Today, Thomson Reuters, along with the Atlantic Council, the Rotman School of Management, and The Embassy of Canada are hosting a special event, The Financial Crisis: Lessons Learned From Canada and The Way Forward.
The second session today, a panel moderated by Chrystia Freeland, Editor of Thomson Reuters Digital, looked ahead.
Ted Price of the Office of the Superintendent of Financial Institutions, Canada led with the opinion that “by and large regulatory rules are backward-looking” and therefore ill-suited to prepare us for the future, placing emphasis on the critical importance of supervision.
Jill Sommers, Commissioner of the Commodities Futures Trading Commission spoke to the enormous challenges of crafting regulation in the aftermath of the crisis, saying that making regulation(s) consistent, global and along different timelines, as they are dealing with, was a task of significant complexity and one causing uncertainty for all participants.
Thomson Reuters CEO Tom Glocer pointed to what he called ‘many sensible policies and principles’ in Canada’s approach to markets and business, and raised the challenge of reconciling international activities like electronic trading of ForEx with local/national jurisdiction.
Gordon Nixon, President and CEO of RBC Financial Group talked of the need for “smart regulation” that focused on root causes and effective solutions, and was not overly complex, saying the current situation was “having economic impact.” Nicholas Véron of the Peterson Institute for International Economics discussed deregulation versus re-regulation and the need to figure out what belongs at the local versus international global level(s) in regulatory reform.
Katharine Ramsden is managing editor, Thomson Reuters.