Call for Papers
Conference on "The Future of Securities' Markets Regulation: Trends and Implications"

Friday 14th February 2014, Geneva Finance Research Institute, University of Geneva, Switzerland

Venue: UNI MAIL, Bd du Pont-d'Arve 40, Room M R280

A one-day conference on "The Future of Securities' Markets Regulation: Trends and Implications" will be held at the Geneva Finance Research Institute (GFRI), University of Geneva (Switzerland), on Friday the 14th of February 2014. Interested researchers are invited to submit theoretical or empirical research papers related to security market regulation and financial market reform.

MOTIVATION: The recent financial crises triggered a wave of new regulatory initiatives with far reaching implications for the structure and the functioning of securities' markets:
(i) Financial Transaction Taxes planned in Europe may modify the geography and venues of security trading,
(ii) New bans of short selling may alter market efficiency and integration and modify management practices and arbitrage trading,
(iii) The Dodd-Frank Wall Street Reform and Consumer Protection Act and the European Market Infrastructure Legislation (EMIL) impose substantial new regulatory requirements on the over-thecounter (OTC) derivatives. What is the impact of these new regulatory developments?

The objective of the conference is to bring together academics, regulators and professionals to jointly discuss these issues.

TOPICS (include, but are not limited to
- Crises episodes and the impact of regulatory responses on securities markets' microstructure (e.g. opacity vs. transparency, OTC vs. regulated markets);
- New regulatory requirements for high frequency traders. High frequency trading and its impact on market liquidity, efficiency and stability (e.g. "flash crashes");
- The Financial Transaction tax and its consequences for financial markets and the real economy;
- EU's Regulation (Nov 2012) on short selling and naked CDS positions and its impact;
- The impact of new regulatory developments in OTC derivatives markets (e.g. central clearing, mandatory use of trade repositories and enhanced reporting requirements) on market transparency, liquidity, efficiency;
- Systemic risk and OTC derivatives' markets' structure. Counterparty risk and margin requirements;
- Central Counterparty Clearing houses' (CCPs) competition, regulatory arbitrage and regulation harmonization;
- Expected benefits and costs of moving to the Exchanged Traded Derivatives paradigm (e.g. the cost of trading derivatives);

SCIENTIFIC COMMITTEE: The Scientific Committee for the Conference consists of:
- 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;


PAPER SUBMISSION PROCEDURE: Participants wishing to submit a paper for potential presentation at the conference should submit electronically an extended abstract or a draft of the research paper by October 15th, 2013 to: alessandro.fontana@unige.ch

Decisions of the Scientific Committee regarding acceptance will be made by November 30th, 2013.

FURTHER INFORMATION: For further information contact:

Alessandro Fontana
Geneva Finance Research Institute (GFRI), University of Geneva
Bd du Pont d?Arve 40,
CH-1211 Geneva 4, Switzerland
Tel: +41 (0)22 3799707
alessandro.fontana@unige.ch