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MiFIR review: pending issues, and implementation challenges

Day 2 Morning

Thursday 27 April

Room :



Verena Ross
Chair - European Securities and Markets Authority
Public Authorities
Carlo Comporti
Commissioner - Commissione Nazionale per le Società e la Borsa (CONSOB)
Danuta Hübner
MEP - Committee on Economic and Monetary Affairs, European Parliament
Eva Wimmer
Director General - Federal Ministry of Finance, Germany
Industry Representatives
Nicholas Bean
Chief Executive Officer - 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 McKeone
Vice President, Head of European Market Data - Nasdaq


This session will take stock of the measures of the MiFIR review on which there is an agreement among co-legislators in the context of the on-going negotiations, identify the main pending questions and the issues remaining to be further clarified for preparing the implementation of the MiFIR review measures.
The panel will also discuss the potential impacts of the MiFIR review proposals and whether they will allow a significant improvement of the functioning and competitiveness of EU capital markets and adequately support the


of the Capital Markets Union initiative.

Points of discussion

  1. Consolidated Tape (CTP): What are the main points of consensus among the co-legislators on the CTP proposal and the questions remaining to be further clarified? What are the key success factors for the establishment of the CTP? What are the main issues to specify at Level 2 for preparing the implementation of the CTP provisions? Is an effective and viable CTP solution likely to emerge for bonds, equities, derivatives and ETFs with the proposals currently on the table and is the implementation approach proposed adequate? What impact is expected from the CTP and will it effectively support the


    of the CMU?

  2. Market structure, transparency and client order execution proposals: Are there any major pending issues regarding the transparency, waiver, deferral, systematic internaliser (SI) and payment for order flow (PFOF) proposals of the MiFIR review? Will these proposals allow a significant improvement of the transparency, structure and competitiveness of EU capital markets? Will they bring sufficient value to the different market stakeholders concerned in a balanced way? Are they sufficiently future-proof?