PROGRAMME
Swiss International Finance Forum 28 JUNE 2016, BERNE
Swiss International Finance Forum Initiated in 2014 by the Swiss newspaper “Neue Zürcher Zeitung” (NZZ), the Swiss International Finance Forum is an international platform for the financial and capital market. The conference is designed for 350 decision-makers in politics and business, the financial services industry, central banks and regulatory bodies. After two previous successful events featuring keynote speakers such as Nobel Prize winner Joseph E. Stiglitz, economist Lawrence H. Summers and numerous Swiss financial experts, this year’s conference will be exploring the topic “Back to Growth”.
NZZ Conferences & Services The events of NZZ Conferences & Services provide independent, competent and reliable information about key current topics in business, politics and finance. Thanks to our selection of outstanding speakers, we go straight to the heart of the matter, providing practical, first-hand knowledge. A key component of the events is the exchange of ideas and the networking among the distinguished speakers, the participants and partners. 2
Overview Date:
Tuesday, 28 June 2016
Theme:
Back to Growth
Number of participants:
350
Speakers:
Approximately 25 speakers from Switzerland and abroad
Language:
German / English
Registration:
registration.nzz-siff.com
Location:
Hotel Bellevue Palace Berne Kochergasse 3 – 5 3000 Berne
Back to Growth The 2016 Swiss International Finance Forum will be casting its gaze into the future. This year’s motto is “Back to Growth”. Proven national and international experts will be showing how new business models can be developed and growth potential harnessed in the challenging environment in which the global economy currently finds itself. Special attention will be paid to the fintech sector, which as a key driver of competition is capable of changing the industry. The 2016 Swiss International Finance Forum is an excellent opportunity to discuss the future of the financial industry with like-minded participants and to establish contact with top-notch national and international speakers. 3
CIR
Regulation
Fintech BREXIT
Cyber Security
Industry 4.0 Shanghai composite
Let’s talk Welcome to the SIFF What are the greatest challenges facing the global financial system, and where does Switzerland stand today? What are the opportunities and risks? The SIFF 2016 should provide some answers. As a global bank with Swiss roots and a leading position in this market, Switzerland’s economic growth is very important to us. That’s why we’re glad to be a Platinum Partner of the SIFF and wish everyone taking part an interesting and informative experience.
© UBS 2016. All rights reserved.
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Speakers I M P U L S E | K N OW L E D G E | I N S P I R AT I O N
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Where to find growth in future?
Exploring future growth opportunities at the 2016 Swiss International Finance Forum. Thank you for joining us again. credit-suisse.com
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Ueli Maurer
Federal Councillor, Head of the Swiss Federal Department of Finance (FDF)
Ueli Maurer was elected to the Swiss Federal Council in December 2008. From 2009 to 2015 he served as Head of the Federal Department of Defence, Civil Protection and Sports (VBS). He has been Head of the Federal Department of Finance since 1 January 2016. In 2013 Ueli Maurer served as president of the Federal Council. His political career began in 1978 on the town council of Hinwil. In 1983 he was elected to the cantonal parliament of Zurich and in 1991 to the National Council. From 1996 to 2008 Maurer was president of the national Swiss People’s Party (SVP). In his professional life he was the director of an agricultural cooperative and then served as director of the Zurich Farmers’ Association.
Kenneth Rogoff
Economist and Professor, Harvard University
Kenneth Rogoff is professor of Public Policy and Economics at Harvard University. Between 2001 and 2003 he was chief economist and director of research at the International Monetary Fund in Washington DC. His treatise “Foundations of International Macroeconomics” (joint with Maurice Obstfeld) is an academic standard for graduate studies and his monthly columns on global economics issues are published in over 50 countries. Rogoff is an elected member of the National Academy of Sciences as well as the Council on Foreign Relations and the Group of Thirty. He also serves on the Economic Advisory Panel of the Federal Reserve Bank of New York. Since 1978 he holds the life title of international grandmaster of chess. 9
Visit www.pwc.ch
Follow, like and share PwC Switzerland PwC Switzerland @PwC_Switzerland
“Proposition 1: All financial sector players need to see regulation as a key part of their strategy” This is one of five propositions on the topic of Financial Centre Switzerland.
Find out more by reading our current opinion paper “Megatrend Financial Centre – Five propositions for future success”
© 2016 PwC. All rights reserved. “PwC” refers to PricewaterhouseCoopers AG, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.
