Information immediately contradicted by the BankWhy not but it is really not the purpose of the debateEspecially lately among investment banksHis pen was soaked in a liquid waterproofThe project focuses on the following pointsBut perhaps this is precisely the problemThe spirit of adventure is available he saidThis comes somewhat reduce the total volumeBut for the time being they do have cureThey are significantly lower for radiologists 5Something has changed in the country of finance. Industrial, teachers, researchers and local communities have decided to work hand in hand and create a competitiveness cluster in Ile-de-France, the only one to date in the field of services. At the time of globalization, outsourcing and the transatlantic mergers, as evidenced by the project of reconciliation between Euronext and the New York Stock Exchange, the issue, it is true, has a size: it is to build a tool for mobilization to create jobs and strengthen the position and the image of Paris as a European Centre of financial expertise to London and Frankfurt. Thierry Breton already expressed for the labelling of this whole world vocation, called "financial industry: technology and innovation". The case should go to the next Interministerial Committee for the development and the competitiveness of the territory (CIACT).
Initially, the creation of a such pole which is based on three pillars: business, higher education and research did not of itself. On the one hand, the banks, from the top of their leadership in derivatives, tended rather to hide their researchers. On the other, the world of education and research, despite an internationally renowned financial mathematics school, remained very atomized, lacked means and had hardly developed links with the private sphere. "Only business schools had created chairs with companies, but rarely for the purpose of pure research," said ELYES Jouini, Vice President of the University Dauphine.
Gathering skills
That is what has changed First, "companies have understood the interest to develop their links with researchers, this is a new phenomenon," falls within the latter. In September 2003, the association Paris Europlace, which brings together major financial groups, Euronext, professional associations, market authorities and local communities, has thus created the Europlace Institute of finance, became recognized of public utility and chaired by Jean Laurent Foundation. Then another was launched, the foundation of the risk, chaired by André Lévy-Lang, which brings together research institutes (Dauphine, Ensae, Institute of Actuaries, Polytechnique) and companies (AXA, AGF, Groupama, Société Générale). Under their leadership, six chairs have been launched in a few weeks...
Then, the State played its role, creating two years ago, a tax credit of 60 on donations made by corporations to the foundations of research. Finally, researchers and teachers try to more gathering skills: joint seminars, creations of journals project, establishment of a network thematic of advanced research in financial mathematics and constitution of poles of research and higher education Varsity... they have good cards to play. "We can maintain a good level of research in mathematical finance with academic and technical students level." "It is an asset to the Anglo-Saxon countries," underscores Nicole El Karoui, Professor at the Ecole polytechnique and at Paris-VI, which formed a large part of the "traffickers" Bank (quantitative engineers) in Paris and London.
But it is clear that the importance of the financial industry in the Ile-de-France and the spectrum of its relocation played a major role in the maturation these last months of the pole of competitiveness. Bertrand Delanoë, the Mayor of Paris, and Jean-Paul Huchon, the President of the region, which will be present this evening at Europlace meetings, are convinced of long date, as the officials of the Chamber of commerce and industry of Paris-Ile-de-France.
Banks, insurance, asset management and other financial activities represent around 260,000 jobs in Ile-de-France and about 15 of regional GDP. "It is an essential industry." "If you want to keep employment quality and the centres of European or global scope decisions, it financial services", underscores the Deputy Mayor of Paris and former Minister for the budget Christian Sautter.
A binomial to his head
Through this new pole, French financial industry sets the ambitious objective of raising its market share of 11 to 20 of the European market in ten years. "This is the time or never to fight for returning parties overseas young researchers", said André Lévy-Lang, former boss of Paribas. "Given the weight and quality of our asset management industry, it seems realistic to make Paris a centre for information and research of first plan in this area, as is already the case in financial mathematics", notes Hervé-Saint-Sauveur, Adviser to the President of the Société Générale.
Moderated by Paris Europlace cockpit structure mounted the project. The city, the CCIP and region have also signed partnership with Europlace charters. Quickly, Paris Europlace is imposed as a natural joining of the pole. However, the pole will have its name, its image and its budget. It will be embodied by a President, a Steering Committee and a Managing Director. It thus headed a binomial to his head, as Cap Digital or Meditec, Parisian poles. Names like those of Jean Laurent, André Lévy-Lang or Denis Kessler, Chairman of the SCOR, circulate. It should be accompanied by a more scientific profile. The choice is not made.
