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Federation of European Securities Exchanges 2014

June 18, 2014 - June 19, 2014

Current speakers

 

In order of appearance:

  • Christian Katz, President, FESE & CEO, SIX Swiss Exchange
  • David Wright, Secretary General, IOSCO
  • Sharon Bowles, MEP, Chair of the Committee on Economic and Monetary Affairs
  • Dr. Jacques de Watteville, State Secretary in the Federal Department of Finance, Switzerland
  • Oliver Gajda, President, European Crowdfunding Network
  • Anne Glover, Board Member – EVCA Chairman-Elect
  • Judith Hardt, Director General, FESE
  • Phupinder Gill, CEO, CME Group
  • Garry Jones, Chief Executive, London Metal Exchange
  • Walt Lukken, President and Chief Executive Officer, Futures Industry Association
  • Andreas Preuss, Deputy CEO of Deutsche Bƶrse AG and CEO of Eurex
  • Nandini Sukumar, European Market Structure Correspondent, Bloomberg News
  • Christian Dargnat, President, EFAMA & CEO, BNP Paribas Asset Management
  • Jodi Dehli, President and COO, Rothschild Capital Partners
  • Tom Kloet, CEO, TMX Group
  • Guus Warringa, Board Member, Chief Counsel, APG Asset Management
  • Philip Stafford, Editor of FT Trading Room, Financial Times
  • Rodrigo Buenaventura, Head of Markets Division, ESMA
  • Joe Gawronski, President & Chief Operating Officer, Rosenblatt Securities Inc.
  • David Lawton, Director of Markets, Financial Conduct Authority
  • Mark Pumfrey, Head of Liquidnet EMEA
  • Martin Reck, Managing Director, Deutsche Bƶrse AG
  • Oyvind G. Schanke, Global Head of Equity Trading, Norway Sovereign Wealth Fund
  • Steve Grob, Director of Group Strategy, Fidessa
  • Veronica Augustsson, CEO, Cinnober
  • Brendan Bradley, Member of the Executive Board, Eurex
  • Alasdair Haynes, CEO and Director, Aquis Exchange
  • Hirander Misra, CEO & Co-Founder, Global Markets Exchange Group
  • Patrick Young, Executive Director, DV Advisors

 

PANEL I: A BLUEPRINT AGENDA FOR EUROPE’S CAPITAL MARKETS

A year ago, Europe’s top regulators got together at the FESE Convention to share their concerns and priorities, focusing on completing the implementation of the G20 recommendations into EU Law. In the meantime, the capacity of Europe’s banks to fund our companies has been impacted by new bank regulation seeking to address systemic risks. Europe’s capital market remains comparatively small and inefficient in financing the economy. 2014 is the year of EU elections and the appointment of the new Commission, so what recommendations can be formulated to help improve Europe’s capital markets? Can we achieve a common vision of how the markets should work? What will be the main areas of consensus and divergence?

PANEL II: DERIVATIVES CEO PANEL – AVOIDING COLLATERAL DAMAGE

The next five years of the derivatives industry will be dominated by three trends: globalisation, the G20 mandate and new local regulation. Derivatives trading has been the subject of intense debate throughout both the MiFID/R and EMIR legislative processes. On the face of it, exchanges are well positioned to benefit from the implementation of the G20 mandate. However, while upcoming regulatory change has afforded new business opportunities to exchanges, many are deeply concerned about the perceived negative impact of the wave of legislation. Many of the changes coming from Dodd-Frank and EMIR will have an impact on clients and on the intermediaries that serve that client base. Therefore, is there a risk that we have handed to much authority to the regulators and supervisors? Are the new rules for position limits an example of over-regulation? What is the future for derivatives trading market structure in Europe, as well as globally? How will Organised Trading Facilities and Swap Execution Facilities impact transparent markets? If Europe plans to force European clearing houses to provide open access to the market, what could be the impact? Could there be an increase of systemic risks?

PANEL III: LISTING AND INVESTING INTO EQUITIES

In 2011, McKinsey published their report on the emerging equity gap. The central findings of this report state that short of a very rapid change in investor behavior and adoption of new policies in the largest emerging economies, the role of equities in the global financial system may be reduced in the coming decade. This has important implications for economic growth, how companies fund themselves and how investors reach their goals. Economic recovery requires significant growth in capital markets, including equities. What are the major challenges to such a growth? What are the experiences of non-European (including US and Canada) markets in fostering listing of companies on public markets? What were the lessons learned from recent national efforts to improve the conditions for IPOs? What are the perspective of investors, intermediaries and operators? What can Europe do to stimulate long-term investments into companies?

PANEL IV: MARKET STRUCTURE DEBATE: MiFID II AND MORE!

On both sides of the Atlantic, we are likely to see fundamental changes to the way our markets are structured. Will these reforms improve our markets? There will be fundamental changes in the way that equities, fixed income and derivatives will be traded. In Europe, with MiFID II / MiFIR agreed at Level 1, all eyes are on ESMA and the technical work it will need to carry out at Level 2. What are the most challenging issues? How can technical standards enhance transparency? Is OTC trading definitely challenged and will it move towards more regulated venues? What can regulators do to improve transparency while allowing for dark trading? Is ESMA in a good position to shape Level 2 standards? What would you like to see in MiFID 3?

PANEL V: INNOVATORS PANEL

Modern exchanges have been around since the 16th century. What pictures come to mind when you think about exchanges? Greek neo-classic temples? Trading pitches with hundreds of gesticulating traders? The DAX or the FTSE curve? All of them are a bit old-fashioned! However, throughout the last two decades, exchanges have been most innovative players in financial markets. Exchanges around the world have embraced electronic trading which has reduced transactions costs, improved liquidity and enhanced competition. Chicago invented international monetary markets, US Treasury and Euro Dollar futures as well as index-based derivatives and options on futures. This panel will look at future big ideas for exchange trading. In the new post-crisis world, banks are increasingly battered by regulations and confined within their national borders. What new role can exchanges play? How can the economy benefit from their expertise in collateral pooling and counterparty management expertise? Is there a limit to the exchanges’ business model?

 

 

Details

Start:
June 18, 2014
End:
June 19, 2014
Event Tags:
,
Website:
http://www.fese.eu/en/?inc=page&id=70

Venue

Park Hyatt Hotel Zurich
Beethoven-Strasse 21
Zurich, 8002 Switzerland
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