Report on the 12th Annual Financial Market Liquidity Conference

Abstract

The Annual Financial Market Liquidity Conference, one of the most important international financial conferences in Hungary, was held for the 12th time at the Corvinus University of Budapest (CUB). Similarly to previous years, the conference, held on 11–12 November 2021, was organised jointly by the Department of Finance of the Institute of Finance, Accounting and Business Law of CUB and the Momentum Game Theory Research Group of the Centre for Economic and Regional Studies. In addition to the Foundation of the Department of Finance, as the gold sponsor, KELER CCP, Morgan Stanley and OTP Bank acted as key sponsors. Due to the continuation of the coronavirus outbreak, the conference was held in a hybrid form for the first time in 2021, allowing the more than 150 registered participants to join online, while also offering the possibility to attend in person at the university. The conference alternated between plenary presentations and parallel sessions focusing on different topics. The parallel sessions on the first day covered the following topics: savings and households, market microstructure and machine learning, theory, risks, market efficiency, ESG investments and sustainability. Topics of the parallel sessions of the second day: asset pricing and ESG investments, fintech, theory and experiments, market microstructure and corporate finance, bonds and financial institutions, and bankruptcy prediction. Four of the 53 presentations in total were keynote speeches, and another seven were given by invited experts. More than half of the speakers were from abroad.