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Developing Capital Markets in the Baltics

The 8th International
Financial Markets Conference

1 October, 2021

Radisson Blu Hotel Lietuva,
Konstitucijos Av. 20, Vilnius, Lithuania

About

The 8th International Financial Markets Conference, organized by the Ministry of Finance of the Republic of Lithuania, the European Court of Auditors and the Association of Lithuanian Banks, brings together policymakers and business practitioners in Lithuania for the thought-leadership and idea-exchange on financial markets.

23

Speakers

250

Participants

Valuable

Connections

The free movement of capital is a fundamental pillar of the European Union, along with the free movement of people, goods and services. In the EU, businesses traditionally rely primarily on bank financing. Nevertheless, strong capital markets offer businesses and citizens advantages such as diversified funding sources, investment opportunities and risk sharing. This also increases the resilience of the economy. Currently, there are significant geographical differences between Member States when it comes to the capitalisation, liquidity and depth of their local capital markets. Member States in the west and the north tend to have better developed capital markets and self-reinforcing capital hubs in comparison to Member States in the east and the south.

To provide alternative funding sources for start-ups and small and medium-sized enterprises and to mobilise private capital, the European Commission has been making efforts to supplement the Banking Union with a Capital Markets Union. Despite important progress made so far, some fundamentals, such as retail investor participation and financial literacy for SMEs, are still lacking. EU capital market integration remains insufficient due to cross-border barriers such as differing insolvency proceedings and the debt-equity bias.

EU institutions and bodies, governments, central banks, international institutions and the private sector have an important role to play in developing efficient capital markets throughout the Union. The recent commitment of the three Baltic States to create a regional pan-Baltic capital market is an important development in the Baltic’s progress towards further advanced economies. Combining and harmonising the Baltic capital markets, will offer banks and businesses better access to financing and instruments such as covered bonds and commercial papers. The bigger market will also increase the attractiveness as an investment destination, which should increase competitiveness, create jobs and strengthen resilience.

This conference will offer a forum for discussion about the needs of EU and Baltic capital markets and required action with high-level speakers and participants from EU institutions, Baltic Member States and the industry. Discussions will include consideration of recent policy efforts and the role of the public sector in improving the functioning of EU and Baltic capital markets.

Schedule

Time
Session / Speaker
8:30 – 9:00
Registration and welcome coffee
9:00 – 9:05
Conference opening:

Gintarė Skaistė, Minister of Finance of the Republic of Lithuania

9:05 – 9:20
Welcoming Speech:

Ingrida Šimonytė, Prime Minister of the Republic of Lithuania

9:20 – 9:30
Keynote (video):

Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People, European Commission

9:30 – 11:00
Panel I – European level. EU vs local capital markets - Where do we stand?

Cross-border barriers | Retail investment strategy | Investor protection | SMEs access to finance

Moderator:

[tbc]

Panellists:

Rimantas Šadžius, Member of the European Court of Auditors

Gintarė Skaistė, Minister of Finance of the Republic of Lithuania

Werner Hoyer, President of the European Investment Bank

Mahmood Pradhan, Deputy Director, European Department at International Monetary Fund

John Berrigan, Director-General, DG for Financial Stability, Financial Services and Capital Markets Union, of the European Commission

Eivilė Čipkutė, President of Lithuanian Banking Association

11:00 – 11:30
Coffee break
11:30 – 13:00
Panel II – Fostering Efficient Baltic Capital Markets

Regional initiatives | Role of public development banks | SPAC

Moderator:

Ivars Bergmanis, Head of Institutional Markets LHV bank

Panellists:

Jürgen Rigterink, First Vice-President of the European Bank for Reconstruction and Development

Mykolas Majauskas, Chairman of the Budget and Finance Committee, Parliament of the Republic of Lithuania

Gediminas Šimkus, Chairman of the Board of the Bank of Lithuania

Andrius Načajus, CEO of Luminor

Arminta Saladžienė, Vice President, European Markets at Nasdaq

Jānis Zvīgulis, Project Manager of Capital Market Development Accelerator Fund Baltic SME IPO Fund, Senior Manager at KPMG Baltics AS

13:00 – 13:30
Coffee break
13:30 – 15:00
Panel III – Lithuanian capital markets: how to capture the momentum?