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Axel A. Weber
Chairman of the Board, UBS Group AG
Axel A. Weber has been chairman of the Board of Directors of the UBS Group AG since 2012. He is a board member of the Institute of International Finance, the International Monetary Conference, and the Swiss Bankers Association as well as a member of the Group of Thirty. From 2004 to 2011 Axel A. Weber served as president of the German Bundesbank. During this period he also held the following positions: member of the Governing Council of the European Central Bank, member of the Board of Directors of the Bank for International Settlements, governor of the International Monetary Fund as well as member of the G7 and G20 Ministers and Governors. Weber holds a PhD in economics from the University of Siegen, where he also received his habilitation, and he is a professor at several universities.
Urs Rohner
Chairman of the Board, Credit Suisse Group AG
Urs Rohner has been chairman of the Board of Directors of the Credit Suisse Group AG since 2011. He is also a member of the Board of Directors of the Institute of International Finance, vice chairman of the Swiss Bankers Association and a member of the Board of Directors of GlaxoSmithKline plc. He also served as vice chairman of the Board of Directors of Credit Suisse Group AG, and he was a member of the Executive Board, where he was the Chief Operating Officer and General Counsel. From 2000 to 2004 he was chairman of the Executive Board and CEO of ProSiebenSat.1 Media AG. He began his career as an attorney in Zurich and New York. Rohner received a Master’s degree in law from the University of Zurich in 1983. 11
ÂŤWe see a Switzerland where we shape the best banking of tomorrow together.Âť Back to
Growth. For studies and insights go to swisscom.ch/banking
Welcome to the country of possibilities
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Sergio P. Ermotti Group CEO, UBS Group AG
Sergio P. Ermotti has been Group CEO of UBS Group AG since 2014. He was appointed to the Executive Board in 2011 and was chairman and CEO of the UBS Group Europe, Middle East and Africa before being named as Group CEO of UBS AG. Before moving to UBS, Ermotti served as Group Deputy CEO of UniCredit in Milan from 2005 to 2010. He began his career in 1987 at Merrill Lynch, where he held various positions in equity derivatives and capital markets. Ermotti earned a diploma as a Swiss federal banking certified expert and a degree in the Advanced Management Program at the University of Oxford.
Mark Branson Director, FINMA
Mark Branson was born in 1968 and is a British citizen. He studied mathematics and management studies at Trinity College Cambridge. He also obtained a master’s degree in Operational Research from the University of Lancaster. He started his professional career at Coopers & Lybrand Management Consultancy Services. Three years later he moved to Credit Suisse in London. In 1997, Mark Branson took a further step in his professional career by joining the former SBC Warburg, where he held several key positions. In 2006, he became CEO of UBS Securities Japan Ltd. Mark Branson has been at FINMA since 2010. He was appointed Deputy CEO in February 2013. He became the Chief Executive Officer of FINMA on 1 April 2014. 13
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Thomas M. Fortin Managing Director, BlackRock
Thomas Fortin is Head of Retail Technology for the Retail and iShares businesses. Previously he was Chief Information Officer for BlackRock and headed the Aladdin development team from 2002 to 2011. Before moving to BlackRock, he worked at Wall Street Systems for ten years. Thomas Fortin has an MBA in Finance from New York University and Bachelor’s degree in Electrical Engineering from Columbia University.
Nathalie Oestmann
Director, Head of Samsung Pay Europe
Nathalie Oestmann is responsible for the development and roll-out of the mobile payment service Samsung Pay. Prior to joining Samsung, Nathalie Oestmann worked at American Express for over 15 years as Global Marketing Vice President, and before that she was a management consultant with Deloitte in New York. Nathalie Oestmann has a Master’s degree from Cornell University in Operations Research and Industrial Engineering.
