CFF-AP2 Conference November 17, 2014
CFF-AP2 conference “Credit Markets in Transition”: The general objective of the conference was to bring academics and practitioners together to discuss changes in credit markets in the aftermath of the financial crisis.
Peter Norman, former Swedish Minister for Financial Markets
Cecilia Skingsley, Deputy Director Sveriges Riksbank
David Lando, Professor Copenhagen Business School
Lasse Pedersen, Professor Copenhagen Business School and New York University, principal at AQR
Michael Bogdan, Managing Director, EMEA Credit/Mortgage Structuring and Strats, Goldman Sachs
Reimo Juks, Advisor Sveriges Riksbank
Anders Trolle, Assistant Professor Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute
Alexander Herbertsson, Assistant Professor, University of Gothenburg
New banking regulation changes banks’ lending behavior, reducing the ability of firms to finance themselves with bank loans. For large firms this may not be a major problem, since they are already financing themselves with corporate bonds. Small and medium sized firms, on the other hand, have historically relied on bank debt and must now find new sources of financing, also in the form of marketable securities. At the same time, the current low return environment is causing investors to search for yield in credit, creating opportunities for the development of new markets and instruments.
The changing financing behavior will affect the European and Swedish credit markets and create new opportunities for debtors and investors. However, it may also lead to changes in how credit risks, liquidity risks, and systemic risks impact financial markets and the real economy.
Presentation Peter Norman, former Swedish Minister for Financial Markets: "Credit Markets in Transition"
Presentation Anders Trolle, Assistant Professor Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute: "Liquidity Risk in Credit Default Swap Markets"
Presentation Lasse H. Pedersen, Professor Copenhagen Business School and New York University, principal at AQR Capital Management: "Understanding Market Liquidity and Funding Liquidity"