A report and video footage of the award ceremony of the Dufrénoy Prize for Responsible Innovation in Finance at Mines ParisTech are available here. The Dufrénoy Prize was awarded to the Reserve Bank of India for its precautionary approach to the regulation of derivative markets, to EGAMO for the development of cooperative democratic principles in asset management and to MyHemera for its potentials for a transparent assessment of complex financial products.
As Mrs Anne Le Lorier, First Deputy Governor of the Banque de France, indicated in her commentary, “the Reserve Bank of India has achieved an outstanding job adopting a responsible behavior towards financial innovation”. To this, Mr Edouard Vieillefond, Deputy Secretary General of the Autorité des Marchés Financiers, added that the RBI’s approach “is of particular interest for other financial centers, basically because OTC derivatives until very recently have been out of the regulation scope”. The acceptance speech delivered by Shri G Padmanabhan, Executive Director of the RBI, is attached to the RBI’s press release. See also media coverage here and here.
Mr Fabrice Henry, President of EGAMO (the asset management service of MGEN), and Mr Nicolas Demont, Executive Director, observed that there is a real need for a mutual banking to “respect principles that are not exclusively financial principles” and that transparency is “a key concept that should underpin all the asset management sector”. See also EGAMO’s press release and media coverage here.
Mr Eric Lepage and Mr Pierre-Yves Rolland, initiators of the MyHemera project at Hemera Finance Concept, indicated how MyHemera’s approach to distributed knowledge could serve the financial community from several angles, including the regulatory angle, and Mr Oliver Burkart, from the European Securities and Markets Authority, indicated that in initiatives of this kind “private and public interests can coincide”. See also MyHemera tutorials and background information here.