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T R U S T E D
H E R I T A G E
A D V A N C E D
T H I N K I N G
Trusted heritage advanced thinking At Schroders, asset management is our business and our goals are completely aligned with those of our clients – the creation of long-term value. We manage CHF 440 bn on behalf of clients from around the world, invested in a broad range of asset classes across equities, fixed income, multi-asset and alternatives. We employ over 3700 talented people worldwide operating from 37 offices in 27 different countries, close to the markets in which we invest and close to our clients. Schroders has developed under stable ownership for over 210 years and long-term thinking governs our approach to investing, building client relationships and growing our business. www.schroders.ch
Diese Anzeige stellt kein Angebot und keine Aufforderung dar, Anteile eines Anlagefonds, der durch die Schroder Investment Management (Switzerland) AG (die «Fondsleitung») verwaltet wird, zu zeichnen. Die Zeichnung von Anteilen an einem verwalteten Anlagefonds kann nur auf der Grundlage des aktuellen Prospekts und des letzten geprüften Jahresberichts (und des darauf folgenden ungeprüften Halbjahresberichts, falls veröffentlicht) erfolgen. Die mit einer Anlage verbundenen Risiken sind im Fondsvertrag und Prospekt ausführlich beschrieben. Der Fondsvertrag, der Prospekt und der vereinfachte Prospekt (falls anwendbar) sowie der Jahres- und Halbjahresbericht können kostenlos bei Schroder Investment Management (Switzerland) AG, Central 2, CH-8001 Zürich, bezogen werden. Der Wert einer Anlage und deren Erträge können schwanken. Die vergangene Wert- oder Gewinnentwicklung darf nicht als Hinweis auf die laufende oder zukünftige Wert- oder Gewinnentwicklung verstanden werden. Es ist möglich, dass ein Anleger den ursprünglich investierten Betrag nicht in voller Höhe zurückbezahlt erhält.
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Patrick Odier
Chairman, Swiss Bankers Association
Patrick Odier has been chairman of the Swiss Bankers Association since 2009 and is also vice chairman of economiesuisse. In addition, Patrick Odier has worked at the Lombard Odier Group since 1982, and since 1986 as a partner. He has been chairman of the Board of Directors of Bank Lombard Odier & Co Ltd. since 2014. He holds an economics degree from the University of Geneva and an MBA in finance from the University of Chicago. He is also a board member of several Swiss and international academic institutions and non-profit organizations.
Thierry Kneissler CEO, TWINT AG
Thierry Kneissler has been CEO of TWINT AG since its spinoff from PostFinance in 2014. TWINT is the first integrated payment and shopping app in Switzerland. Prior to joining TWINT, Kneissler spent six years as a member of management of PostFinance, where he had started working in 2003. Prior to that he worked for the internet company New Impact AG and Berner Kantonalbank, where he was a project manager. Kneissler studied economics at the University of Berne and holds an Executive MBA from the University of St. Gallen.
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Switzerland’s leading strategic communications consultants. Zurich, Berne, Geneva
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26.02.16 11:45
Armin E. Schmid Head of Paymit, SIX Payment Services AG
Armin Schmid has been Head of Paymit since 2016. After receiving a Master’s degree from the ETH Zurich, the engineer started his career in management consulting at McKinsey and went on to receive an MBA from the University of St. Gallen in 2002. Prior to joining SIX Payment Services, Schmid was a Director at Sandpiper Digital Payments AG, General Manager at PayPal Switzerland and Austria and Director for Strategy & Expansion at eBay Europe.
Tobias Wirth Head Digital Products, Aduno Group
Tobias Wirth is a founding member and member of the board of smama and Head Digital Products at Aduno Group. His career took him from Sunrise to SIX Payment Services before joining Aduno Group. He has realised various M-payment projects with Swisscom, MasterCard, Visa and banks in the NFC field and has extensive technological expertise. Wirth is also a lecturer in mobile business and digital finance at the Zurich University of Applied Sciences and Zurich University of Applied Sciences in Business Administration.
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PROGRAMM
07.30 a.m. Welcome / coffee / networking in the partner zone 08.30 a.m. Welcome address
Veit Dengler (CEO, NZZ Media Group)
08.45 a.m. The international perspective: looking at the big picture Sergio P. Ermotti (Group CEO, UBS Group AG)
Other international speakers in the process of being clarified.
09.45 a.m. “Hot issues”: this item is to be set at a later date in the interests of being as current as possible 10.15 a.m. Networking break 11.00 a.m. Breakout sessions on the subject of fintech Breakout session 1
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Breakout session 2
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Breakout session 3
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Digital asset management Blockchain
Crowdfunding
12.00 a.m. Lunch
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01.15 p.m. Welcome address by the Federal Department of Finance Ueli Maurer (Federal Councillor, Head of the FDF)
01.30 p.m. How regulation influences innovative business models Mark Branson (Director, FINMA) Patrick Odier (Chairman, Swiss Bankers Association)
02.15 p.m. Asset management redefined
Thomas M. Fortin (Managing Director, BlackRock)
02.45 p.m. The technological perspective: The future of mobile payments
Nathalie Oestmann (Director, Head of Samsung Pay Europe) Thierry Kneissler (CEO, TWINT AG) Armin E. Schmid (Head of Paymit, SIX Payment Services AG) Tobias Wirth (Head Digital Products, Aduno Gruppe)
03.30 p.m. Networking break 04.00 p.m. What will tomorrow‘s world be like?
