Friday 22 - Saturday 23 March 2019
Organisers: Jon Danielsson (SRC, LSE), Kevin James (FCA, SRC), Dimitri Vayanos (FMG, PWC, LSE)
Speakers: Matteo Aquilina (FCA), Rudi Fahlenbrach (Swiss Institute of Finance), Jill Fisch (U Penn), Mireia Giné (IESE), Kevin James (FCA, SRC), Robert MacKay (Warwick), Daniel Mittendorf (FCA), John Morley (Yale), Emilio Osambela (FRB), Lasse Pedersen (Copenhagen), Edwin Schooling Latter (FCA), Amarjeet Singh (SEBI), Robert Stambaugh (Wharton), Grant Turner (BIS), Dimitri Vayanos (FMG, PWC, LSE)
To perform at full potential, the economy requires efficient and effective financial markets that operate at minimum feasible social cost. Actively managed funds play a crucial role in bringing about market efficiency and effectiveness, but only as a by-product of their costly efforts to out-perform the market. Passive investment funds compete for investors by offering low-cost investment options, but they do so in part by taking market efficiency and effectiveness as given. Consequently, it is unclear if market forces alone will lead to the optimal balance of efficiency, effectiveness, and cost.
The conference was co-hosted with the Financial Conduct Authority, Securities and Exchange Board of India, Systemic Risk Centre and the Paul Woolley Centre for the Study of Capital Market Dysfunctionality.