Development of Bond market | Funnelling retails investors’ billions to Capital Markets | Latvian insights from “10-step programme

Moderator:

Dovilė Burgienė, Managing Partner, Walless

Panellists:

Jekaterina Govina, Director of the Supervision Service of the Bank of Lithuania

Santa Purgaile, Chairwoman of the Financial and Capital Market Commission of Latvia

Vytautas Eidukaitis, Chair of Financial Markets Committee of Lithuanian Banking Association

Vytautas Plunksnis, Chairman of Investors’ Association

Mantas Bartuška, CEO at Lithuanian Railways

15:00 – 15:05
Closing of the Conference
15:05 – 16:00
Reception

Speakers

Valdis Dombrovskis, Executive Vice-President of the European Commission.
Q

Valdis Dombrovskis

Executive Vice-President of the European Commission.

Mr. Valdis Dombrovskis is Executive Vice-President of the European Commission responsible for an Economy that Works for People, also in charge of Trade (since October 2020). Before this, he was Vice-President responsible for the euro, social dialogue, financial services and the Capital Markets Union. In Latvia, he was his country’s longest-serving head of government with three terms as prime minister. He served as Finance Minister, was a Member of the Latvian Parliament and elected twice to the European Parliament. In his pre-political life, he worked as chief economist at the Bank of Latvia and before that, as a research assistant at Mainz University, at the Institute of Solid-State Physics in Latvia and the University of Maryland. Valdis Dombrovskis was born on 5 August 1971 in Riga, and holds degrees in both physics and economics.

Valdis Dombrovskis

Executive Vice-President of the European Commission

Gintarė Skaistė, Minister of Finance of the Republic of Lithuania.
Q

Gintarė Skaistė

Minister of Finance of the Republic of Lithuania.

Ms. Gintarė Skaistė is the Minister of Finance of the Republic of Lithuania. She has more than 14 years of experience in politics and economy – in 2016 Ms. Skaistė was elected as the Member of the Seimas (Parliament) of the Republic of Lithuania and re-elected in 2020. She worked in the Committee on Social Affairs and Labour and Committee on Budget and Finance. Prior to the Parliament, Gintare Skaiste was Kaunas City Councillor for 9 years and Deputy Chair at the Urban Development and Investment Committee. She holds Master's degree in Economics (in 2011) and a PhD in Social Sciences (in 2016). Ms. Skaistė is a Member of the Lithuanian Riflemen's Union and the Honorary Member of the Lithuanian Community of the Atlantic Treaty.

Gintarė Skaistė

Minister of Finance of the Republic of Lithuania

Werner Hoyer, President of the European Investment Bank.
Q

Werner Hoyer

President of the European Investment Bank.

Werner Hoyer has a PhD (economics) from Cologne University where he also started his career in various positions. Dr Hoyer served for 24 years as a Member of the German Bundestag. During this period, he held the position of Minister of State at the Foreign Office on two separate occasions. In addition, he held several other positions, including that of Whip and FDP Security Policy Spokesman, Deputy Chairman of the German-American Parliamentary Friendship Group, FDP Secretary General and President of the European Liberal Democratic Reform Party (ELDR).

Upon appointment by the EU Member States, Dr Hoyer commenced his first term as EIB President in January 2012. His mandate was renewed for a second term commencing on 01 January 2018.

Dr Hoyer and wife Katja have two children.

Werner Hoyer

President of the European Investment Bank

Rimantas Šadžius, Member of the European Court of Auditors.
Q

Rimantas Šadžius

Member of the European Court of Auditors.

Rimantas Šadžius is a member of the European Court of Auditors since 2016. His work focuses on the regulation of markets and competitive economy, especially the European Union’s financial governance, with its Banking Union, the Capital Markets Union and the European System of Financial Supervision. In his capacity as Member for institutional relations, he is also in charge of the Court's relations with the European Parliament, the Council and other key stakeholders. Previously, Mr Šadžius served as Minister of Finance of Lithuania, as which he coordinated Lithuania's accession to the Eurozone and chaired the ECOFIN during Lithuania's Presidency of the Council in 2013.

Rimantas Šadžius

Member of the European Court of Auditors

Mahmood Pradhan, Deputy Director, European Department at International Monetary Fund.
Q

Mahmood Pradhan

Deputy Director, European Department at International Monetary Fund.

