Financial Market Developments Howard Davies Director The London School of Economics Mumbai - India Mumbai - India 23 rd January 2006.

Slides:

Advertisements

Similar presentations

Developments in the Organisational Structures of Banking and Financial Market Supervision: Aligning Organisational Solutions with the Countrys Needs National.

Advertisements

Restoring Financial Stability Towards More Proactive Regulation World Islamic Banking Conference Mahnaz Bahrami Dec.2009 Bahrain Central Bank of The Islamic.

Understanding the Role of Corporate Governance: Lessons from the ROSC Program Alex Berg February 2013.

Herbert Grubel Professor of Economics (Emeritus), Simon Fraser University Senior Fellow, The Fraser Institute Presentation at the III Astana Economic Forum,

Capital Markets : Best Practices India CFO Summit 2005 – Mumbai 25 Nov Alok Misra, Group CFO MphasiS BFL.

CEP Industry Research Group 2 Hong Kong Financial Regulation and Supervision.

The Integrity of Financial Reporting

What future for Central Banks? Howard Davies Director The London School of Economics Hong Kong Theatre – LSE Hong Kong Theatre – LSE London - 24 November,

FINANCIAL SER V ICES MANAGEMENT

The Financial Conduct Authority (FCA); and

3rd Eurasian Corporate Governance Roundtable Shareholder Rights, Equitable Treatment and the Role of the State April 17-18, 2002 hosted by Securities and.

IOPS Principles of private pension supervision

Stocks and Commodity Market Operations (MBA 826)

Reichstag, 1945 Frankfurter Allee, 1945 A Climate for Radical Change:

January 2013 ANNUAL MEMBERS’ FORUM 2014 £17.8million of press & online coverage 114 press trips.

COUNTRY EXPERIENCE TANZANIA 8/25/ Tanzania Experience Outline : An Overview Deposit Insurance Board of Tanzania DIB Experience Lessons and Challenges.

1 4 th Annual GCC Regulators’ Summit 22 nd & 23 rd February 2010, Qatar Gulf Monetary Union : Review & Implications on the Banking Sector Presentation.

Malta – A Gateway to European Investment Opportunities Malta – A Gateway to European Investment Opportunities March 2010.

Forum: Republic of Macedonia Development Strategy and Investment Opportunities Monetary Policy and Financial System in the Republic of Macedonia By Ms.

U.S. Financial Regulations

SECOND BUSINESS ROUNDTABLE WITH THE GOVERNMENTS OF BOSNIA AND HERZEGOVINA Sarajevo, September PETER NICHOLL GOVERNOR CENTRAL BANK OF BOSNIA AND HERZEGOVINA.

Designing a System of Financial Regulation Howard Davies Director - London School of Economics Executive Public Policy Training Programme Beijing 20 June,

Shareholder Activism in Asia

OECD Review of Russian Statistics Peer Review Mission to Russia April 2012 Tim Davis Head, Global Relations, Statistics Directorate.

Sovereign wealth fund a state-owned investment fund composed of financial assets such as stocks, bonds, property,precious metals, or other financial instruments.investment.

OVERVIEW OF CAPITAL MARKET DEVELOPMENT IN THE LAC REGION Carolin A. Crabbe Infrastructure and Financial Markets Division INTER-AMERICAN DEVELOPMENT BANK.

CEBS in Brief. The Lamfalussy approach The Lamfalussy approach was first implemented in the securities field following the recommendations of the Committee.

Regulation: A European Perspective Rhodri Preece, CFA CFA Institute Centre for Financial Market Integrity.

13/10/ The International Monetary System II Dr. Antony Mueller.

Economic and Monetary Union - Unfinished Business Howard Davies Director, LSE Convoco HVB Forum, Munich 10 May 2010.

CReCER Meeting Managua 2012 Bruce Overton, Assistant Director Office of International Affairs.

EXCHANGE MARKET OF KAZAKHSTAN The 3rd Asia-Pacific New Markets Forum Busan Korea, June 15-17, 2006 Idel Sabitov First Vice-president / Kazakhstan Stock.

Regulatory Institutions in Turkey. Regulatory Institutions Central Bank of Turkey Banking Supervision and Regulatory Institutions Capital Markets Board.

ECB initiatives for comprehensive, consistent and timely statistics for the euro area Deputy Director-General Statistics, ECB Werner Bier.

1 The 2006 Asian Roundtable on Corporate Governance Enforcement Revisited/Boardroom Practices Motoyuki YUFU Principal Administrator Outreach Unit for Financial.

Taking stock : Ten years after the Asian currency crisis Based on the article by Dominic Barton, McKinsey Quarterly, 2008 No1 Graphs taken from the Pacific.

1 How to avoid another serious financial crisis: Harnessing the benefits of financial integration Manfred Schepers, Vice President Finance, EBRD.

©2000 Bank for International Settlements 1 F I N A N C I A L S T A B I L I T Y I N S T I T U T E BANK FOR INTERNATIONAL SETTLEMENTS Some Thoughts on Corporate.

REPARIS – A REGIONAL PROGRAM THE ROAD TO EUROPE: PROGRAM OF ACCOUNTING REFORM AND INSTITUTIONAL STRENGTHENING (REPARIS) Public Oversight Systems Panel.

 Used by 17 of 27 countries  Used for all payments starting in 2002  Should be used by all countries once they join THE EURO.

