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How to develop and connect securities ecosystems in the EU?

Day 2 Afternoon

Thursday 04 April

Room :

Grand Ballroom - Roundtable

Speakers

Chair
Jesper Berg - Director General, Danish FSA
Public Authorities
Carmine Di Noia - Commissioner, CONSOB
Lee Foulger - Head of International Department, FCA
Industry Representatives
James Cunningham - Senior Advisor, Public Policy and Regulatory Affairs, BNY Mellon
Hank Erbe III - Global Head of Strategic Relationship Management and Public Policy, Fidelity International
Lauri Rosendahl - President, Nasdaq Nordics
Antonio J. Zoido - Executive Chairman, BME
Other stakeholder & expert
Guillaume Prache - Managing Director, Better Finance

Objectives of the session

The objective of this session is to discuss the importance of local securities ecosystems (including issuers, investors, intermediaries, venues…) for the growth of capital markets in the EU, the main issues that need addressing in this regard and whether existing legislations and on-going Capital Markets Union (CMU) proposals provide an appropriate framework for their development. This panel will also assess the compatibility of the development of domestic market ecosystems with EU-level CMU objectives, whether the interconnection or consolidation of local market ecosystems is a relevant objective in the EU and what this may involve.

Points of discussion

How important is the existence of strong securities ecosystems for the proper functioning and development of capital markets in the EU? What are the main components and characteristics of effective ecosystems? What are their main areas of improvement in the EU?

How may the functioning and development of securities ecosystems be improved in the EU? Can sufficient progress be made within the existing EU securities market framework and with CMU-related initiatives or are additional policy or market-driven measures needed? What steps need to be taken at the EU-level and at the member state-level?

Is part of the problem in the anaemic development of EU capital markets relative to the US that we do not have sufficient long-term savings (e.g. pension funds, life insurance funds…)? How would you rank this problem compared to what is proposed under the umbrella of the CMU?

How can the development of separate member state eco-systems be compatible with the single market and the objectives of the CMU project? Is further interconnecting or consolidating securities ecosystems a relevant objective in the EU and can technology help in this perspective?