2026 Research conference: Strong EU financial markets in a volatile world

The research conference on strong EU financial markets in a volatile world takes place on Tuesday, 22 September, in Paris.

Agenda

09.15 - 09.30 Welcome and introductory remarks , Verena Ross, Chair

9.30 - 10.50 Session 1: Capital market competitiveness, chaired by Leonie Bell (European Commission)

• The European Liquidity Gap
  Authors: Jonathan Brogaard (University of Utah), Björn Hagströmer (Stockholm University; Sveriges Riksbank), Abalfazl Zereei (ESCP Business School)
  Discussant: Caroline Le Moign (ESMA)
  
• Local Stock Markets
  Authors: Igli Bajo (University of Zurich; Swiss Finance Institute), Charles Parry (Imperial College Business School)
  Discussant: Lorenzo Danieli (ESMA)

11.10 - 12.30 Session 2: Risk transmission in interconnected/fragmented markets, chaired by Kheira Benhami (Autorité des Marchés Financiers)

• Cross-Market Hedging in High Frequency: Lessons from the Greeks
  Authors: Lennart Dekker (European Central Bank), Daniel Dimitrov (Universiteit van Amsterdam, De Nederlandsche Bank), Okke Labout (Tilburg University, De Nederlandsche Bank)
  Discussant: Antoine Bouveret (ESMA)
  
• Who Benefits from Capital Market Integration in a Monetary Union?
  Authors: Naomi Cohen (Copenhagen Business School)
  Discussant: Adrien Amzallag (ESMA)

13.30 -14.00 Keynote speech, Laurent-Emmanuel Calvet (Professor of Finance, SKEMA Business School; President, European Finance Association)
Introduction by Steffen Kern (ESMA, Head of Economics, Financial Stability, and Risk department)

14.00 - 15.20 Session 3: Financial Innovation and Investment, chaired by Pierre Schlosser (European University Institute, Florence School of Banking and Finance)

• Stablecoins under Stress in a National Economy: Transaction-Level Evidence from Austrian Crypto-Asset Service Providers
  Authors: Pietro Saggese (Complexity Science Hub, IMT Scuola Alti Studi Lucca), Michael Sigmund (Oesterreichische Nationalbank), Burkhard Raunig (Oesterreichische Nationalbank), Esther Segalla (Oesterreichische Nationalbank), Bernard Haslofer (Complexity Science Hub), Christos Makridis (Arizona State University, Complexity Science Hub)
  Discussant: Giulio Bagattini (ESMA)
  
• Mobilising Private Capital for the Green Transition: A Blended-Finance Approach in EU Markets
  Authors: Davide Stocco (ENSAE, Institut Polytechnique de Paris), Peter Tankov (ENSAE, Institut Polytechnique de Paris), David Zerbib (ENSAE, Institut Polytechnique de Paris)
  Discussant: Federico Piazza (ESMA)

15.40 - 17.00 Session 4: Non-bank Financial Intermediation, chaired by Antoine Bouveret (ESMA)

• Anatomy of a Safe Asset: Bund Market Structure and Reform
  Authors: Mark Kerßenfischer, Konrad Lucke, Willy Scherrieble
  Discussant: Katia Vozian (European Commission, Joint Research Centre)
  
• Repo Collateral Reuse and Liquidity Windfalls
  Authors: Georgios Alexiou (Goethe University Frankfurt, European Central Bank), Sofia Pereira (European Central Bank), Victor Rodrigues-Gomes (Goethe University Frankfurt)
  Discussant: Alessandro Spolaore (ESMA)

17.00 - 17.15 Closing remarks, Claudia Guagliano (ESMA)