12:00
Collateral Conference 2026
Programme
Opening remarks
Valérie Urbain, CEO, Euroclear group
Panel 1 – Repo: Liquidity, balance sheets and repo in the era of quantitative normalisation
Monetary policy in Europe and globally is shifting to remove excess liquidity from the market paving the way for repo markets to play a growing role in funding and liquidity redistribution.
This panel will examine the impact of quantitative normalisation on balance sheet management, collateral flows and the future evolution of repo markets.
Panel 2 – Collateral in the crosswinds: How the buyside is navigating repo and securities lending volatility
Market volatility, evolving regulation, shifting liquidity conditions and changing collateral requirements are reshaping the way buy-side firms access funding and source securities. As repo and securities lending markets become increasingly strategic, asset managers, insurers and pension funds are reassessing how they optimise collateral, manage liquidity and enhance market access.
This panel brings together leading buy-side and market participants to discuss how they are responding to today's market dynamics, the growing role of collateral management and the opportunities and challenges arising from changes in repo and securities lending markets
Fireside chat
Sebastien Danloy – Chief Business Officer, Euroclear
Matthieu Wiltz – Co-CEO Europe, Middle East & Africa, J.P. Morgan
Euroclear update
Marije Verhelst – Head of Product Strategy and Product Development Collateral Management and Securities Lending, Euroclear
Chris Watts – CEO, Tonic
Keynote speaker: Janet Henry, Global Chief Economist, HSBC
The global economy has been resilient supported by fiscal stimulus and the AI boom but faces ongoing geopolitical tensions, global tariff developments and severe weather events, all fuelling inflation risks and raising sovereign debt concerns. Janet will guide us through the implications for policy rates and economic growth prospects.
Panel 3 – Securities finance – beyond funding: The strategic role of securities finance
Securities finance has moved beyond funding. It is now a strategic tool for unlocking balance-sheet capacity, optimising collateral, managing liquidity and enhancing returns.
In this session, market experts will examine how securities lending and repo markets are adapting to regulatory reforms, growing collateral demands and changing market dynamics – and why securities finance is increasingly at the heart of firms' treasury and collateral strategies.
Keynote speaker: Michael Metcalfe, Head of Macro Strategy, State Street
With geopolitical uncertainty, economic volatility, climate change, the rapid rise of AI and emerging technologies, the future can seem more unpredictable than ever. Yet alongside these challenges come significant opportunities. In his keynote address, Michael Metcalfe will highlight the significant changes we have observed in the behaviour of asset managers and central banks as they navigate this new market regime and what this means for 2027.
Panel 4 – From experimentation to execution: Scaling innovation in collateral
As digital assets move closer to mainstream adoption, this panel brings together fintechs, market infrastructures and practitioners to discuss what it takes to turn innovation into execution. What are the critical enablers for scaling? Panelists will share real-world experiences of integrating new technologies into market infrastructures, addressing operational and legal challenges, and demonstrating measurable business value.
Closing remarks
Mike Reece, Managing Director, Head of Market Liquidity, Euroclear
