Banking Supervision Research Conference 2025
Technological innovations in financial markets – Risks and opportunities in banking and regulation
Joint conference by the Research Group of the Basel Committee on Banking Supervision, the European Central Bank (ECB) and the Centre for Economic Policy Research (CEPR)
Tuesday, 9 and Wednesday, 10 December 2025
ECB, Frankfurt am Main
Hybrid event
Technological innovations have the potential to reshape the financial ecosystem, creating opportunities for financial market participants, including banks and prospective new entrants. While the adoption of innovation by banks and other financial market participants may introduce efficiencies and enhance services, it may also translate into increased financial risks (eg market and counterparty credit risks), and non-financial risks (eg operational and cyber-related risks). Bank managers must navigate these challenges against the backdrop of elevated global uncertainties. Similarly, supervisors and regulators also need to evolve, reap the benefits of technological innovations, and also respond effectively to emerging risks in banks and financial markets.
Programme
* indicates the presenter
- 8:30
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Registration and coffee
- 9:00
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Welcome
Mario Quagliariello, ECB
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Session 1: Artificial intelligence and financial markets
Chair: David Lynch, Board of Governors of the Federal Reserve System and Co-Chair of the Research Group
- 9:15
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Ex machina: financial fragility in the age of artificial intelligence
- Kartik Anand*, Deutsche Bundesbank
- Sophia Kazinnik, Stanford University
- Agnese Leonello, ECB and CEPR
- Ettore Panetti, University of Naples Federico II, CSEF, SUERF and UECE
Discussant: Tamas Vadasz, KU Leuven
- 9:55
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Disciplining banks through disclosure: evidence from CFPB consumer complaints
- Jeffrey Jou, Wharton School, University of Pennsylvania
- Anya Kleymenova*, Board of Governors of the Federal Reserve System
- Andrea Passalacqua, Georgetown University McDonough School of Business
- Lázló Sándor, Consumer Financial Protection Bureau
- Rajesh Vijayaraghavan, University of British Columbia
Discussant: Cédric Huylebroek, KU Leuven
- 10:35
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Coffee break
- 11:00
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The double-edged sword of big data and AI for the disadvantaged: a cautionary tale from open banking
- Savina Kim, University of Edinburgh Business School
- Galina Andreeva*, University of Edinburgh Business School
- Michael Rovatsos, University of Edinburgh School of Informatics
Discussant: Toni Ahnert, ECB and CEPR
- 11:40
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Keynote speech
Claudia Buch, Chair of the Supervisory Board of the ECB
Chair: Luc Laeven, ECB
- 12:25
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Lunch
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Session 2: Deregulation, market structure and risk
Chair: Klaus Düllmann, ECB
- 13:30
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Bank specialisation in lending to new firms
- Diana Bonfim*, Banco de Portugal, Católica Lisbon and CEPR
- Ralph De Haas, European Bank for Reconstruction and Development, KU Leuven and CEPR
- Alexandra Matyunina, Banco de España
- Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven, NTNU Business School and CEPR
Discussant: Jean-Edouard Colliard, HEC Paris and CEPR
- 14:10
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Supervisory-driven credit reallocation
- Franco Fiordelisi, University of Essex
- Angela Maddaloni*, ECB
- David Marques Ibanez, ECB
- Manju Puri, Duke University, Fuqua School of Business, NBER and ECGI
- Francesco Saverio Stentella Lopes, University of Roma Tre
Discussant: Tihana Skrinjaric, Bank of England
- 14:50
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Synthetic, but how much risk transfer?
- Alex Osberghaus*, University of Zurich and Swiss Finance Institute
- Glenn Schepens, ECB
Discussant: Smith Williams, Federal Deposit Insurance Corporation
- 15:30
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Coffee break
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Session 3: Information transfer in financial markets
Chair: Smith Williams, Federal Deposit Insurance Corporation
- 16:00
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Information and market power in DeFi intermediation
- Pablo Azar*, Federal Reserve Bank of New York
- Adrian Casillas, NYU Stern School of Business
- Maryam Farboodi, MIT Sloan School of Management, CEPR and NBER
Discussant: Co-Pierre Georg, Frankfurt School of Finance
- 16:40
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Banks' specialisation and private information
- Alejandro Casado*, Banco de España
- David Martinez-Miera, Universidad Carlos III de Madrid and CEPR
Discussant: Tobias Berg, Goethe University Frankfurt and CEPR
- 17:20
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“If you don't know me by now…” – Information collection by banks in lending to private firms
- Stijn Claessens, Yale School of Management and CEPR
- Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven, NTNU Business School and CEPR
- Teng Wang*, University of Texas at Arlington
Discussant: Daniel Foos, Deutsche Bundesbank
- 18:00
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End of day 1
- 18:45
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Reception and dinner
(by invitation)
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Session 4: Digitalisation and financial innovation
Chair: Alexander Schulz, Deutsche Bundesbank and Co-Chair of the Research Group
- 9:00
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Platform credit, advertising, and customer capital
- Matthias Efing*, HEC Paris
- Yi Huang, Bank for International Settlements and CEPR
- Ruobing Han, CUHK, Shenzhen
- Qi Sun, Shanghai University of Finance and Economics
- Danien Yi Xu, Duke University, NBER and CEPR
Discussant: Kathy Yuan, London School of Economics and CEPR
- 9:40
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Mind the app: Do European deposits react to digitalisation?
