SYMPOSIUM ON BUILDING THE FINANCIAL SYSTEM OF THE 21ST CENTURY: AN AGENDA FOR EUROPE AND THE UNITED STATES

The Harvard Law School Program on International Financial Services’ 15th Europe-US Symposium was held on April 7-9, 2016 at the Weill Center in Armonk, NY. Sessions addressed the future of large global banks, divergence between EU and US regulation—particularly with regard to clearinghouses, liquidity in the private fixed income market, and reform of secondary market structure for equities. Participants applauded the recent EU-US agreement on equivalence of regulatory regimes for central clearing of derivatives, but saw continuing challenges for cooperation on resolution and recovery for central clearing parties. There were also concerns expressed about continuing populist resentment against financial institutions, which participants worried could stifle cross-border financial activity and resilience in the financial system.