Working Groups
The following working groups have been established:
Promotion
Legislation and Regulation
Development of Financial Products and Services.
Innovation and Technology
Human resources
Working Group 1: Promotion
Promoting Madrid Centro Financiero is of the highest importance. It is therefore necessary to identify differential factors that will grant Madrid a competititve advantage over other financial centres. Madrid already counts on an array of competitive advantages such as the leadership of Spanish banks in infrastructure public-private financing, as well as the standing of our securitisation market as the second in Europe and the ranking of the Madrid Stock Exchange as fourth, with regards to equity trading.
Another important objective is to undertake an effort towards maintaining and enhancing the image of the Spanish financial sector, so as to take good care of its promotion and visibility.
Working Group 2: Legislation and regulation
The institutional and regulatory framework is also crucial. In big international financial centres, all actors are aware of the fact that counting on an adequate and flexible regulatory system is a decisive factor. This is the reason why the adoption of regulatory reforms should be suggested to the Spanish administration, provided Madrid concentrates over two thirds of the international financial activity of the financial sector.
Madrid Centro Financiero aims to gather the interests represented in specific existing business and professional associations, possibly leading these types of proposals.
Working Group 3: Financial Product and Service Development
The main objective is to promote the development of specific products and services which will enhance the appeal of the financial sector offer. Among others, initiatives dealt with include creating products for attracting sovereign funds, proposing innovative SME financing tools, developing credit insurance, Covered Bonds, investment fund aid, MIDCAPS investment, etc.
Working Group 4: Innovation and Technology
The financial business is becoming more global and competitiveness implied with this type of operations requires strong investments in technology. The union that Madrid Centro Financiero implies can lead to joint developments. Identifying such developments, establishing priorities on the basis of its interest is crucial. Moreover, the association will focus its efforts on the identification of initiatives which are likely to receive EU financing, being able to lead the proposals and, on the condition that the content is ambitious enough, claiming its establishment within the R&D VII Framework Programme of one of the so-called “European Technological Platform” referred to a certain type of financial product.
Working Group 5: Human Resources
The changing, complex and competitive environment that features the financial sector implies counting on skilled professionals who are able to adapt to the changing needs of the sector. The main value of any company, especially in the sector we are here dealing with, is in its human resource. In this sense, training and capacity building, together with measures aimed at the retention and attraction of skilled individuals, are of the highest importance.
The fact that many business schools already exist in Madrid, which already attract students from overseas and provide excellent teams to companies in the financial services sector, already constitutes an excellent starting point for this working group.
