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MiFIR Review: key pending issues and expected impacts (market structure, transparency, competitiveness…)  

Day 2 Morning

Thursday 08 September

Room :



Hanzo van Beusekom
Member of the Executive Board - Dutch Authority for the Financial Markets (AFM)
Public Authorities
Rodrigo Buenaventura
Chairman - Spanish Securities and Exchange Commission (CNMV)
Pierre Chabrol
Chef du bureau épargne et marché financier - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France
Carlo Comporti
Commissioner - Commissione Nazionale per le Società e la Borsa (CONSOB)
Eva Wimmer
Director General  - Federal Ministry of Finance, Germany 
Industry Representatives
Nicholas Bean
Global Head of Trading Venues - Bloomberg Trading Facility BV
Stephen Berger
Managing Director, Global Head of Government & Regulatory Policy - Citadel
Niels Brab
Head of Group Regulatory Strategy & Chief Regulatory Officer - Deutsche Börse Group
James Hilton
Head of Advanced Execution Sales EMEA - Credit Suisse

Objectives of the session

This session will discuss the key issues remaining to be tackled concerning the transparency and market structure measures of the MiFIR review proposal for equity, bond, derivative and ETF instruments and the next steps for addressing them. The expected impacts of these measures on the functioning and competitiveness of EU capital markets and their implications for the CMU project will also be assessed.

Points of discussion

  1. Payment for Order Flow (PFOF): Are the proposals concerning Payment for Order Flow (PFOF) appropriate and will they support best execution? Do they raise any issues that need tackling?
  2. Market structure and transparency issues: Do the MiFIR review proposals address the main market structure issues in the EU capital markets? Will they allow an improvement of the functioning and competitiveness of EU securities market and contribute to supporting the CMU? Are the measures proposed concerning systematic internalisers sufficient to ensure a level playing field with other execution venues? Will the MiFIR review proposals allow an improvement of the main components of the transparency framework, notably waivers and deferrals, and what is the expected impact?
  3. Consolidated Tape: What are the main questions remaining to be addressed regarding the Consolidated Tape (CT) proposal? Is a viable solution likely to emerge and will it bring sufficient value in the market? Is the implementation approach proposed adequate?