Speakers
Public Authoritiess
Luís Laginha de Sousa
Chair - Portuguese Securities Market Commission (CMVM)
Robert Mosch
Head of Strategy, Policy and Expertise - Dutch Authority for the Financial Markets (AFM)
Ugo Bassi
Director, Banking, Insurance and Financial Crime - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Vasiliki Lazarakou
Chair of the Management Board - Hellenic Capital Market Commission (HCMC)
Industry Representativess
Anish Puaar
Head of European Equity Market Structure - Optiver
Niels Brab
Chief of Staff/Head of Group Corporate and Regulatory Strategy - Deutsche Börse Group
Nikolaj Kosakewitsch
President Nasdaq Copenhagen, Vice President, Head of Sales, European Equities and Derivatives - Nasdaq
Virginie Saade
Head of Government & Regulatory Policy, EMEA - Citadel
Objectives
Objectives
The panel will assess the current state of European securities markets in terms of liquidity, depth and efficiency, and discuss the potential impact of the MISP proposals on these dimensions. The discussion will primarily focus on the MISP proposals relating to trading, including the expansion of consolidated tapes, open access and interoperability provisions, and enhanced reporting requirements. The implications for market liquidity and depth of other MISP proposals concerning the supervision of significant cross-border trading venues and post-trading infrastructures will also be considered.
Points of discussion
- Market trends and structural factors affecting liquidity and depth
What are the main on-going and emerging trends shaping European securities trading and how are they likely to affect liquidity, market depth and price formation? What structural features of the EU trading and post-trading landscape most significantly impact liquidity formation and market depth? What impact is the implementation of recently adopted trading and post-trading reforms expected to have on these dynamics? - 2. Expected impact of the proposed Market Integration and Supervision Package (MISP)
What are the expected impacts of the MISP proposals on the liquidity, market depth and the overall efficiency of European securities markets? Which measures are likely to have the most significant effect? What implementation challenges may need to be addressed regarding the transparency and the trading and post-trading measures of the MISP? Are there major fragmentation or liquidity formation issues remaining to be addressed?