Mar 23 @ 8 h 30 min – 10 h 00 min

# Logo Labex # SIG_Investissements_Davenir   Logo-EIFR


Speaker : Patrick Hoedjes, Head of Oversight & Supervisory Department  EIOPA – European Insurance and Occupational Pensions Authority


2017 is for the European insurance industry a challenging year and not just because of uncertainties related to the BREXIT. Also 3 other major factors contribute to the challenge: the learning curve on the implementation of Solvency 2, the strategical ambition of the capital markets union, with its emphasis on better access to capital and supervisory convergence and finally Barnier’s heritage on long term investment as a condition for Europe to reconnect with growth. It is still our actual priority & challenge. Investors & mainly the insurance industry are key players to face that challenge.

In this context it is crucial to optimise the articulation between European ad hoc directives, the technical standards formatted by the European authorities and the industry. In the context of Insurance, Patrick Hoedjes, Head of Department at the European Supervisory Authority (EIOPA) will share with the EIFR his views on EIOPA’s road map, priorities & issues. He will especially address also his view about reporting issues and how to optimise data collection & usages to contribute to an efficient collective prudential risk evaluation and surveillance, thereby enhancing supervisory convergence in the common market.

Patrick Hoedjes is Head of the Oversight and Supervisory Convergence Department at EIOPA. Furthermore, he is Chair of EIOPA’s IT & Data Committee. Prior to joining EIOPA, Mr. Hoedjes worked at the Dutch Central Bank (De Nederlandsche Bank). There he spent more than 10 years in various positions in pension supervision, cash operations and statistics, where he was Head of Unit for Supervision Statistics for Financial Institutions. From 2006 to 2008, Mr. Hoedjes was seconded as Head of the Statistical Department at the Bank Nederlandse Antillen in Curaçao. Mr. Hoedjes holds master’s degrees in economics and international relations from the Universiteit van Amsterdam.




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,

European Institute of Financial Regulation (EIFR)
Palais Brongniart
28 place de la Bourse
75002 PARIS
Tél: +33 (0) 1 70 98 06 53
Research Seminar, ReFi – Investment timing, collateral, financing constraints, with Pr. Takashi Shibata
Mar 23 @ 12 h 00 min – 13 h 30 min




Organized by Prof. Gunther Capelle-Blancard (Université Paris I Panthéon-Sorbonne, Labex ReFi) and Prof. Christophe Moussu (ESCP Europe, Labex ReFi).



Pr Takashi Shibata

Tokyo Metropolitan University

(CV & Bio here)


Investment timing, collateral, financing constraints

Abstract :

We examine the optimal investment timing decision problem of a firm that is constrained by a debt issuance limit determined by collateral value. We provide four important results. First, collateral-based financing constraints do not always delay corporate investment, compared with that without upper limit. Second, collateral-based financing constraints are likely to change bankruptcy strategies during financial distress via a change of capital structure. Third, collateral-based financing constraints create a low-risk and low-return scenario for debt holders.
Finally, debt financing with an upper limit does not always accelerate investment, compared with all-equity financing, even when debt financing with an upper limit is preferred to all-equity financing.

This is a joint work with Michi Nishihara.

 Consult the paper (the paper is not available yet)
79 avenue de la République 75011 Paris
Thursday 23 March  2017
12:00 – 1:30, Room 4310
For security reason, please register before the deadline.
Deadline: 22 march 2017
NB. If you are prevented from coming, we would be obliged if you could inform us as soon as possible at



 (Past and coming events)

Research Seminar, FinTech – Trading Foreign Exchange Triplets – with, Álvaro Cartea, Oxford University
Mar 23 @ 17 h 00 min – 19 h 00 min

Dear friends and colleagues,

we are pleased to invite you to a new session of the LabEx ReFi Seminar on « High-frequency trading: modelling and regulatory issues ».


Pr. Roland Gillet University of Paris 1 (Bio & CV), Pr. Olivier Guéant,  University of Paris 1 (Bio & CV), and Pr. Dominique Guégan, University of Paris 1 (Bio & CV)

Date: March 23, 2017 Time: 17h-19h.

Place: Maison des Sciences Economiques,

106 Bd de l’Hôpital, 75013 Paris

Room 115, (1st floor)

Álvaro Cartea

Oxford University

CV & Bio (here)

Trading Foreign Exchange Triplets


Abstract: We develop the optimal trading strategy for a Foreign Exchange (FX) broker who trades a triplet of currency pairs, and requires to unwind all the pairs within a given time schedule.  The broker accounts for model ambiguity in the FX rates to make her optimal strategy robust to misspecifications. She trades with her pool of clients and also trades in a major FX exchange. Specifically, the broker streams currency pair quotes to personal clients who trade directly with her, and simultaneously the broker is executing trades in the FX exchange to ensure liquidation of her positions by the terminal date. Under certain assumptions we provide a closed-form solution for the broker’s optimal trading strategy. Simulations of the strategy when the pairs have varying liquidity levels are presented and verification proofs are provided.


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.

Organizers: Pr. Roland Gillet University of Paris 1 (Bio & CV), Pr. Olivier Guéant,  University of Paris 1 (Bio & CV), and Pr. Dominique Guégan, University of Paris 1 (Bio & CV)

(Learn more here)

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