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How important is capital market integration for the SIU?

How important is capital market integration for the SIU?

Day 2 Afternoon

Thursday 18 September

Room :

ROOM 1

Speakers

Chair
Verena Ross
Chair - European Securities and Markets Authority (ESMA)
Public Authorities
Dušan Hradil
Director General, Financial Markets - Ministry of Finance, Czech Republic
Harald Waiglein
Director General for Economic Policy and Financial Markets - Federal Ministry of Finance, Austria
Marie-Anne Barbat-Layani
Chair - Autorité des Marchés Financiers (AMF)
Stefano Cappiello
Director General of Regulation and Supervision - Ministry of Economy and Finance, Italy
Industry Representatives
Nicholas Bean
Chief Executive Officer - Bloomberg Trading Facility BV
Nick Dutton
Chief Regulatory Officer - Cboe Europe
Niels Brab
Chief of Staff/Head of Group Corporate and Regulatory Strategy - Deutsche Börse Group
Yann Le Pallec
President - S&P Global Ratings

Objectives

This session will assess the importance of further integrating EU securities markets for delivering the objectives of the Savings and Investments Union (SIU), and identify the key policy measures needed to enhance market integration.The first round of discussion will focus on the current state of integration in EU capital markets and the main sources of fragmentation. Panellists will also explore the impact of fragmentation on issuers, investors, and market competitiveness, as well as the potential benefits of deeper market integration in supporting the SIU objectives.The second round will assess the effectiveness of the SIU Strategy and recent regulatory initiatives in addressing key barriers to integration. It will also examine the potential role of more coordinated supervision and digital technologies in facilitating more integrated and efficient capital markets.

Points of discussion

  • Level of integration of EU capital markets and benefits of reducing fragmentation: Which parts of the EU securities markets are most integrated today, and where is further progress needed to support the SIU?
  • What are the main benefits of deeper market integration for investors, firms, and overall EU market competitiveness? 
  • Priorities for increasing the integration of EU capital markets: Do the SIU Strategy and on-going policy initiatives in the EU securities market identify the right priorities to foster capital market integration?
  • What role can a more unified or coordinated supervision play?
  • Can digitalisation be a major driver of integration?