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The Big Interview: Martin Scheck

Tuesday 13 July 2010 - by Nicola York


Although primarily focused on cross-border business in Europe, ICMA has strong links with the major financial centres worldwide and has a set of memoranda with regulators and trade associations, such as in Russia and China. This allows them to share information and best practice and try and learn from each other. All the major US banks are part of ICMA’s membership and they join in when they do their cross-border business which primarily is focused in London.

Scheck says there is some crossover; for example Russia has a big domestic repo market and ICMA is working with them to see if that could be moved into a more international repo market.

Does he think enough is being done to prevent a future crisis? Scheck says it is impossible to predict everything, but he believes that there is a good attempt to build a framework that works.

“We don’t always know where systemic risk is going to come from, but at least we’ve got a body now which is looking out for it, and trying to spot it before it gets into a particular crisis mode. I think it is a very good stab at trying to stop future crises, but will it work? I am convinced that at some point there is going to be a future crisis, there is bound to be but hopefully the ESRB will be well placed to spot it early so that we can take measures to reduce its severity.”


If he could wave a magic wand and change one thing on the regulatory side, what would it be? Without hesitating, Scheck says: “I would want a functioning single European rule-book. In a way, whether it is completely right or only largely right, that is not the issue; everyone knows where they are. I think that would be a brilliant piece of legislation to come in.”


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