Moderator
John Authers

Keynote Introduction:
Shaukat Aziz
Michelle Bachelet

Master of Ceremonies:
Matthew Bishop

Participants
Paul Wilmott
Lex Fenwick
Benoit Mandelbrot
John Copelyn


The global financial crisis that started in 2007-08 and remains with us today, has
overturned three primary assumptions in the global, and particularly U.S. and
European, banking system. These assumptions were: (a.) that modern capital
markets were so advanced that they would be able find active sources of liquidity,
(b.) that credit agencies could accurately assess the financial strength, solvency and
risks of institutions and financial instruments, and (c.) that the securitization of risk
through the use of complex financial instruments would make banks themselves
more secure. Since the collapse of Lehman Brothers in September 2008, it been
the policy of the U.S. and European central banks to not only inject liquidity into
financial markets, but also to reinforce a sense of confidence within investors as
well. While these significant interventions have brought some stability to global
markets, structural problems and imbalances remain. Individuals and corporations
still hold illiquid assets on balances sheets and the risk profiles of many financial
products remain inadequately defined. Banks face the renewed challenge of
remaining innovative, competitive and profitable while protecting investors and
depositors. This panel will address these aspects of the financial crisis and ask 1)
how liquidity can be returned to the market, 2) how risk can better be understood,
and 3) how banking can remain innovative and work within the best interest of
investors, customers and governments.