Wednesday, March 4, 2009

Date Wednesday, March 4, 2009
Venue London, United Kingdom
Joseph Gaggero Hall, The Royal Institute of International Affairs, Chatham House
Chatham House, 10 St. James's Square London SW1Y 4LE, UK
Sponsors Japan Economic Foundation (JEF)
The Royal Institute of International Affairs (Chatham House)

The Post-Crisis Landscape for International Financial Centres - Sink or Swim?
Session 1: Tokyo's competitiveness as an international financial centre
Session 2: Emerging centres: what is necessary to become a global financial centre?
Session 3: The senior centres: scenarios for the future
Session 4: Implications of the global economic crisis for international
financial centres


SummaryChatham House Report - The Outlook for Tokyo

Chairman's SpeechOpening remarks by Mr. Noboru Hatakeyama (March 4, 2009 @ JEF-Chatham House Symopsium in London)

JEF-Chatham House Symposium

Dr. John Llewellyn, Member of Council, Chatham House, Dr. Paola Subacchi, Research Director, Chatham House, distinguished guests, ladies and gentlemen,

It is my great pleasure and honor to welcome all of you to the JEF-Chatham House Symposium "The Post-crisis Landscape for International Financial Centers-Sink or Swim?"

Just two years ago, Japan Economic Foundation and Chatham House co-organized the workshop focusing on the rise of China and India and Its impact on Japan, UK and world economy. In the same year JEF invited Dr. Robin Niblette the director of Chatham House to Japan and organized an international symposium in Tokyo, entitled "New age for Asia-Europe relations."

The relation between JEF and Chatham House started back in 1986 when Japan- UK High Technology Industry Forum was held for the first time. In these 20 or so years, JEF had been the constant organizer for Japan side. British side was represented by Chatham House at early stage and APTN (Asia-Pacific Technology Network) which spun out from Chatham House succeeded that role at later stage.

Now this time, we agreed to co-host this very important symposium focusing on the current financial turmoil and its implication to International Financial Centers.

Prior to this symposium, JEF and Chatham House jointly held research workshop in November last year in Tokyo aiming at exploring Tokyo' s competitiveness as an international financial center. We had a very interesting discussion on whether Tokyo can weather the storm.

Last December JEF held Japan-US Conference with an American law firm in Washington D.C. on Japan-US relationship; "New Challenges, New Opportunities for New Administration." Based on the discussion, we concluded a Joint Action Agenda which included issues on economy, trade and climate change.
We also dealt with the current financial crisis and argued that many of the current problems were foreseeable and there needed to be a full-scale efforts by officials and experts from the US, Japan and Europe to investigate the problems and make necessary corrections. In the light of this, we suggested that the establishment of a US-Japan-European Union Trilateral discussion forum would be beneficial, aiming at collaboration on how financial markets and corporate governance need to be improved.
In addition to this, our suggestions included following points:

-Supervising and regulating the derivatives market
-Regulating the nonbanks
-Correcting flaws in executive compensation for CEOs to take excessive risks with other people's money
-Reexamining the payments system for rating agencies
-Reexamining risk models

I hope that at this symposium we will discuss those issues in addition to the international financial center issues.

On this note, I would like to take this opportunity to express my heartfelt gratitude to Dr. John Llewellyn, Dr. Paola Subacchi all distinguished speakers and the panelists and other participants for joining this symposium.

Finally, I would also like to thank all staff of Chatham House, which has greatly contributed to this symposium. I wish all of you an interesting and fruitful discussion.

Thank you very much.

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