Its research agenda lies within broad topics of interest identified by the researchers and the Fédération des Banques Françaises in 2008. We focus on the different stages of this chain, from design and issuance of financial products and securities, to trading, market liquidity and post-trading. We develop theoretical, empirical and experimental analyzes of these issues, in close interaction with market participants and banks. The FBF-IDEI Research Chair on the Investment Banking and Financial Markets Value Chain has been renewed in 2013 for a period of five years (2013-2017).
The members of the chair have expressed an interest in the continuation of this research agenda, and have suggested additional issues that are currently discussed within the industry (e.g. shadow banking, transparency of bond markets…). Particular emphasis is placed on empirical research, in order to better meet the new challenges of the financial industry on the one hand, and to promote French academic research on these new challenges on the other hand. This partnership enables the cooperation between academic and practitioners in order to exchange ideas on investment banking and financial markets. The French Banking Federation (FBF) created in 2008 five research chairs to tackle the issues raised by the emergence of new financial securities, institutions, markets and clearing systems.
THE MAIN OBJECTIVES OF THE FBF-IDEI RESEARCH CHAIR ARE :
- to enhance and strengthen the excellence of FBF-IDEI academic partners and members by the organization of rigorous and fruitful debates on the investment banking and financial markets value chain, of the training and research of an international scale around a topic of general interest.
- to facilitate contacts between researchers and bankersfor their mutual benefit.
To conduct this research, the FBF-IDEI "Value Chain Financial Markets and Investment Banking" Chair, is backed by the competencies of a highly-qualified team of researchers that benefits from an international reputation, and who are members of the IDEI and of Toulouse School of Economics.
TO ACHIEVE THESE OBJECTIVES, THE FBF-IDEI CHAIR CONDUCTS RESEARCH THAT HAS BEEN ORGANIZED AROUND SIX MAIN THEMES:
- High-Frequency Trading
- Clearing and Settlement Systems
- Shadow Banking
- Investment Banking
- Transparency and Liquidity in Bond Markets
- The economic role of the collaterals
These issues are explored by adopting theoretical and empirical approaches. . The research outcomes of the FBF-IDEI Research Chair have been particularly helpful to shed a new light on high-frequency trading and clearing mechanisms. A more detailed description of the research projects addressed by the Chair is available at the Chair Home Page . This work is intended to be presented at international academic conferences and published in academic journals. It also helps to promote discussions with members of the FBF, especially during IDEI and FBF jointly organized workshops.
In accordance with the charter of governance for the FBF chairs, proposed by the FBF to supervise its proceedings, the Chair is supported by by a Scientific Committee that includes 7 members:
- Three Toulouse-based researchers : Bruno Biais, Fany Declerck and Sophie Moinas.
- An FBF representative : Jean Tricou.
- Two representatives of the members of the FBF, Vivien Lévy-Garboua (BNP Paribas) and Sébastien Cortez (Société Générale).
- An external academic expert, Thierry Foucault, Professor at HEC.