Mahmood Pradhan is a Deputy Director in the European Department at the International Monetary Fund with primary responsibility for financial sector policies and regulation and, leads the IMF’s work on EMU architecture, including the Banking and Capital Market Unions. He was the IMF’s mission chief for the Euro Area from 2011 to 2019 and earlier the IMF’s mission chief for Japan, and Assistant Director in the Monetary and Capital Markets Department. Mr. Pradhan also spent a long period in the private financial sector, as Chief Emerging Markets Strategist at Tudor Investment Corporation and subsequently an Emerging Markets Portfolio Manager at a macro hedge fund in London. In his early career, Mr. Pradhan was an economist on Monetary and Financial market issues at the Bank of England.

Mahmood Pradhan

Deputy Director, European Department at International Monetary Fund

John Berrigan, Director-General, DG for Financial Stability, Financial Services and Capital Markets Union, of the European Commission.
Q

John Berrigan

Director-General, DG for Financial Stability, Financial Services and Capital Markets Union, of the European Commission.

John Berrigan is currently the Director-General, DG for Financial Stability, Financial Services and Capital Markets Union, of the European Commission. John has been a Commission official since the mid-1980s and has spent much of that time working on financial-sector issues first in DG ECFIN and now in DG FISMA. He has also worked on monetary policy and exchange-rate analysis in the context of preparations for the introduction of the euro in 1999. In the mid-1990s, he worked for several years with the International Monetary Fund. John has a Master’s degree in economics from University College Dublin.

John Berrigan

Director-General, DG for Financial Stability, Financial Services and Capital Markets Union, of the European Commission

Jürgen Rigterink, First Vice-President of the European Bank for Reconstruction and Development.
Q

Jürgen Rigterink

First Vice-President of the European Bank for Reconstruction and Development.

Jürgen Rigterink is the EBRD's First Vice President and the Head of its Client Sevices Group. Mr Rigterink oversees the Client Services Group which is comprised of the Banking and Policy & Partnerships departments. He has overall responsibility for implementation of Banking and Policy objectives, ensuring that EBRD investments, policy engagement and advisory services deliver the maximum transition impact in the countries where the EBRD works. From July to November 2020, Mr Rigterink was also the EBRD's Acting President, running the Bank in the period between the departure of Sir Suma Chakrabarti and the arrival of Odile Renaud-Basso. Before he came to the EBRD in 2018, Mr Rigterink was the Chief Executive Officer and Chairman of the Management Board of FMO, the Dutch Development Bank. Before his time at FMO, he worked in the private sector at ABN AMRO, where he ran the company’s activities in Kazakhstan and held a number of senior positions including Sector Head of Central and Eastern Europe, Middle East and Africa.

Jürgen Rigterink

First Vice-President of the European Bank for Reconstruction and Development

Santa Purgaile, Chairwoman of the Financial and Capital Market Commission (FCMC).
Q

Santa Purgaile

Chairwoman of the Financial and Capital Market Commission (FCMC).

Santa Purgaile has been Chairwoman of the Financial and Capital Market Commission (FCMC) since 23 October 2019. Santa Purgaile has more than 20 years of experience in the banking sector in various positions, including leadership of corporate customer segment, small and medium-sized businesses and retail segments.

Prior to the FCMC, Santa Purgaile held the position of the Member of the Board of AS "Citadele Banka", where she was responsible for planning and ensuring the development of Citadele Group's business and strategy in the Baltic region. Moreover, she had been Co-Chair of the Crediting Committee of the Finance Latvia Association.

Santa Purgaile

Chairwoman of the Financial and Capital Market Commission (FCMC)

Gediminas Šimkus, Chairman of the Board of the Bank of Lithuania.
Q

Gediminas Šimkus

Chairman of the Board of the Bank of Lithuania.

Gediminas Šimkus is a Chairman of the Board of the Bank of Lithuania and a member of the Governing Council of the European Central Bank. He joined the Bank of Lithuania in 2002, and over the 18 years of his work at this institution consistently furthered his career, gaining experience in banking supervision, financial stability, analysis and forecasting of global and domestic economic developments, monetary policy formation, macro-prudential and economic policy decision-making, statistical compilation and dissemination. Two years spent working at the European Central Bank (ECB) contributed even more to his knowledge and experience. As Member of the Board of the Bank of Lithuania, he oversaw the field of banking and financial stability.

