Written on 21 February 2014.
EDHEC FE Events
Professor Giuseppe Bertola first introduced Laurent Degabriel who joined the European Securities and Markets Authority (ESMA) in 2011 after acting for two years as a financial expert in the services of the European Commission.
Laurent Degabriel opened the conference with an interesting allegory comparing the current financial crisis with the financial storm. He then described the drivers of new financial regulation such as reinforcing existing rules, restoring confidence, stimulating economic growth, reinforcing the single market. He also illustrated the main components of the new financial regulation: MiFID, AIMFD, EMIR…
Laurent Degabriel then expanded on the European System of Financial Supervision which was created in response to the financial crise. Indeed, recent events have pointed up the need to reinforce the structure of financial supervision within the European Union.
The speaker mentioned that the new system of financial supervision meets the objective of a single, stable market for financial services bringing together all the national supervisory authorities. Finally, he stressed the consequences of this new regulation on markets. He mentioned the repositioning of market players, new sources of systematic risk and new allocation of business flows.
In closing, there was a lively talk around the Q&A session between students and the key speaker.