Kenneth Rogoff (Economist and Professor, Harvard University)
04.30 p.m. Conclusion panel “Back to growth”
Axel A. Weber (Chairman of the Board, UBS Group AG) Urs Rohner (Chairman of the Board, Credit Suisse Group AG)
05.00 p.m. Takeaways
Peter A. Fischer (Economics Editor-in-Chief, NZZ)
05.15 p.m. Farewell aperitif
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Breakout sessions TRENDS | DIALOGUE | MARKETS
Sooner or later, digitization is set to change Switzerland’s entire status as an academic and business hub. After having an impact on the media, technology and IT sectors, digital change is now also increasingly changing the finance sector. Fintech – the combination of financial services and technology – has also established itself in Switzerland: the sector has grown considerably within a short period of time and is competitive in the international arena. The skilful combination of a pioneering spirit and an entrepreneurial mindset with modern technologies gives rise to promising business models for the future. The breakout sessions focus on the future of the financial sector and look at current new products, trends and innovations from the fintech area. 23
Breakout session 1
Digital asset management Everyone is suddenly taking about robo advisors and social trading. Technological developments are not only changing customers’ needs, but also business models. This is particularly true of the key income source of investment advisory services: customers are online at all times, have access to extensive information sources and expect a rapid reaction from their financial services provider. In this dynamic environment automated and standardised processes are needed that enable the lean operation of the business model. Nevertheless, it is vital that actual advisory services are not neglected, as otherwise clients will look for alternatives and invest their money themselves online. The challenge for a financial institution is to position itself in the best possible way in this delicate area. Which business models hold out the promise of success? Will machines replace people as investment advisors? Who will bear the risk in digital asset management and how will the new market be regulated in the future?
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Alexandre Gaillard CEO and founder, InvestGlass SA
Certified financial manager Alexandre Gaillard is CEO and founder of InvestGlass SA. The company developed the first Swiss robo advisor for asset managers. Prior to this he worked for Union Bancaire PrivĂŠe and the Bank of China. Gaillard is also the founder and organiser of Swiss Fintech.
Falk Kohlmann Head of Banking Trends & Innovation, Swisscom
In 2010 Dr. Falk Kohlmann received his Ph.D. from the University of St. Gallen and Leipzig on the subject of business-oriented service architectures for banks. Since 2014 he has been Head of Banking Trends & Innovation and the e-foresight think tank at Swisscom, which supports numerous banks in digital banking as well as identifying and analysing trends. Kohlmann previously worked in the field of management consulting at Swisscom.
Adriano B. Lucatelli Co-founder, Descartes Finance AG
Dr. Adriano Lucatelli is CEO and co-founder of digital wealth manager Descartes Finance AG. He is also a member of the board of a number of companies and lectures in international finance at the University of Zurich. Lucatelli previously worked as a managing director at UBS and Credit Suisse.
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Breakout session 2
Blockchain Blockchain, which is essentially a digital bank statement that documents every transaction between counterparties and stores the information decentrally on several computers in a network, is considered the major fintech discovery of the future. Blockchain carries out the settlement of payments or other transactions faster, cheaper and above all more securely, thereby making it an interesting business model. However, the technology does harbour a certain degree of disruption potential: it would allow the future transfer of money or securities directly between two accounts without the involvement of banks and other financial intermediaries. Blockchain might already function technically, but what legal and regulatory issues still have to be clarified? What application possibilities does it offer in future? Do we still need classical financial intermediaries if direct transactions are possible between two counterparties? Will blockchain even bring an end to the financial system as we know it today or is it merely hype?
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Alex Batlin Senior Innovation Manager, UBS
Alex Batlin, a British IT expert, is in charge of UBS’s Fintech Innovation Lab and its Crypto 2.0 Pathfinder programme. In this capacity, he researches new technologies, such as blockchain, and their effects on business models. He is also the Global Head of Technology Research Service and has in-depth knowledge of big data, social media and cloud services. Before being recruited by UBS, he worked for Nomura, JPMorgan and CSC.
Daniel Gasteiger Co-founder, Nexussquared
Daniel Gasteiger started his career as a forex trader at Credit Suisse before moving to UBS Investment Bank. He then became a Managing Director at UBS, developing the office of the chairman of the Board of Directors. He set up Nexussquared in 2015 with the object of making Switzerland Continental Europe’s leading blockchain hub.
