Efforts to create a new operating framework that will enable the world to navigate out of the current financial crisis, and prevent such a catastrophe from recurring, are fraught with their own challenges.

What these difficulties are and how to effectively overcome them was the issue that exercised government and private sector finance industry experts from the UK and elsewhere at a one-day symposium in London on 18 September.

The Financial Times Global Finance Forum: Challenges in Developing a New Financial Architecture was put on by Financial Times Conferences and Events and the Cayman Islands Monetary Authority. The venue was the Andaz Hotel in the heart of London’s financial district.

The distinguished line-up of 19 speakers included: Cayman Islands Leader of Government Business McKeeva Bush; Paul Myners, Financial Services Secretary to HM Treasury; Michael Foot, who is currently conducting the independent review of British offshore financial centres commissioned by the UK Treasury; Boris Cournède, Senior Economist, Monetary and Fiscal Policy Division, Organisation for Economic Cooperation and Development; Zdenek Tuma, Governor, Czech National Bank; Dr Malcolm Knight, Vice Chairman, Deutsche Bank Group; Charles Goodhart, Professor Emeritus of Banking and Finance, London School of Economics and Political Science, and Peter Larder, former director of the Cayman Stock Exchange and founder to the Cayman branch of the Society of Trust and Estate Practitioners (STEP).

In addition, over 100 invited attendees from 27 countries registered for the event. Participants included top-level diplomats, regulators, economists, financial analysts and strategists, auditors, accountants, lawyers; directors and senior executives of banking, investment and other firms; representatives of finance industry associations; media editors and senior academics.

Financial Times Editorial Consultant and Former UK Business Editor John Willman chaired the proceedings, which began with Minister Bush delivering the introductory address.

In his remarks, the Cayman leader of government business expressed the hope that the forum would not be just “an intellectual exercise” but would “contribute to developing tangible, workable, and above all, effective solutions that we all will be able to apply, as appropriate, within our spheres of operation and influence.” He reiterated that approaches to finding solutions to the crisis and to creating a new financial architecture must be global, as the problem was global. He also made clear that the Cayman Islands had a deep interest in the soundness of the global financial system and had demonstrated its commitment to strengthening the system, through its international cooperation on several fronts.

During a programme comprising presentations and panel discussions, speakers tackled the subject matter from a number of angles. In his keynote address, Lord Myners, whose ministerial responsibilities include financial stability, City of London competitiveness, wholesale and retail markets, regulation, financial crime and the Financial Services Authority, spoke on the topic: Developing a new Financial Architecture: Lessons learned from the Crisis.

Topics covered by other speakers were: Restructuring and Reforming the Finance Sector; Perspectives on the International Crisis – One Year On; Financial Markets Outlook: Prospects for Economic Turnaround; Regulating the New Financial Sector, and Restoring Confidence in the Financial System.

CIMA partnered with the FT to develop and stage the forum, taking advantage of the strength of the FT brand to draw the attention and participation of the calibre of persons the Authority wanted to reach. CIMA’s objective was to contribute to the ongoing efforts to find effective and lasting solutions to the current crisis by stimulating focused thought and the exchange of ideas among fellow international finance industry stakeholders and thought leaders. The initiative is in line with one of CIMA’s strategic goals, notably increasing the Authority’s presence and profile within the international financial community, as a world-class regulator of a premier financial services centre.

The forum offered the additional practical benefit of allowing attendees to expand business contacts. Along with the formal sessions, there were opportunities for participants to build one-on-one relationships during breaks and at a closing reception.

CIMA intends to continue its established programme of regulatory visits to jurisdictions that are strategically important to Cayman’s financial industry and its sound regulation. The Authority will also continue to participate in international gatherings and initiatives to strengthen its ongoing collaboration with regulatory authorities, standard-setting bodies and other stakeholders. This is one of the ways in which CIMA keeps abreast of regulatory developments as they evolve and, as far as possible, influences international regulatory policy making.