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Post-trade integration and market structure evolution

Post-trade integration and market structure evolution

Thursday 17 September

Location :

ROOM 1

Speakers

Public Authoritiess
Giuseppe Grande
Head of the Market and Payment Systems Oversight Directorate - Banca d'Italia
Klaus Löber
Chair, Central Counterparties Supervisory Committee - European Securities and Markets Authority (ESMA)
Thomas Vlassopoulos
Director General, DG Market Infrastructure & Payments - European Central Bank (ECB)
Industry Representativess
Haroun Boucheta
Global Head of Public and Regulatory Affairs, Securities Services - BNP Paribas Securities Services
Cecile Nagel
Global Head of Corporate Trust - BNY
Michalis Sotiropoulos
Executive Director and Head of Government Relations, Europe - The Depository Trust & Clearing Corporation (DTCC)

Session overview

This session will examine how the MISP post-trading measures, the proposed 28th regime and key market developments, including T+1 settlement and other evolving trading and settlement models, are expected to affect the structure, efficiency and integration of European post-trading activities, and the conditions and further actions needed to maximise their benefits.

Points of discussion

1. Expected impact of the MISP and the 28th regime on EU post-trading:

Can the post-trading-related measures proposed in the MISP significantly improve the integration and efficiency of European post-trading activities? Which measures are likely to have the greatest impact and what issues still need to be addressed to ensure they deliver their intended benefits? Could the proposed 28th regime usefully complement MISP by helping to reduce legal and fiscal fragmentation in the post-trading space?

 2. Impact of key market evolutions:

How are EU post-trading markets expected to evolve with the combined effect of T+1 settlement, possible future moves towards T+0, extended trading hours and new trading or investment models? What implications could these developments have for post-trade operating models, settlement efficiency, clearing, liquidity management and the organisation of securities services? Are further policy or market-led responses needed to enable post-trading infrastructures and processes to adapt effectively?