Sibos in Dubai

Sibos 2013, one of biggest events on the financial calendar, is to be held in Dubai from 16-19 September. This year brings us the second annual series of the SWIFT Institute Colloquium sessions as well as our featured Big Issue Debate. Following last year’s successful forum on OTC derivatives clearing regulations, we are excited to be hosting two new Colloquium sessions in Dubai.

A Common Financial Language for the Securities Industry is the first Colloquium to be held on Monday, 16 September. A common language is expected to benefit financial markets by improving risk management within and across firms, lowering barriers to entry for new participants and enabling much more effective mapping of the financial world. Alistair Milne, Professor of Financial Economics at the Loughborough University School of Business and Economics, will present his research paper “A Common Financial Language”. The study investigates the potential economic, business and regulatory benefits from the development and use of a common financial language in the execution and reporting of wholesale financial market transactions. Find out what the barriers to a common language are and is it considered worth the effort? And hear Dr. Seung Jae Lee, Advisor, Office of Regional Economic Integration at the Asian Development Bank, give his review and commentary on Professor Milne’s research.

The second Colloquium, to be held on Thursday, 19 September, will focus on RMB Internationalisation: Is there a tipping point? Will the Renminbi (RMB) soon be considered a preferred currency for trade settlement and international capital transactions? While recent data seems to point to the withdrawal of China from the international banking markets, the expansion of RMB trade settlement remains on an upward trend. Jonathan Batten, Distinguished Professor of Finance at Monash University, has set out to determine whether there is a ‘tipping point’ for the RMB, and if it has already been reached. Batten identifies driving factors including currency preferences, degree of holdings by central banks, and the extent of RMB denomination of international securities in his efforts to determine the currency’s future. Chi Lo, Senior Strategist for Greater China at BNP Paribas Investment Partners will give his review and commentary on Professor Batten’s research.

One of two Big Issue Debates will discuss Financial Inclusion, and try to determine if payments is the answer to this global issue. This session follows on from our highly successful Financial Inclusion Research Conference at the Harvard Kennedy School in March 2013. It is thought that nearly three billion people worldwide do not have access to a bank account or any formal banking services. The challenge is for the formal banking industry to reach out and provide appropriate services to these potential customers, though cost and regulation bar the way. Themes from this debate will focus on best practice examples of incorporating the unbanked, the need for balancing incentives versus regulatory requirements, and the importance of financial education. Are there lessons in financial inclusion that the developed world can learn from the developing world?

The senior industry panel consists of:

  • Rodger Voorhies, Director, Financial Services for the Poor, Bill & Melinda Gates Foundation
  • K.R Kamath, Chairman of Indian Bankers Association and Chairman & MD of Punjab National Bank
  • Osama Al Rahma – GM of Al Fardan Exchange
  • Ann Cairns – President, International Markets, MasterCard
  • John Owens, Senior Policy Advisor, AFI (Alliance for Financial Inclusion) – Moderator

One of the SWIFT Institute’s core objectives is to act as a catalyst for bringing the financial services community and academics together to explore ideas, share knowledge and extend mutual understanding. This year’s Colloquium sessions in Dubai provide an excellent opportunity to watch and actively participate in the debate between academia and industry. If you are interested in attending any of the above sessions, register for Sibos here.

  • A Common Financial Language for the Securities Industry – Monday 16 September, 11:00-12:00, Conference Room 2
  • RMB Internationalisation: Is there a tipping point? – Thursday 19 September, 14:00-15:00, Conference Room 3
  • Financial Inclusion: Is payments the answer? – Tuesday 17 September, 11:00-12:15, Plenary Room

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