Gediminas Šimkus

Chairman of the Board of the Bank of Lithuania

Mykolas Majauskas, Chairman of the Budget and Finance Committee, Parliament of the Republic of Lithuania.
Q

Mykolas Majauskas

Chairman of the Budget and Finance Committee, Parliament of the Republic of Lithuania.

Member of Parliament and Chairman of Budget and finance commitee at Seimas. Mykolas has demonstrated history in public and private finance, skilled in public policy, business development and investment banking. Strong operations professional with a bachelor of economics in finance and banking from University of Sydney.

Mykolas Majauskas

Chairman of the Budget and Finance Committee, Parliament of the Republic of Lithuania

Jekaterina Govina, Executive Director of Financial Market Supervision Service at the Bank of Lithuania.
Q

Eivilė Čipkutė

President of Lithuanian Banking Association.

Economist dr. Eivilė Čipkutė was appointed President of the Lithuanian Banking Association in 2020. Previously E. Čipkutė worked as a senior policy advisor at the European Investment Fund office in Brussels, Belgium. She also served as senior advisor to the World Bank's Office of the Executive Director of the Nordic and Baltic Countries at World Bank's headquarters in Washington, D.C., USA. Before continuing her career in international institutions, E. Čipkutė worked at the Lithuanian Ministry of Finance, where she headed the Financial Markets Policy Department, was the board member and chairperson of several state-owned companies. Moreover, E. Čipkutė represented Lithuania in the Committees of the EU Council and the European Commission, dedicated to Finance and Banking. E. Čipkutė has obtained master's degree in international business at Georgetown University in the USA and has defended her doctoral dissertation in the field of social sciences and economics at Vilnius University.

Eivilė Čipkutė

President of Lithuanian Banking Association

Jekaterina Govina, Executive Director of Financial Market Supervision Service at the Bank of Lithuania.
Q

Jekaterina Govina

Executive Director of Financial Market Supervision Service at the Bank of Lithuania.

Is an Executive Director of Financial Market Supervision Service at the Bank of Lithuania. She is responsible for the supervision of prudential, business conduct and anti money laundering areas of Lithuanian financial market, as well as supervision of Lithuanian capital market. Before her current role she was responsible for the implementation of Lithuanian financial technologies (FinTech) strategy.

Jekaterina Govina

Executive Director of Financial Market Supervision Service at the Bank of Lithuania

Andrius Načajus, CEO of Luminor.
Q

Andrius Načajus

CEO of Luminor

Graduate of Stockholm School of Economics, Andrius is a seasoned banker of Nordic variety – honest, dedicated, persistent and straightforward. His career in the financial world began in 1999 when he spent almost 3 years in a position of Senior Associate at Trigon Capital, Estonian asset management firm. In 2002, Andrius became a Head of Investment banking at DnB-Nord bank in Vilnius, Lithuania. Later on, he has been awarded a position of the Head of DNB Markets in 2010 and headed the Corporate Bank division of DNB bank in Vilnius in 2014. Andrius is a country head of Luminor from the very beginning of bank’s activities in the Baltics. In 2019 he became a head Luminor’s Corporate banking as well. Andrius is a keen traveller. He speaks Lithuanian, English, Russian and Norwegian. Norway is his favourite travelling destination.

Andrius Načajus

CEO of Luminor

Ivars Bergmanis, Head of Institutional Markets LHV bank.
Q

Ivars Bergmanis

Head of Institutional Markets LHV bank.

Ivars Bergmanis has more than 30 years of global financial market experience. After working for four years on the buy side in Australia with Colonial Mutual Investment Management, he has spent the rest of his time on the sell side. This included 7 years in London with HSBC Investment Bank, where he was the Global Co-ordinator for natural resources research and part of an Institutional Investor research award-winning team. Since 2004 he has focused on the Baltics and has participated directly in almost every significant Baltics-related IPO/ECM transaction including as a senior team member of SEB Enskilda (2007-2008) and Suprema Securities / Evli (2004-2006). Since 2010 he has been with LHV Bank.

