maes, Deputy Head of Unit Macroprudential Policy, European Commission
Risto Murto, CEO, Varma Pension Fund
Daniéle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism
Antti Suhonen, Professor, Aalto University
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House of the Estates Ständerhuset
House of the Estates, Snellmaninkatu 9-11, Helsinki, Finland
Helsinki, Finland