On June 10, 2025, LawFin Director Rainer Haselmann participated in the annual “Conference on Nonbank Financial Institutions”, co-organized by the European Central Bank (ECB) and the Federal Reserve Bank of New York (NY Fed). In his role as discussant, he provided commentary on the paper “Synthetic, but How Much Risk Transfer?” by Alex Osberghaus (University of Zurich, Swiss Finance Institute) and Glenn Schepens (European Central Bank). The session highlighted critical aspects of risk transfer in synthetic securitisations — an issue of growing relevance for financial stability and macroprudential supervision.

This conference, held on June 10, focused specifically on nonbank financial institutions (NBFIs), bringing together academics, central bankers, and market participants. It was followed on June 11 by the ECB’s “7th Annual Financial Stability and Macroprudential Policy Conference”, which took a broader perspective on macro-financial risks and regulatory approaches.

Conference Programme (ECB website)
Watch the full Day 1 recording on YouTube