Agenda

Agenda

Day 1 - The Evolving Landscape of Payments and Settlements

09:00

Registration and coffee

09:30

Session 1: Impact of FinTech and Disruptive Innovation 

  • Drivers and building blocks of FinTech innovation 
  • Operational implications for FMI design and oversight
  • Overview of LEI and ISO 20022
  • Opportunities and risks of Target2-Securities 
  • Group discussion: Instant Payments as the new normal?

11:00

Coffee break

11:30

Session 2: The Emerging World of CBDCs and Crypto Assets 

  • Applications of Blockchain and DLT in payments and settlements
  • Distinctions and overlaps between crypto assets and central bank digital currencies
  • Overview of key projects and regulatory responses
  • Group discussion: What problem is digital money trying to solve?
  • Hands-on exercise: how to solve a crypto puzzle? 

13:00

Lunch

14:00

Session 3: Retail Payments 

  • Overview of the training course and discussion of participants’ expectations
  • Key features of retail payment instruments and infrastructures
  • Implications and opportunities of disruptive technological innovation
  • Case study: retail payments in the euro area

15:30

Coffee break 

16:00

Session 4: Large Value Payments 

  • The Automated Clearing House in the 6-corner model
  • Risk and benefits of RTGS and DNS systems
  • Key sources of systemic risk and how to deal with them
  • The trade-off between settlement risk and liquidity need: LSMs
  • Herstatt Risk and its mitigation
  • Hands-on exercise: Settlement Finality – what to do when a bank goes into bankruptcy?

17:00

End of Day 1

 

Day 2 - Oversight and Innovation

09:00

Coffee

09:30

Session 5: Interdependencies Workshop 

Participants will be divided into small groups and using case studies from previous sessions will explore practical implications of systemic interconnectedness of various payment and settlement frameworks 

11:00

Coffee break

11:30

Session 6: Securities and Derivatives 

  • Delivery versus Payment: Securities Settlement Systems 
  • Evolution of Central Securities Depositories
  • The Bankruptcy Question and Central Counterparties
  • Case study: September 2018 Nasdaq Clearing Member Default

13:00

Lunch

14:00

Session 7: Effective Oversight: A User's Guide 

  • Overview of the oversight bodies and frameworks 
  • Roles and responsibilities of central banks
  • Examples of oversight in practice
  • Case study: the standard setter’s response to the Lehman crisis – PFMIs
  • Mini Workshop: Develop your own oversight framework based on a real-life oversight template.

15:30

Coffee break 

16:00

Session 8: Course Conclusion 

  • Review of key takeaways from earlier sessions
  • Overview of emerging themes, trends and opportunities
  • Preparation of delegate action points
  • Distribution of course materials

17:00

End of Course