The Impacts of Trade Restrictions, Market Imperfections, and Green Finance
13-15 May 2019 Paris (France)

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Conference outline

This conference tackles commodity pricing and risk management, viewed through the prisms of market imperfections and environmental concerns. The main focus is on agricultural and energy markets, with specific themes intended to shine light on what the organizers and members of the scientific, industry, and policy advisory committees believe are prominent issues (or will be in the near future). 

The specific issues, which the conference seeks to tackle, connect finance and the environment: 

1. New understandings regarding who bears risk in commodity futures markets. 

2. Derivatives design/effectiveness: new risk management products for the organic agricultural sector; basis risk and the impact of nearby futures-spot convergence issues on the term structure of grains and oilseed futures prices; effectiveness of US-based derivatives in a world where trade wars and climate change are shifting the geography of agricultural production and trade. 

3. Political risk: links between commodity price volatility andtraderestrictions; using crop insurancevs. market-based (derivatives) risk management; implications of the unfolding trade war for basis risk and trading in commodity derivatives markets. 

4. Environmental risk: pricing climate risk; measuring and managing price risk in organic agricultural markets; dealing with stranded energy assets; modeling catastrophic risk. 

5. Links between technology and commodity market quality, including risks linked to machine trading and liquidity provision in derivatives markets. 

An optional one-day seminar, targeted at select students and industry professionals, will take place on the day prior to the conference (Monday, May 13). The morning on that day will be devoted to the fundamentals of risk management in agricultural markets, with lectures by Professor Delphine Lautier (PSL—Paris Dauphine). The afternoon will feature an intensive practical seminar for current (European business people) and future (students from Illinois and Paris) “fans” of commodity risk management. Profs. Lautier and Robe (University of Illinois) will join other academic, policy and industry experts (Dr. Ashley Hungerford from the USDA, Prof. Jean Cordier from Agrocampus-Ouest, Mr. Bruno Lepoivre from Pacifica, Prof. Bruce Sherrick from the University of Illinois, Prof. Joost Pennings from Wageningen University, Prof. Josh Woodard from Cornell University) to discuss producer protection mechanisms (such as crop insurance) in the United States and in Europe.

Conference structure: The conference will run on May 14-15, 2019. In addition, a pre-conference instruction seminar targeted at interested industry professionals, policy makers, and select students will run on Monday May 13th, 2019. 

 

Registration & Chatham House Rules

In order to submit a registration request, you must have a "scienceconf.org" account. Creating one takes only one minute (click on "create account" in the drop-down login box, at the top right of the current page). Once logged in as scienceconf.org user, you will have access to the registration module (click "Register" on the left column). 

NB: The conference will be held under the Chatham House Rules, i.e. participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s), nor that of any other participant, may be revealed. All participants will commit themselves to respect these rules. 

 

Sponsors

The conference is organized and supported by:

  • "MiMO" Oilseed Markets Research Initiative 
  • InterAmerican Development Bank (IDB)

with additional financial support from: 

  • PSL—Paris-Dauphine Research University (DRM-Finance, LEDA & House of Finance)
  • TCCCF—The Clearing Corporation Charitable Foundation 
  • (through the University of Illinois’s CCCF Endowed Professorship in Derivatives Trading)
  • MFRL—Marketing-Finance Research Lab (University of Maastricht, Netherlands)
  • CORMEC—Commodity Risk Management Expertise Center (a joint initiative of Wageningen University, Maastricht University, and the University of Illinois at Urbana-Champaign)
  • LABEX "Finance & Sustainable Growth"—Louis Bachelier Institute
  • Risks and Financial Protection of Agriculture Research Initiative
  • Chair Finance and Sustainable Development
  • FiME Lab Research Initiative

 

Organizers and scientific committee

Organizers: Michel Robe, Delphine Lautier, Joost Pennings, Andrew Powell, Clémence Alasseur, Bertrand Villeneuve, Damien Fessler 

Scientific Committee:

  • Mike Adjemian, University of Georgia
  • Yacine Aït-Sahalia, Princeton U
  • Kathy Baylis, U of Illinois  
  • Eugenio Bobenrieth, UC Chile
  • Colin Carter, UC Davis                                    
  • Mike Cook, U of Missouri                              
  • Ivar Ekeland, Université Paris-Dauphine
  • Kris Jacobs, U of Houston
  • Will Martin, IFPRI
  • Erica Myers, U of Illinois                                
  • Joëlle Miffre, Audencia Business School         
  • Nikos Nomikos, Cass Business School 
  • Anna Pavlova, London Business School 
  • Bruce Sherrick, U of Illinois   
  • K. Geert Rouwenhorst, Yale U    
  • Duane Seppi, Carnegie Mellon U 
  • Betty Simkins, OK State U 
  • Andres Trujillo-Barrera, U of Idaho
  • Rick van der Ploeg, Oxford U  
  • Kumar Venkataraman, SMU          
  • Josh Woodard, Cornell U                                             

 Regulatory/policy advisory committee & panel members: 

  • Chair: Andrew PowellPrincipal Research Advisor, IADB
  • John Baffes, Senior Economist, World Bank
  • Tassos Haniotis, Director, DG Agriculture, EU
  • Scott Mixon, Associate Director of Research, CFTC
  • Lynda Williams, Deputy Director, Customer Risk, CFTC
  • Herman Kamil, Chief of Uruguay’s Debt Management Unit
  • Juan Pablo Newman, former Head of Public Credit, Ministry of Finance, Estados Unidos Mexicanos

 Industry advisors and panel members:

  • Chair: Clémence Alasseur, Heald of Fime Lab, EDF R&D
  • Christophe Beaunoir, CCO, Groupe Avril-Saipol
  • Marie Brière, Head of Investor Research Center, Amundi
  • Bahattin Büyükşahin, Head of Energy Research, ADIA
  • Ron Filler, NYLS; Public Director, NFA and NYSE-Liffe US
  • Nicholas Kennedy, Head of Commodities, Euronext
  • Jeff Kuijpers, Exec. Director, CME Group – Commodities E/ME/A
  • Jean-Michel Lasry, Data Lab – Institut Louis Bachelier
  • Bruno Lepoivre, Asst. Director, Agri. & Prevention Sector, Crédit Agricole Assurances—Pacifica
  • Deborah Wiese, Asst. Director, Commodity Risk Management, Bayer A.G

 

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