Research conference: Strong EU financial markets in a volatile world

22 Sep 2026, from 09:15 to 17:15 (Paris Time)
Risk monitoring

Hybrid event: ESMA (201-203 rue de Bercy, 75012 Paris, France) and online

Register until Sunday, 13 September, using the below links:
- For in-person participation here
- For virtual participation here

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

Amid growing geopolitical uncertainty and efforts to advance the Savings and Investments Union, the conference brings together academics, policymakers, and market participants to present and discuss new economic research on:

  • EU financial markets and the real economy;
  • market fragmentation and risk transmission;
  • financial innovation; and
  • non-bank financial intermediation.

Agenda

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

9.30 - 10.50 Session 1: Capital market competitiveness

  • 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 Christian Winkler (ESMA)

  • Anatomy of a Safe Asset: Bund Market Structure and Reform Authors: Mark Kerßenfischer, Willy Scherrieble
     
  • 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)