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Post-trading in the EU: T+1 next steps, further harmonization efforts​​

Post-trading in the EU: T+1 next steps, further harmonization efforts​​

Day 2 Afternoon

Thursday 12 September

Room :

ROOM 1

Speakers

Chair
Julian Reischle
Director General Payments and Settlement Systems - Deutsche Bundesbank
Public Authorities
Natasha Cazenave
Executive Director - European Securities and Markets Authority (ESMA)
YJ Fischer
Director of the Office of International Affairs - U.S. Securities and Exchange Commission (SEC)
Richard Knox
Director, Financial Services International - HM Treasury
Robert Mosch
Head of Policy and Regulatory Affairs - Dutch Authority for the Financial Markets (AFM)
Industry Representatives
Haroun Boucheta
Head of Public Affairs and Chief of Staff for Company Engagement & General Secretary, Securities Services - BNP Paribas
Stéphane Giordano
Deputy Head of Public Affairs, Société Générale & Chairman, AMAFI - Société Générale
Ilse Peeters
Head of Government Relations and Public Affairs - Euroclear S.A.
Valentino Wotton
Managing Director and General Manager of Institutional Trade Processing - The Depository Trust & Clearing Corporation (DTCC)

Objectives

The objective of this session is to discuss the additional improvements needed in the European post-trading space to support the objectives of the CMU and the priorities for the next European political cycle in this area. The discussion will concentrate on settlement activities.

The panel will first assess the opportunities and challenges associated with a possible move of the EU to T+1 settlement, the implications for the EU of the recent shift to T+1 settlement of a number of jurisdictions including the US and the possible next steps for the EU. The discussion will then be broadened to additional measures that may need to be considered in future policy work to enhance the efficiency, level of integration and resilience of EU securities post-trading and to the implications for post-trading of the ongoing discussions on the future of CMU.

Points of discussion

  • Settlement efficiency and T+1: Should the EU move to T+1 considering the expected impacts and challenges? How can a possible move to T+1 be implemented in a smooth way in the EU? What are the main learnings from the shift to T+1 in other jurisdictions? Does the transition to T+1 of other jurisdictions make the change inevitable for the EU (from a technical or political perspective)?
  • Further priorities for the next European political cycle in the post-trading space: What further changes beyond T+1 may need to be considered by the incoming Commission to enhance the efficiency, level of integration and resilience of EU securities post-trading? What are the implications for post-trading of the ongoing discussions on the future steps of CMU?