2009-04-27 23:39:03 -

Paris EUROPLACE, whose role is to represent and promote the Paris financial marketplace, organized its annual Financial Forum in New York on April 27 to foster dialogue regarding lessons of the financial crisis, restore confidence and develop new opportunities in financial markets. The Forum was attended by 300 French and US representatives of investors, issuers, banking and financial institutions, as well as regulators.

Christine LAGARDE, French Minister for Economy, Industry and Employment addressed the global path toward resolving the financial crisis and implementing a global regulatory framework that is comprehensive, coordinated, and right-sized – without stifling innovation, being too centralized or omitting territories, products and institutions. She also said that Paris is well-positioned in two emerging areas of finance – Islamic

finance and carbon trading – where she sees new competition with other centers of global finance, and she praised US President Barack OBAMA for his support for carbon cap-and-trade and his goals of a greener world.

Gérard MESTRALLET, Chairman of Paris EUROPLACE, indicated that “the recent conclusions of the G20 summit represent positive steps to identify the problems arising from the financial crisis and to apply solutions, notably in terms of better regulation for international markets.” However, Gérard MESTRALLET stressed that "the devil will be in the details” and Paris EUROPLACE will follow attentively how the principles proposed at the G20 are going to be implemented.

According to Paris EUROPLACE, top priorities are: adapting accounting standards to the current economic model of businesses; reviewing International Accounting Standards Board governance with respect to fuller participation of users; implementing capital ratios with dynamic provisioning that are compatible with economic stimulation; and adoption of balanced hedge fund regulations.

Jean-Pierre JOUYET, Chairman, French Financial Markets Authority (AMF), insisted on the necessity to accelerate international regulation convergence. A key priority is to improve transparency in market practices.

Gérard MESTRALLET underlined that the Paris marketplace has better resisted the crisis than many other international financial centers, thanks to.

- the quality of regulation: the Paris financial marketplace benefits from a good balance between investor protection and an attractive financial center governed by a new set of European regulations, and has experienced the professionalism of its regulators and the best dialogue between professionals and regulators in the management of the present crisis;

- the French model of “global financial services” based on diversified business supported by retail banking for the distribution of financial products and less leveraged activity;

- and the capacities in terms of education and research with a special focus on risk management and the future of financial innovation.

Georges PAUGET, Chairman of the French Banking Federation, underlined the quality of the confidence in the main French banks, as testified by European inquiries.


To strengthen its position, a new action plan has been adopted by the Paris EUROPLACE Board which takes lessons from the financial crisis and suggests new concrete measures to improve the attractiveness of the Paris financial center. Among the most urgent priorities:


- "Restoring confidence in markets," chaired by Michel PEBEREAU, Chairman of BNP Paribas: a working group has been launched to make immediate proposals to the Paris financial market to restore confidence between the financial sector and its environment, stimulate the finance operations of businesses, and contribute to G20 work in terms of regulatory legal matters, accounting standards, standardization of OTC products, and making financial products simpler and more transparent.


- "Financing SMEs," chaired by René RICOL, National Credit Mediator: the aim is to propose new measures to the market in order to expedite the financing of SME in both credit and equity, and to better target and speed savings invested in SME.

- "Issuers and Financial Services," chaired by Patricia BARBIZET, Chief Executive of Artemis: to stimulate the financing circuits, especially investment in equities and the secondary bond market, and to improve the quality of financial services.

Among other priorities: development of long-term asset management and savings, development of project financing, new guidelines for derivative products, acceleration of environmental finance & Social Responsible Investments, research and financial innovation.

The Paris EUROPLACE Financial Forum was organized in partnership with Caisse des Dépôts, CA Cheuvreux, Ernst & Young and NYSE Euronext, as well as media sponsors BusinessWire and The New York Times/International Herald Tribune.

About Paris EUROPLACE


The mission of Paris EUROPLACE, a non-for-profit organisation created in 1993, is to develop and further modernize the Paris financial market and promote its key advantages at the regional, European and international level. Paris EUROPLACE, which today gathers 150 member institutions, brings together a multiplicity of players in the financial industry.
corporate issuers, financial intermediaries, asset management companies, law and accounting firms and consultancies – all of which participate to the association’s actions and activities. Paris EUROPLACE also contributes to the “competitiveness clusters” program, and aims at making the Paris financial market a full-fledged center, thereby confirming its leading position, particularly in asset management and financial research. Web Site : www.paris-europlace.net :



Paris EUROPLACEArnaud de BRESSON, +33 1 49 27 11 44Managing

Director bresson@paris-europlace.com : mailto:bresson@paris-europlace.com