02.02.2011
16:30

Organised trading for non-equity financial instruments: The MiFID crusade

Published in 
European Parliament - Brussels

In addressing the forthcoming revision of MiFID, the European Commission needs to comply with its G20 commitments. Proposals under discussion seek to push non-equity asset classes (such as bonds, structured products and OTC derivatives) onto 'organised’ trading platforms.

At this ECMI event at the European Parliament, Prf. Thierry Foucault, from HEC University Paris, highlighted that the transition from over-the-counter (OTC) trading to electronic trading for standardized OTC products would be a 'big step'. He considered that improving post trade transparency is likely to be beneficial while the effects of pre-trade-transparency are unclear, given the low frequency of securities transactions.

In the following discussion, experts and industry practitioners favoured a phased approach, which would help to assess the effects of the proposed changes on market quality and at the same time capture the evolution of the market. Maria Velentza, Head of Unit for Securities Markets, explained that the Commission does not intend to reintroduce a concentration rule but to propose time-resistant rules that are coherent with US legislation.

Materials from the event (click to 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 D. Ray, CEO, CME Operations Ltd
  • 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

AttachmentSize
Meeting report363.24 KB
Presentation Thierry-Foucault759.74 KB
MiFID Crusade Agenda Final339.46 KB