Workshop Competition policy in direct financial markets

Join the Workshop on Competition Policy in Direct Financial Markets

Date: December 13, 2024
Location: University Paris 1 Panthéon-Sorbonne, Room 6 (Aile Soufflot, Escalier M)
12 Place du Panthéon, 75005 Paris

Why participate?
This unique workshop provides you with the opportunity to explore the specific challenges of competition policy in complex financial markets such as derivatives, bonds, and money markets. Discover how these ever-evolving markets require fine-tuned regulation to ensure market integrity and prevent anti-competitive practices.

What you will learn:

• How price fluctuations and the multiple roles of market participants complicate competition analysis.
• Key institutional mechanisms, such as information exchanges and electronic trading, and their impact on competition.
• Recent case studies on financial instruments, such as interest rate derivatives and foreign exchange contracts.

Who is this workshop for?
Finance professionals, regulators, researchers, and anyone interested in the evolution of competition in financial markets.

Workshop Program

Welcome coffee (from 8:30 am)
Introduction
08:55 – 09:00 : Michael Troege and Constance Monnier

Session 1: Benchmarks
09:00 – 09:30 : Angel Hernando Veciana, University Carlos III – Designing Price Benchmarks Robust to Manipulation
09:30 – 09:45 : Discussant: Guillaume Duperet, University of Bordeaux
09:45 – 10:15 : Maarten Pieter Schinkel, University of Amsterdam – Collusive Benchmark Rates Fixing (with N. Boot and P. Klein)
10:15 – 10:30 : Discussant: Angel Hernando Veciana, University Carlos III

Coffee break

Session 2: Information Sharing
10:45 – 11:15 : Andreas Uthemann, Bank of Canada – Strategic Uncertainty in Financial Markets: Evidence from a Consensus Pricing Service (with Lerby Ergun)
11:15 – 11:30 : Discussant: Markus Bak-Hansen, Bank of England
11:30 – 12:00 : Markus Bak-Hansen, Bank of England – Reference Prices in Over-the-Counter Markets
12:00 – 12:15 : Discussant: Michael Troege, ESCP Business School

Buffet lunch

Session 3: Market Power
13:15 – 13:45 : Milena Wittmer, Boston College – Market Power and Capital Constraints (with Jason Allen)
13:45 – 14:00 : Discussant: Andreas Uthemann, Bank of Canada
14:00 – 14:30 : Jean-Edouard Colliard, HEC – Algorithmic Pricing and Liquidity in Securities Markets (with T. Foucault and S. Lovo)
14:30 – 14:45 : Discussant: Sabrina Buti, Paris Dauphine University

Coffee break

Roundtable Discussion: Competition Policy in Financial Markets: Open Questions
15:00 – 16:30

• Konstantina Strouvali, DG Comp, Head of Financial Services Unit
• Jean Martinelli, Head of Legal France, Standard Chartered Bank
• Antoine Riquier, Competition Lawyer, Predal Riquier Avocats
• Guillaume Perret, Autorité des Marchés Financiers (AMF)

Registration:
Access to the workshop is limited. To participate, please register by email at constance.monnier@univ-paris1.fr.

Organizers:
• Constance Monnier (University Paris 1 Panthéon-Sorbonne)
• Michael Troege (ESCP Business School)

Registration