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Is the EU securities market structure adequate?

Day 2 Morning

Thursday 04 April

Room :

Constanta Room - Roundtable

Speakers

Chair
Marc Bayle de Jessé - Director General, Market Infrastructure and Payments, ECB
Public Authorities
Olivier Guersent - Director General, DG FISMA, European Commission
Jochen Metzger - Director General, Payments and Settlement Systems, Deutsche Bundesbank
Märten Ross - Deputy Secretary General for Financial Policy and External Relations, Ministry of Finance, Republic of Estonia
Industry Representatives
Andrew Douglas - Managing Director, Government Relations (EMEA & APAC), DTCC and Chief Executive Officer, DTCC’s European Trade Repositor
Alexandra Hachmeister - Chief Regulatory Officer, Deutsche Börse Group
Vincent Remay - Advisor to the Chairman, Tradition

Objectives of the session

This session will assess how the structure of EU securities markets and the characteristics and role of securities market infrastructures have evolved, notably with the implementation of EU securities regulations (MiFID II, EMIR, CSDR) and TARGET2-Securities (T2S), and whether the EU securities market has now the appropriate structure to support a further development of capital markets in line with CMU objectives and ensure the resilience of EU securities markets.

Points of discussion

How has the EU securities market structure evolved in the trading and post-trading spaces with the implementation of EU securities market regulations (MiFID II, EMIR, CSDR) and TARGET2-Securities? What are the benefits so far for issuers and investors at the domestic and cross-border levels and the potential issues that still need addressing?

What further improvements are needed in the EU securities market structure to foster the development and further integration of EU capital markets? Can these changes be achieved with the actions underway and notably with MiFID II and the proposals made in the context of the CMU? Could Brexit have major impacts on EU securities trading and post-trading market structures, given the transitional measures that have been granted? What additional measures might be needed and what role may new technologies (e.g. cloud, DLT…) play?