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This lecture dealt with two topics. First, the Chair in Experimental Economics at Lumière Lyon II University reported on the results from the first year of research, which focussed on the potential consequences of creating a shared settlement platform in Europe as part of the Target 2 Securities project.

The method  onsisted in analysing the behaviour of financial participants using a theoretical model, analysing CSD pricing policies, with and without T2S, and validating the experimental tests using econometric tools. Second, three market infrastructure providers – NYSE Euronext, LCH.Clearnet SA and Euroclear France – reported on progress and timing for their main projects, which will have a bearing on users.

Questions of collateral management and access to Eurosystem refinancing are central to the concerns created by the liquidity crisis on markets. On 17 July 2008, the Governing Council of the ECB launched the Collateral Central Bank Management (CCBM2) project, which seeks to create a common platform for managing Eurosystem collateral.

It also assigned responsibility for developing and managing the platform to the Banque Nationale de Belgique and De Nederlandsche Bank.

On the border between the securities and cash environments, CCBM2 is an integral part of the changes to the post-trade sector, along with Target 2 and Target 2 Securities (T2S).

Once it comes onstream, which it is scheduled to do before T2S, CCBM2 will replace the 3G collateral management system introduced by the Banque de France last year.

The new platform address the market’s needs in terms of harmonising the procedures for accessing Eurosystem refinancing. It will also open the way for new tools to make collateral management more efficient.

What progress has been made on the project? What functionalities will the new platform offer? What are the expected market benefits? The lecture provided an opportunity to explore these questions and gather feedback about the initiative.

Going into 2009, the world was facing two major crises: an unprecedented economic and financial crisis, but also a longer-term global climate crisis. Conflicts of interest between short-term and long-term stewardship of the global economy have rarely been so pronounced.

But the idea that the two can be reconciled is gradually taking hold.

The US, Chinese, German and Japanese economic stimulus plans all included «green» measures. A full 35% of the investments earmarked under the French plan will go to applying France’s environmental roadmap.

As an engine of the economy, finance has a key role to play in helping companies adopt sustainable development approaches.

By contributing to «green growth», the financial industry will help make the economy more adaptable and resilient.

The lecture addressed new risks, practices, products and markets through the prism of the emerging discipline of environment and climate finance, and the views of market participants.