Présentation

The Laboratory of Excellence for Financial Regulation (LabEx-ReFi) has been created as an initiative of CNAM, ENA, University Paris 1 Panthéon-Sorbonne (CES, PRISM and IRJS) and ESCP Europe (the project leader) in the context of the « Grand Emprunt ». The LabEx-ReFi is a research centre dedicated to the evaluation of regulation policies, with its main objectives being to improve the understanding of financial systems and regulations’ implications, with a view of providing public authorities with independent academic expertise and guidelines for actions. Learn more here

COMING EVENTS

Fév
28
mar
Matinale Labex ReFi & EIFR – BÂLE III ET SOLVABILITÉ 2 : DES SIMILITUDES MAIS AUSSI DE PROFONDES DIFFÉRENCES Avec BERNARD DELAS, ACPR
Fév 28 @ 8 h 30 min – 10 h 00 min

# Logo Labex # SIG_Investissements_Davenir   Logo-EIFR

BÂLE III ET SOLVABILITÉ 2 : DES SIMILITUDES MAIS AUSSI DE PROFONDES DIFFÉRENCES

 

Ces réformes prudentielles ont toutes les deux pour objectif de mieux proportionner les exigences de capital imposées par le régulateur aux risques auxquels banquiers et assureurs sont exposés. Mais il existe de grandes différences entre elles : si Bâle 3 est une réponse à la crise de 2008, Solvabilité 2, (travaux préparatoires initiés en 2000)  répondait à un souci de modernisation de Solvabilité 1 devenu obsolète. Si Bale 3 s’est traduit par une forte augmentation des exigences de capital, Solvabilité 2 n’a pas eu, dans l’ensemble, cet effet pour les assureurs. Seront ainsi abordés les thèmes suivants: différences entre métiers de banquier et d’assureur, caractéristiques  des marchés européens  banque et assurance, rôle du MSU sans équivalent dans l’assurance (supervision relevant des seules autorités nationales), utilisation des modèles internes, désignation des assureurs systémique mondiaux, l’international capital standard (ICS)…etc.

Bernard Delas est vice-président de l’ACPR, membre du Conseil général de la Banque de France et membre du Haut Conseil pour la Stabilité Financière (HCSF).Il a effectué l’essentiel de son parcours professionnel dans l’assurance et occupé successivement les fonctions de DG de Groupama, de CNP Assurances International et  de Crédit Agricole Assurances International. Il a également été président de la FFSAM et vice-président de la FFSA.

 

 

Inscription en ligne 

NB. Merci de vous inscrire en tant que membre du Labex ReFi pour bénéficier de l’entrée gratuite.



Dans l’attente de vous rencontrer,

EQUIPE EIFR
European Institute of Financial Regulation (EIFR)
Palais Brongniart
28 place de la Bourse
75002 PARIS
Tél: +33 (0) 1 70 98 06 53

contact@eifr.eu
Mar
2
jeu
Research Seminar, FinTech – High-frequency trading: modelling and regulatory issues, with Charles Albert Lehalle
Mar 2 @ 17 h 00 min – 19 h 00 min

Dear friends and colleagues,

We are pleased to invite you to the first workshop organized by the group of the LabEx ReFi « Fintech and Financial regulation » on the subject of HIGH FREQUENCY TRADING

HIGH FREQUENCY TRADING

Organizers

Olivier Guéant (University Paris 1) and Dominique Guégan (University Paris 1, Labex ReFi)

Date: March 2, 2017 Time: 17h-19h.

Place: Maison des Sciences Economiques,

106 Bd de l’Hôpital, 75013 Paris

Room 116

Charles Albert Lehalle

CV & Bio (here)

CFM and Imperial College

1- A quantitative perspective on high-frequency trading.

2- Mean field game of controls and an application to trade crowding.

Consult the paper here

Abstract

1) It will be a survey on the main mathematical and regulatory problems related to High-frequency trading 2) In this paper we formulate the now classical problem of optimal liquidation (or optimal trading) inside a Mean Field Game (MFG). This is a noticeable change since usually mathematical frameworks focus on one large trader in front of a  » background noise  » (or  » mean field « ). In standard frameworks, the interactions between the large trader and the price are a temporary and a permanent market impact terms, the latter influencing the public price. In this paper the trader faces the uncertainty of fair price changes too but not only. He has to deal with price changes generated by other similar market participants, impacting the prices permanently too, and acting strategically. Our MFG formulation of this problem belongs to the class of  » extended MFG « , we hence provide generic results to address these  » MFG of controls « , before solving the one generated by the cost function of optimal trading. We provide a closed form formula of its solution, and address the case of  » heterogenous preferences  » (when each participant has a different risk aversion). Last but not least we give conditions under which participants do not need to instantaneously know the state of the whole system, but can  » learn  » it day after day, observing others’ behaviors.

The « High-Frequency Trading: Modelling and Regulatory Issues » seminar is a monthly seminar created and organized by Pr. Roland Gillet (Paris 1), Pr. Olivier Guéant (Paris 1), and Pr. Dominique Guégan (Paris 1). The objective of the seminar is to introduce and develop discussions about high-frequency trading. We are interested in promoting discussions between researchers and practitioners, and about banking regulation and supervision. An important part will be dedicated to modeling and technical issues. This seminar is dedicated to junior and senior researchers, practitioners from banks and other financial institutions, as well as regulators.

Research Seminar, Law & Finance – Corporate Criminal Liability: Theory and Evidence – Jennifer Arlen, NYU – LAW
Mar 2 @ 18 h 00 min – 19 h 30 min
 
This event is part of the ETH Zurich – Sorbonne Paris 1 – ESCP Europe
 
Labex ReFi – Law & Finance Seminar
 
Organized by Alain Pietrancosta (Sorbonne Law School – University of Paris 1), Franck Bancel (ESCP Europe) and Gerard Hertig (ETH Zurich)

Jennifer Arlen

(CV & Bio here)

New York University

will present:

« Corporate Criminal Liability: Theory and Evidence »

(Consult the paper here)
 
 
ESCP EUROPE
79 avenue de la République 75011 Paris
March 2, 2017
18:00-19:30, Room Percepied,
 
For security reason, please register before the deadline.
 wednesday, March 1st 
NB. If you are prevented from coming, we would be obliged if you could inform us as soon as possible at contact@labex-refi.com.
 
Past and coming events of the Law & Finance Seminar

CALL FOR PAPERS

 

International Conference on Public Authority and Finance

Paris, September 1 and 2, 2017

The Laboratory of Excellence on Financial Regulation is pleased to announce a call for papers for its International Conference on Public Authority and Finance, to be held in Paris on September 1 and 2, 2017. This conference is being organised by: Labex ReFI (Paris). It is partnered by the Centre on Corporate Governance, Columbia Law School (New York), the Blavatnik School of Government, University of Oxford, DIW (Berlin), Policy Network (London), and the Université Sorbonne Nouvelle – Paris 3 (CERVEPAs, Paris).

Laern more here

34th Symposium on Money, Banking and Finance

Paris Ouest Nanterre La Defense, July 5th & 6th, 2017

This conference is being organised by the GdRE in partenership with Labex ReFi. It is coordinated by Jean-Bernard CHATELAIN (CES, Labex ReFi), Alexis DIRER (GDRE Co-Directors), Christophe BOUCHER, and Michel BOUTILLIER (heads of local committee).

Laern more here

Accounting, Economics and Law’ SASE Research Network Conference
University of Lyon 1 Lyon (France),
29 June – 1 July, 2017

This conference is being organised by the research unit FIAR of Labex ReFi

Laern more here

 

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