- Luisa Fascione, RBB Economics
- Juan Ignacio Jacoubian, Boston University
- Beatrice Scheubel, ECB
- Livio Stracca*, ECB
- Nadya Wildmann, Bank for International Settlements
Discussant: Claudia Girardone, Essex Business School
- 10:20
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Coffee break
- 10:50
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Digital technology, legal reforms, and bank lending
- Yi Huang, Bank for International Settlements and CEPR
- Yuchao Peng*, Central University of Finance and Economics
- Yangfan Sun, Zhongnan University of Economics and Law
- Bernard Yeung, ABFER, National University of Singapore Business School and Southern University of Science and Technology
- Nanxuan Wang, Central University of Finance and Economics
Discussant: Sarah Zhang, Alliance Manchester Business School
- 11:30
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Keynote speech
Jon Danielsson, London School of Economics
Chair: Alexander Schulz, Deutsche Bundesbank and Co-Chair of the Research Group
- 12:30
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Lunch
- 13:30
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Banking Supervision Panel:
Competition in the banking sector: How will technological innovations affect the banking sector and the future of banking?Chair: Sharon Donnery, Member of Supervisory Board of the ECB
Panellists:
- Matthias Kröner, Managing Partner GFTN Europe (former CEO Fidor Bank)
- Nicolas Véron, BRUEGEL and Peterson Institute
- Karmela Holtgreve, BIS Innovation Hub
- 15:30
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Closing remarks
David Lynch, Board of Governors of the Federal Reserve System and Co-Chair of the Research Group
- 15:45
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Adjourn
- 16:00
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Introduction
- Andreas Beyer, ECB
- Nicola Costa, EUI
- 16:15
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Home bias in banks’ sovereign debt holdings and fiscal sustainability
Peter Claeys, College of Europe
- 16:35
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The impact of local claims in local currency in the international expansion of global banks
Mikel Bedayo*, Banco de España
- 17:05
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Effect of the countercyclical capital buffer on firm loans
Anni Norring*, Suomen Pankki – Finlands Bank
- 17:30
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Concluding remarks
- Pedro Teixeira, ECB
- Thorsten Beck, EUI
- 17:40
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Refreshments
- 18:00
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Close of conference
This programme may be subject to change without notice.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet / intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet / intranet.
General information
European Central Bank
MB C2.06
Sonnemannstrasse 20
60314 Frankfurt am Main
English
- Toni Ahnert, ECB and CEPR
- Juliane Begenau, Stanford Graduate School of Business and CEPR
- Tobias Berg, Goethe University Frankfurt and CEPR
- Andreas Beyer, ECB
- Diana Bonfim, Banco de Portugal and CEPR
- Jean-Edouard Colliard, HEC Paris and CEPR
- Matteo Crosignani, Federal Reserve Bank of New York and CEPR
- Klaus Düllmann, ECB
- Samuel Da Rocha Lopes, European Banking Authority
- Tim Eisert, Nova School of Business and Economics and CEPR
- Daniel Foos, Deutsche Bundesbank
- Eddie Gerba, Bank of England
- Mariassunta Giannetti, Stockholm School of Economics and CEPR
- Agnese Leonello, ECB and CEPR
- Markus Opp, Stockholm School of Economics and CEPR
- Andrea Polo, LUISS and CEPR
- Ricardo Schechtman, Central Bank of Brazil
- Greg Sutton, Bank for International Settlements
- Smith Williams, Federal Deposit Insurance Corporation
- Andreas Beyer, ECB
- Martin Birn, Basel Committee Secretariat