Ivars Bergmanis

Head of Institutional Markets LHV bank

Arminta Saladžienė, Vice President, European Markets at Nasdaq.
Q

Arminta Saladžienė

Vice President, European Markets at Nasdaq

Since 2017 Arminta serves as Vice President of European Markets at Nasdaq, responsible for the stock exchanges and a central securities depository in Estonia, Latvia, Lithuania and Iceland, as well as post trade services in the Nordics. She chairs the Supervisory Councils/Boards of Directors of Nasdaq Vilnius AB, Nasdaq Tallinn AS, Nasdaq Riga AS, Nasdaq CSD SE and Wizer Solutions AB. Arminta is also the CEO of Nasdaq’s Global Technology and Business Services Center in Vilnius, Lithuania. A board member of Invest Lithuania, a co-founder of the women leadership organization “Lydere”, a member of the Board of Trustees of the Vilnius University Endowment. One of the initiators and the first Chair of the Baltic Institute of Corporate Governance.

Arminta Saladžienė

Vice President, European Markets at Nasdaq

Mr. Vytautas Eidukaitis, Chair of Financial Markets Committee of Lithuanian Banking Association
Q

Mr. Vytautas Eidukaitis

Chair of Financial Markets Committee of Lithuanian Banking Association

Mr. Vytautas Eidukaitis has more than 20 years of experience in the banking industry. After his university studies he started off as FX dealer and promptly continued his professional career in different managerial positions being responsible for multiple product lines including assignments across Baltic countries. All those roles were related to Financial Markets products and services, an area where Vytautas has gathered a lot of expertise. Currently Vytautas is heading Financial and Capital Markets activities at “Swedbank”, AB, covering delivery of Markets and Securities services products to large corporates and institutional clients directly, and supporting the rest of the bank serving the retail segment. As a side role, Vytautas was chosen to chair the Financial Markets Committee in Association of Lithuanian Banks, an honorable role in the committee, the activities of which are targeted at driving the development of Financial Markets in Lithuania.

Vytautas Eidukaitis

Chair of Financial Markets Committee of Lithuanian Banking Association

Dovilė Burgienė, Managing Partner, Walless.
Q

Dovilė Burgienė

Managing Partner, Walless

Dovilė is a Managing Partner at Walless with over 20 years’ experience in corporate governance, mergers and acquisitions, venture capital, private equity, real estate transactions and private wealth. Dovilė is one of the most renowned M&A lawyers in the Baltics and is listed in the Legal 500 Hall of Fame in Corporate and Commercial for received constant praise by her clients and continued excellence. IFLR1000 has been named as the strongest female lawyer working in her field of practice nationally. Dovilė also acts as a Vice President and Board Member of the Lithuanian Business Confederation (member of International Chamber of Commerce) and Co-Founder and Chair of the Board of the association "Lyderė".

Dovilė Burgienė

Managing Partner, Walless

Mantas Bartuška, CEO at Lithuanian Railways.
Q

Mantas Bartuška

CEO at Lithuanian Railways.

Mantas Bartuska is the CEO of Lithuanian railways. He is also a member of the Board of AB Klaipėdos Nafta. Mantas has been elected to the steering committee of CER, Europe's largest railway association. M. Bartuska has accumulated his professional experience in the fields of auditing, finance and management, worked as a consultant at BDO and Ernst & Young Baltic. For four years, Mantas was the Head of the Finance and Administration Department of the oil product handling company, later he became General Director of Klaipėdos nafta. Also, he chaired the board of the energy resource exchange operator UAB Baltpool for three years. He holds bachelor’s degree in management and business administration from Southern Denmark University and also, he graduated from leadership studies at Cambridge Judge and Business school.

Mantas Bartuška

CEO at Lithuanian Railways

Vytautas Plunksnis, Chairman of Investors’ Association.
Q

Vytautas Plunksnis

Chairman of Investors’ Association.

Mr Vytautas Plunksnis has more than 20 years of experience of working in the Baltic private equity and capital markets, investing in Central and Eastern Europe and handling M&A transactions. The majority of his professional career is spent with leading Baltic asset management group Invalda INVL, with assets under management of more than EUR 1,2 bln, where he has worked in different positions from 2016, starting from a financial analyst. Currently, Mr Plunksnis is a Board member and Head of Private equity at INVL Asset Management - leading Lithuanian multi-asset manager. Mr Plunksnis has gained a lot of experience on a different interpretation of EU legislative acts in different countries, peculiarities of creating, distributing (including cross-border) and managing different investment products. Also, he has significant experience protecting minority investors. In 2009 he had co-founded Investors Association in Lithuania. He was announced “Ambassador the Lithuanian capital market” in 2013 by the NASDAQ Vilnius stock exchange.

Vytautas Plunksnis

Chairman of Investors’ Association

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