What will be the dominant trends driving change in the money and capital markets in the next two to five years? What are the implications of continuing imbalances in global markets? How will the new Basel capital rules affect banks and financial conglomerates in the coming years? This session sets the scene for those that follow by exploring the changing financial landscape in international capital markets, in particular examining likely developments within (a) OECD countries (b) middle- and high-income emerging markets and (c) lowincome countries.

Anti-money-laundering standards: what supervisors need to know
Claes Norgen
President, Financial Action Task Force on money laundering (invited)

Fighting money laundering and the financing of terrorism has become a critical concern for financial supervisors. The revised FATF 40 recommendations set the international benchmark even higher. Claes Norgen, the FATF president who is overseeing the new standards' implementation, here details what financial supervisors must understand about the new rules.

The implications of financial services liberalisation under the GATS
Juan Marchetti
World Trade Organisation

The WTO General Agreement on Trade in Services (GATS), the first multilateral trade agreement to promote the liberalisation of financial and other services, is an important new factor in international financial regulation. However, the GATS raises numerous critical issues for financial supervisors. Liberalisation can weaken domestic financial services firms and possibly undermine prudential controls and financial stability. This presentation identifies the critical steps in developing the GATS, and what regulatory authorities need to do to prepare.

Implementing effective banking regulation
Gerard Caprio, Jr
Director, Financial Strategy and Policy Group, The World Bank

For developing countries dealing with weak banks and banking systems remains a perennial problem. Over the last decade, the World Bank has compiled a database of banking regulatory outcomes in over 100 countries. This session will draw on this research to identify which features of regulatory regimes are most important in ensuring the stability and strength of the banking sector, emphasising market monitoring rather than relying on supervision.

How supervisors can manage national and international challenges
Roundtable discussion led by Dr Kern Alexander
Judge Institute, Cambridge University

What are the key challenges currently confronting supervisors in their home institutions and jurisdictions? This session offers delegates an opportunity to benefit from each other's expertise and experience in confronting common problems.

Reinforcing corporate governance and compliance culture
David Robinett
Corporate Affairs Division, OECD

Recent high-profile corporate failures such as Enron in the US or Parmalat in Italy have underlined the continuing need to improve corporate governance globally. Despite the existence of multiple codes and sets of principles, effective implementation is still some way off. This session examines, using practical examples, how good corporate governance can be implemented and enforced.

How to monitor financial stability
Professor E.Philip Davis
Professor of Economics and Finance, Brunel University and member of the European Shadow Regulatory Committee

Supervisors need access to forward-looking macroeconomic analysis to determine where financial stress may occur. However, the ability to predict the next financial crisis remains limited. In the meantime, what can financial supervisors do to limit the harmful effects of currency and capital market volatility? What kind of early warnings are available?

What supervisors need to know about credit risk transfer
Dr Ian Marsh
Cass Business School

The huge growth in the market for credit risk derivatives has triggered considerable anxiety among regulators and analysts that credit risk transfer might be undermining financial stability. These concerns have been exacerbated by the limited information available on the distribution of this risk. This session examines how credit risk transfer affects linkages between financial market participants, and identifies how credit derivatives can be made to contribute to an efficient diversified market.

Key trends in insurance regulation
Speaker from the International Association of Insurance Supervisors, (to be confirmed)

Increasing linkages between banks and insurance companies - especially in large financial conglomerates - make it ever more important for banking and insurance regulators to cooperate in their approach to regulation. However insurance regulation and insurance markets remain culturally distinct. This session aims to examine how new standards in insurance regulation are being developed (especially with regard to the solvency of insurance and reinsurance firms) and asks how regulators in the future can manage diverse standards.