Conference on “The Future of Securities’ Markets Regulation: Trends and Implications” Friday, February 14, 2014 Geneva Finance Research Institute University of Geneva, Switzerland VENUE: UNI MAIL, Bd du Pont-d'Arve 40, Geneva, Room M R280

SCIENTIFIC COMMITTEE: - Pierre Collin-Dufresne, Swiss Finance Institute & EPFL Lausanne; - Darrell Duffie, Graduate School of Business, Stanford University; - Alessandro Fontana, Geneva Finance Research Institute, University of Geneva (Program Coordinator); - Thierry Foucault, HEC Paris; - Rajna Gibson Brandon, Swiss Finance Institute & Geneva Finance Research Institute (Program Chair); - Harald Hau, Swiss Finance Institute & Geneva Finance Research Institute; - Albert J. Menkveld, VU University Amsterdam; - Maureen O'Hara, Johnson Cornell University; - Loriana Pelizzon, Ca’ Foscari University of Venice; - Jean-Charles Rochet, Swiss Finance Institute & University of Zurich; - Stephen Schaefer, London Business School;

CONTACT and INFORMATION Alessandro Fontana Geneva Finance Research Institute (GFRI) Unimail Bd du Pont d’Arve 40, CH-1211 Geneva 4, Switzerland [email protected]

Conference Programme Friday, February 14, 2014 Registration opens at 8:30am 9.00-9.05 Welcome Address Rajna Gibson Brandon - Managing Director of the GFRI, Swiss Finance Institute chaired Professor of Finance at the University of Geneva Financial Transaction Tax 9.05-9.50 Sand in the Chips? Evidence on Taxing Transactions in Modern Markets Jean-Edouard Colliard and *Peter Hoffmann (European Central Bank) 9.50-10.35 Optimal Financial Transaction Taxes, *Eduardo Dávila (Harvard University) 10.35-11.00 Coffee break Central Counterparty Clearing and Counterparty Risk 11.00-11.45 An Incentive Theory of Counterparty Risk, Clearing and Margins, Bruno Biais (Toulouse School of Economics) Florian Heider and *Marie Hoerova (European Central Bank) 11.45-12.30 Evaluating the Drivers of Counterparty Credit Risk and Bank Earnings Volatility, Jose A. Lopez and * Marius del Giudice Rodriguez (Federal Reserve Bank of San Francisco) 12.30-13.30 Lunch High Frequency Trading and Market Runs 13.30-14.15 Circuit Breakers and Market Runs, *Sarah Draus (Rotterdam School of Management) and Mark Van Achter (Rotterdam School of Management) 14.15-15.00 News Trading and Speed, Thierry Foucault (HEC-Paris), *Johan Hombert (HEC-Paris) and Ioanid Rosu (HEC-Paris) 15.00-15.15 Coffee break Proprietary Trading, Volcker Rule and Financial Stability 15.15-15.45 Proprietary Trading and the Real Economy, *Stefan Arping (University of Amsterdam) Keynote Speech 15.45-16.15 The review of the Markets in Financial Instruments Directive *Maria-Teresa Fabregas Fernandez (Head of Unit Securities Markets, European Commission) 16.15-16.30 Coffee break 16.30-17.45 Panel Discussion: “The Future of Securities’ Markets Regulation: Trends and Implications”. Moderator: Harald Hau Swiss Finance Institute chaired Professor of Finance at the University of Geneva  Maria Teresa Fabregas Fernandez (Head of Unit Securities Markets, European Commission)  Professor Thierry Foucault (HEC-Paris)  Frank M. Hatheway (Chief Economist of the NASDAQ OMX Group Inc.)  Renaud de Planta (Partner, Chief Executive Officer of Pictet Asset Management) 18.00 End of Conference