The structure of today’s financial markets is undergoing important changes and reforms. As a result of the financial crisis, policy makers are striving to balance efficiency with transparency and market stability. Proposals to push non-equity asset classes towards more ‘organised’ trading venues have raised concerns on how this process can be efficiently pursued. Specific characteristics of more complex markets, such as over-the-counter derivatives markets, may involve side effects, since unbalanced regulatory actions may change dealer incentives to commit capital for trading execution. The conference will discuss these issues and forthcoming regulatory reforms with policy makers, regulators, academics and market practitioners.
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Agenda (download)
Final agenda
16.30 Opening remarks
- Karel Lannoo, ECMI General Manager and CEO, CEPS
16.35 Keynote speech
- Thierry Foucault, Professor of Finance, HEC University Paris
17.05 Panel I: THE REGULATORY VIEWPOINT – Organised trading: striking the right balance between efficiency, transparency and market stability
- Gunnar Hökmark, MEP
- Maria Velentza, Head of Unit, Securities Markets, European Commission
- Thierry Foucault, Professor of Finance, HEC University Paris
- Martine Doyon, Head of International Strategy, Financial Services Authority
- Diego Valiante, Research Fellow, CEPS and ECMI
- Moderated by Joerg Kukies, Managing Director, Equities Division, Goldman Sachs International
18.05 Panel II: THE MARKET VIEWPOINT – Where will the risk lie in organised trading? Will reforms favour a paradigm shift in market structure? Is the market ready to change?
- Carlos López Marqués, Deputy Director International Affairs, BME
- Mike Sheard, Director Corporate Affairs, ICAP
- Eric Kolodner, Managing Director, Tradeweb
- Robert Ray, Managing Director, International Products & Services, CME Group
- Paul Christensen, Managing Director, Principal Strategic Investments-Market Structure, Goldman Sachs International
- Moderated by Luke Jeffs, Market Structure Correspondent, Thomson Reuters
19.00 Cocktail reception
20.00 End of the conference