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Programme
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Thursday, 13 October
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Session 1:
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Retail Payments
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Chair:
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Juha Tarkka (Bank of Finland)
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09.00-10.00
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Skewed Pricing in Two Sided Markets
Wilko Bolt (De Nederlandsche Bank)
Alexander Tieman (International Monetary Fund)
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Discussant:
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Tuomas Takalo (Bank of Finland)
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10.00-11.00
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Competition and Efficiency Implications of Credit and Debit Card Interchange Fees: A Cross-Country Analysis
Fumiko Hayashi (Federal Reserve Bank of Kansas City)
Stuart Weiner (Federal Reserve Bank of Kansas City)
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Discussant:
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Jean-Charles Rochet (Université des Sciences Sociales de Toulouse and CEPR)
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11.00-12.00
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Payments Are No Free Lunch
Hans Brits (De Nederlandsche Bank)
Carlo Winder (De Nederlandsche Bank)
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Discussant:
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Ricardo Fernandes Paixão (Universidade de São Paulo)
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12.00-13.00
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Lunch
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Session 2:
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Wholesale Payments
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Chair:
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Harry Leinonen (Bank of Finland)
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13.00-14.00
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Central Counterparties
Thorsten Koeppl (Queen's University)
Cyril Monnet (European Central Bank)
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Discussant:
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Kei Imakubo (Bank of Japan)
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14.00-15.00
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Horizontal and vertical integration in securities trading and settlement
Jens Tapking (European Central Bank)
Jing Yang (Bank of England)
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Discussant:
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Wouter Elsenburg (De Nederlandsche Bank)
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15.00-15.30
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Coffee Break
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15.30-16.30
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Liquidity risk in securities settlement
Johan Devriese (National Bank of Belgium)
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Discussant:
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Esa Jokivuolle (Bank of Finland)
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16.30-17.30
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The Welfare Effects of Vertical Integration in the Securities Clearing and Settlement Industry
Jean-Charles Rochet (Université des Sciences Sociales de Toulouse and CEPR)
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Discussant:
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Mats Bergman (Swedish Competition Authority)
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19.00
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Dinner
Wellamo
Vyökatu 9
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Friday, 14 October
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Session 3: Securities Settlement - Theory
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Chair:
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Jean Charles Rochet (Université des Sciences Sociales de Toulouse and CEPR)
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09.00-10.00
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The Mixed Duopoly of Cross-Border Payment Systems
Karlo Kauko (Bank of Finland)
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Discussant:
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Cornelia Holthausen (European Central Bank and CEPR)
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10.00-11.00
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Illiquidity in the Interbank Payment System Following Wide-Scale Disruption
Morten Linnemann Bech (Federal Reserve Bank of New York)
Rod Garratt (University of California, Santa Barbara)
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Discussant:
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Sujit Chakravorti (Federal Reserve Bank of Chicago)
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11.00-12.00
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Lunch
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Session 4:
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Securities Settlement - Empirical
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Chair:
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Cornelia Holthausen (European Central Bank and CEPR)
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12.00-13.00
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Economies of Scale and Technological Development in Securities Depository and Settlement Systems
Markku Malkamäki (Pohjola Group)
Heiko Schmiedel (European Central Bank)
Juha Tarkka (Bank of Finland)
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Discussant:
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Alistair Milne
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13.00-14.00
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Cost Efficiency in the European Securities Settlement and Safekeeping Industry
Patrick Van Cayseele (Katholieke Universiteit Leuven)
Gunther Wuyts (Katholieke Universiteit Leuven)
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Discussant:
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Juha Tarkka (Bank of Finland)
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Speakers have 30 minutes to present their paper, with 15 minutes for discussants and 15 minutes for general discussion.
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Organizers:
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Dr Cornelia Holthausen (European Central Bank and CEPR)
Professor Jean Charles Rochet (Université des Sciences Sociales de Toulouse and CEPR)
Dr Juha Tarkka (Bank of Finland)
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