Speakers
Chair
Natasha Cazenave
Executive Director - European Securities and Markets Authority (ESMA)
Public Authorities
Alžběta Pazderková
Head of Capital Market and Financial Innovation Unit - Ministry of Finance, Czech Republic
Christophe Bories
Assistant Secretary for Financial Regulation - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France
Julian Reischle
Head of Central Department Payments Transactions and Settlement Systems - Deutsche Bundesbank
Industry Representatives
Francesco Ceccato
Chief Executive Officer - Barclays Europe
Nick Dutton
Chief Regulatory Officer - Cboe Europe
Niels Brab
Chief of Staff/Head of Group Corporate and Regulatory Strategy - Deutsche Börse Group
Stephen Berger
Managing Director, Global Head of Government & Regulatory Policy - Citadel
Objectives
The first objective of this session is to discuss the state of EU capital markets in terms of fragmentation, the impact of market fragmentation on issuers and investors and its implications for the SIU, and whether significant improvements can be expected from the CMU action plans and the MiFIR review adopted during the previous legislature. Secondly, the panel will discuss whether the key areas of fragmentation of the EU capital markets are identified in the SIU Strategy recently published by the Commission and the actions proposed to address them.
Points of discussion
- Current state of fragmentation and importance of addressing it for achieving the objectives of SIU: What is the current level of fragmentation of EU capital markets? How does fragmentation affect the competitiveness and development potential of EU capital markets? What improvements can be expected from the measures adopted in the context of previous CMU Action Plans, the MiFIR review and the move to T+1 settlement?
- Main actions and policies to promote in the area of market infrastructures and for EU retail investors: What are the priorities for reducing the fragmentation of EU capital markets e.g. in the trading and post-trading space, in retail markets? Are they adequately reflected in the Commission’s SIU strategy? How important are regulatory harmonisation and supervision in addressing market fragmentation?