Wednesday, December 10th

To download the full Financial Services agenda, click here.

Financial Services Agenda
Global Markets, National Systems
December 10, 2008

MISSION: The objectives of this financial services track are to (1) expand industry partnerships between leading financial centers in the U.S., China and India; (2) identify policy priorities to support cross-border partnerships; (3) recommend new global education programs for government and industry talent; and (4) consider plans for a US-China-India Finance Institute to carry out these objectives.

7:30 am                Registration & Breakfast

7:30 – 9:00 am     CROSS-SECTOR KICK-OFF BREAKFAST

WELCOME – Eric Rosengren, President, Federal Reserve Bank of Boston
The welcome address will endorse this Conference and the establishment of a Global Finance Institute, will call for a new generation of global cooperation, and will highlight the importance of bringing together leaders from universities, industry, and government to identify solutions.

KEYNOTE ADDRESS – US-China-India: Rising Economies, Global Challenges, and the Changing Role of Innovation

Carl Dahlman, Henry R. Luce Associate Professor, Georgetown University; Former Senior Advisor to the World Bank Institute

9:15 – 10:00 am   KEYNOTE ADDRESS – E. Gerald Corrigan, Managing Director, Goldman Sachs; Former President, Federal Reserve Bank of New York

Global Markets/Global Partnerships: Vision and Issues for the Future
The keynote address will give participants a high-level analysis of the current economic and financial situation, an explanation of how we got to this point, and an examination of the challenges and issues facing the industry moving forward. Through a vision for global markets looking ahead, this keynote will advocate for strategy new U.S. relationship with China and India.

10:00 – 10:30 am  Break

10:30 – 12:00 pm  PANEL – The Globalization of Capital Markets in U.S. & Asia: Strategic Issues and First Steps
The Plenary Panel will provide a rationale for an Asia-focused, approach to solutions that will address the challenges created by the current crisis and globalization of capital markets. The panel will discuss the lessons learned from the financial crisis for the U.S., China, and India, as well as the connections needed between national systems in order to overcome future challenges.

Ronald P. O’Hanley, President and CEO, BNY Mellon Asset Management
Ronald E. Logue, Chairman and CEO, State Street Corporation

1:30 – 3:00 pm  STRATEGY SESSIONS – PART 1: ISSUES AND CHALLENGES

After the plenary, the Financial Services conference will break into five (5) strategy sessions that will provide a smaller venue to explore model partnerships connecting universities and financial services companies and recommend policies between the United States, China, and India. The goal of the strategy sessions is to have to more focused, participative discussions around topics have been determined to be critical to the industry with respect to Asia, such as market access and restrictions, sovereign wealth funds, global regulatory structures, retirement strategies, and talent development. Each strategy session will be conducted in two parts. In the First Session (1:30-3:00pm), strategy groups will focus on identifying major cross-border challenges. In the Second Session (3:30-5:00pm), strategy groups will focus on responses to those challenges. All groups will be asked to propose one new education and training program.

Market Access and Restrictions in U.S. and Asia
The First Session will examine the issues concerning market entry in all three countries, and what it takes to do business in each. The discussion will focus on requirements and restrictions for joint ventures, including majority ownership, controls and management, as well as existing obstacles for mergers and acquisitions. The panel will also discuss how governments in the three countries view open markets in the wake of the financial crisis and with the transition to new leadership. In the Second Session, this panel Chair will briefly review the issues and challenges identified in the first session. The group will then identify a set of recommendations for government action to ensure open access to markets while ensuring national systems. Both sessions will also address broader issues of public perception related to cross border investments and the role for industry and government to play in mitigating concerns and will address exchange consolidation and listing requirements in these three countries.

Sovereign Wealth Funds
The First Session will examine the emergence of Sovereign Wealth Funds (SWFs) and other national and large regional funds and their impact on economic policy, both within each country as well as from a cross-border perspective. As government funds and formal SWFs review the current crisis, how might their investment strategies be modified and what impact could that have on global markets? The group will also discuss the important role of SWFs as a source of global liquidity and future recapitalization, and will review the latest set of the Santiago Principles recently adopted to guide the activities and treatment of SWFs. In the Second Session, participants will identify recommendations on how to support the newly adopted SWF principles and how best to avoid the creation of barriers and the role SWFs can play in the current crisis to assist in the flow of capital.

Global Regulatory Structures
The First Session will look at the impact the current financial crisis could have on regulatory structures in all three countries and the changes that lay ahead. Panelists and participants will address potential regulations to ensure greater transparency and will discuss the latest views of principles-based versus a rules-based regulatory and reporting system. The group will also discuss the future of aligning financial and accounting standards between the three countries and consider the landscape for both national and international harmonization and convergence of best practices in the context of the global financial crisis. In the Second Session, the group will develop recommendations for government and industry leaders on the best approaches to aligning standards and increasing transparency and disclosure while maintaining an open and competitive global market.

Retirement Strategies – National Models
In the First Session, panelists and participants will discuss the lessons learned from each of the three countries’ national models for retirement strategies, as well as examine the current and future challenges facing governments with growing and aging populations including “pay as you go” and defined contribution plans available to all citizens. The panel will discuss experiences of national and provincial management of retirement programs and will address the future of private financial products, individual retirement plans and how they co-exist with government sponsored plans. In the Second Session, the group will develop recommendations on respective roles and priorities for governments, financial services companies and individuals based on the latest trends in retirement strategies identified in the first session.

                  
Talent Development
In the context of the financial crisis, the First Session will examine the major current and longer term issues and challenges related to education and talent development for government and industry in each country and where the obstacles exist to institutions working together. The panel will collectively identify the gaps in collaborative cross-national education initiatives. In the Second Session, panelists and participants will address potential responses and recommendations to address these challenges. The panel will present partnership models that have succeeded (State Street/Hangzhou, Erasmus-led consortium, IIM experience) and lessons learned. The panel will also propose new programs for cross-national and cross-institution talent development initiatives and the steps to establish these programs.

3:00 – 3:30 pm   Break

3:30 – 5:00 pm  STRATEGY SESSIONS – PART 2: RESPONSES AND SOLUTIONS

5:00 – 6:00 pm US POLICY SPEECH – Congressman Barney Frank, Chair, Financial Services Committee, U.S. House of Representatives

6:00 – 7:00 pm   RECEPTION