Shira Kaplan CEO and founder, Cyverse AG
Shira Kaplan founded Cyverse AG, of which she is now the CEO, as a cyber security firm offering security solutions for global businesses. She previously worked for Teva Pharmaceuticals and Julius Bär in Private Banking and Investor Relations. She has a degree from Harvard and an MBA from the University of St Gallen.
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Breakout session 3
Crowdfunding Crowdfunding has been becoming more and more popular over recent years. The global market is growing at breathtaking speed, and the method has been used to raise over CHF 16 billion to date. Online fundraising has already established itself as a funding model, especially in North America, although Asia and Europe are catching up. The trend has now reached Switzerland, too, albeit in a smaller way. While it is the cultural and sporting scene in Switzerland that is seeing the benefits of crowdfunding, more and more start-ups in the US are opting for it as a way of raising finance and as an alternative to conventional bank loans or venture capital. The crowdfunding market is predicted to continue growing. Is crowdfunding going to go mainstream in corporate finance too? Are funding platforms undermining the banks in their role as lenders? Could regulation prevent the misuse of online lending?
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Andreas Dietrich Lecturer and project manager, University of Lucerne
Prof. Dr. Andreas Dietrich heads up the Master of Science in Banking and Finance programme at the University of Lucerne’s Financial Services Institute in Zug (IFZ) and also runs its Financial Services Management competence centre. As well as being one of the leading researchers in the fintech field, he has been on the Board of Directors of the Cantonal Bank of Lucerne since 2015.
Urs Haeusler CEO, DealMarket AG
Urs Haeusler is the CEO of DealMarket, a global fundraising platform. He has over 15 years’ experience of working for various internet businesses including time spent as the CEO of Ticket Online Schweiz. An expert in fintech, he had previously worked for a major firm of management consultants. He has been the proprietor of Haeusler Management & Ventures, an online consultancy firm, since 2008. He has a Master’s degree in business management from the University of St. Gallen.
Beat Oberlin Chairman of the Executive Board, Basellandschaftliche Kantonalbank
Dr. Beat Oberlin is a notary who has gained his management education in the US. He has some 20 years of experience of working for a major bank and has also held management positions in corporate customer and retail business. He has been the chairman of the Executive Board of Basellandschaftliche Kantonalbank – the first Swiss bank to launch its own crowdfunding marketplace – since 2005. He also sits on a number of Boards of Directors including that of the St. Claraspital in Basel.
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Moderation Melinda Crane An American journalist and publisher, Melinda Crane studied history, law and political economy. After moving to Germany, she worked at the University of Frankfurt before switching to journalism. She then worked for several American and German television broadcasters and wrote contributions for high-profile media such as the New York Times Magazine. She is much in demand as a guest on talk-shows and also as a moderator and political commentator.
Aim & Benefits The Swiss International Finance Forum brings together representatives of the Swiss financial sector, politicians, regulators and academics to engage in active dialogue and the sharing of ideas and experiences. This is Switzerland’s leading financial markets conference and an interdisciplinary platform where potential solutions to future economic and regulatory issues are proactively formulated and discussed. The event also offers some outstanding opportunities for networking.
Participants 18 % Business
10 % Politics
8 % Regulatory
53 % Financial sector
6 % Media 5 % Academic
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Target group The Swiss International Finance Forum is an exclusive event aimed at decision-makers in the financial sector, the business world, regulatory authorities, central banks and politics. The number of participants is limited to 350 selected leading figures from these fields.
Registration You can register for the Swiss International Finance Forum via its online registration platform. A total of 350 places are available.
registration.nzz-siff.com Participation fee Conference ticket: CHF 890 (incl. VAT) The ticket price covers the whole conference including breakout sessions, refreshments during intervals, lunch, and farewell drinks in the evening.
Hotel Hotel rooms in the Hotel Bellevue Palace Berne can be reserved when booking. Any questions about hotel bookings should be addressed to our Events Bureau on phone 033 334 23 23.
Contact NZZ Media Group Conferences & Services C.F.L. Lohnerstrasse 24 CH-3645 Gwatt (Thun) More information at: www.nzz-siff.com
You can reach us at: Phone: +41 33 334 23 23 E-Mail: konferenzen@nzz.ch Follow us on Twitter: twitter.com/nzz_konferenzen #nzz_siff 31
www.nzz-siff.com Platinum partners
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NZZ Media Group Conferences & Services | C.F.L. Lohnerstrasse 24 | CH-3645 Gwatt (Thun) | Phone +41 33 334 23 23 konferenzen@nzz.ch | www.nzz-siff.com |   twitter.com/nzz_konferenzen