The Origins And Objectives Of FSAMA 2000 Michael Taylor.

The Bank of Japan was established under the Bank of Japan Act (promulgated in June 1882) and began operating on October 10, 1882, as the nation's central.

Unit 10: Personal Finance Saving & Investing. Ways to Save  Savings accounts  Certificates of Deposit (CDs)

Three key players The European Parliament - voice of the people Jerzy Buzek, President of of the European Parliament The council of Ministers - voice of.

The World Bank Finance Forum International Experience on Integrated Supervision José de Luna Martínez June 20, 2002.

C E N T R A L B A N K O F C H I L E DECEMBER 2010 Progress status of the Quarterly Institutional Accounts project OECD Working Party on Financial Statistics.

CALENDAR 2015: “THIS PROJECT HAS BEEN FUNDED WITH SUPPORT FROM THE EUROPEAN COMMISSION. THIS PUBLICATION [COMMUNICATION] REFLECTS THE VIEWS ONLY OF THE.

Legal Aspects of Finance Slide Set 4 The Single European Financial Market Free Movements and Basics of Regulation The Supervisory Bodies Matti Rudanko.

INTRODUCTION It is the central bank of India Its headquarter is in Mumbai Its present governor is Dr.D.Subbarao It has 22 regional offices most of them.

ABA Section of International Law Spring Meeting 2011 The Aftermath of the Financial Crisis – Part 1 Globalization of the crisis and European responses.

Financial Supervisory Commission 1 The Development in Taiwan Capital Market Fiona Su Deputy-Director Securities and Futures Bureau, FSC, Taiwan September.

Briefing to the Legislative Council Panel on Financial Affairs 5 November 2001 HONG KONG MONETARY AUTHORITY.

Corporate governance-9 & 10 New Governance Rules and their Effectiveness 1.

1 FINANCIAL SUPERVISION: MEASURING UP TO GLOBAL STANDARDS Lee Jang-Yung Assistant Governor Financial Supervisory Service.

Central Banking and the Credit Crunch

Legal Aspects of Finance

CISI – Financial Products, Markets & Services

Russia for investors: the key points 2016.

Regulation of the Capital Market*

3rd Eurasian Corporate Governance Roundtable

Non Financial Reporting: Current Developments at EU level

European Insurance and Occupational Pensions Authority Introduction

FS Regulatory Update: 20th May 2016

Impact of low interest rates on Japanese insurance industry

Working Together for a Better Future

CAPITAL MARKET.

Regulation of the Capital Market*

Astana Islamic Economy Forum (AIEF) 4 July 2018 Astana, Kazakhstan

Legal Aspects of Finance

Unit 10: Personal Finance

Presentation transcript:

Financial Market Developments Howard Davies Director The London School of Economics Mumbai - India Mumbai - India 23 rd January 2006

Five Questions 1.Liquidity in the financial system 2.Financial stability in an emerging economy 3.The globalisation of financial markets 4.Should India follow the UK’s example in setting up a single regulator? 5.Financial reforms in India and the road ahead

Indian Rupee (INR) to 1 US Dollar (USD)

Stockmarkets % change Dec 31 st 2004-Dec 30 th 2005, $ terms

Composition of financial stock, 2003 $ Trillions; percent Source : McKinsey Global Institute Global Financial Stock Database; Global Insight

Weak link between financial depth and wealth

Regional differences in financial stock composition, 2003 $ Trillions: percent

Three dimensions of change of the Bank of England Independence on interest rates Removal of banking supervision and debt management Monetary Policy Committee

Structure of Financial Regulation in 1997 MinistryRegulator(s) BankingHMTBank of England Building Societies etc HMT / DTIRegistry of Friendly Societies (3) Securities MarketsHMT / DTISecurities and Investments Board (SIB), plus Securities and Futures Authority (SFA) London Stock Exchange Fund ManagementHMTSIB, plus Investment Management Regulatory Organisation (IMRO) InsuranceDTIDTI Insurance Directorate Lloyds Personal Investments HMT / DTIDTI SIB, plus Personal Investments Authority (PIA) Occupational Pensions DWPOccupational Pensions Regulatory Authority (OPRA)

Financial centres ranking in terms of regulatory environment Source: Survey done by Corporation of London

Countries with Integrated Regulators Kredittilsynet (Norway - March 1986) Finanstilsynet (Denmark - January 1990) Finansinspektionen (Sweden - July 1991) Financial Supervisory Commission (Korea - April 1998) Financial Services Agency (Japan - July 2000) Fjármálaeftirlitið (FME) (Iceland - June 1998) FSA (UK - December 2001)* BaFin (Germany - May 2002) Finanzmarktaufsicht (Austria - April 2002) Finantsinspektioon (Estonia - May 2001) CBFA (Belgium - August 2002) Agency of Financial Supervision (Kazakhstan - April 2004) * FSA fully integrated in 2001, but has existed since October 1997

Financial Reporting Council Audit regulation Accounting standards Corporate Governance Codes

EU Takeover Directive Common (supposedly) rules across the EU on takeovers Statutory authorities in each member state In UK, reform of the Takeover Panel with new powers

Self-Regulation Not as effective in highly competitive and diverse markets Can complement statutory regulation in some areas Cannot ensure comprehensive coverage, because of competition problems, so, Becoming less significant in developed markets