5.00 – 5.05pm Introduction and Welcome
Michael Bellaro, Plato Partnership CEO
5.05 – 5.40pm Part I Fireside chat with Regulators
Moderator: Nej D’jelal, Head of Electronic Equities & Quant Prime Services Product, Barclays
Panel Attendees:
Tilman Lueder – Head of Securities Markets, European Commission
Stephen Hanks – Markets Policy, Financial Conduct Authority
Kay Swinburne – MEP, Vice-Chair European Parliament Committee on Economic and Monetary Affairs
Udo Franke – Head of Division, Stock Markets and Securities, German Federal Ministry of Finance
- What are the possible impacts to market structure of Brexit? e.g. Euro clearing regulation impact, Pan-European venues impact, Market liquidity impact.
- Will UK regulators continue to fully align with EU regulations / policy or could there be some divergence?
- What are the key market observations / issues for regulators post MiFID II?
- What changes in regulations could be expected in 2019 and beyond?
- Will there be a MiFID III or incremental changes over the next few years?
5.40 – 6.30pm Part II The Debates
Moderator: Niki Beattie, CEO, Market Structure Partners
Panel Attendees:
Tilman Lueder – Head of Securities Markets, European Commission
Stephen Hanks – Markets Policy, Financial Conduct Authority
Kay Swinburne – MEP, Vice-Chair European Parliament Committee on Economic and Monetary Affairs
Michael Bellaro – Plato Partnership CEO
Christoph Hock – Head of Trading, Union Investments
Nej D’jelal – Head of Electronic Equities & Quant Prime Services Product, Barclays
Robert Barnes – CEO, Turquoise
Key Market Challenges and Trends in 2018 – Buy-side, Sell-side
- What are the key market liquidity observations for buy-side, sell-side post MiFID II across Lit, Dark/LIS, Periodic Auctions and Systematic Internalisers?
- What are the key market challenges for buy-side, sell-side?
European Consolidated Tape (ECT)
Providing a vehicle at cost effective end user fees for a comprehensive real time pre and post trade ECT. Scope, timeliness and cost challenges with current ECT Equity services due to data availability and existing business / pricing models of data originators.
- What is the opportunity cost to the industry of not having (value to the investment process)?
- Should a pre-trade ECT (“EBBO”) be mandated by regulators for best execution monitoring?
- How can an effective model operate between industry, CT provider, venues/exchanges and APAs to ensure it is not cost prohibitive to industry but also ensures fairness to trade data providers?
- Is a regulatory driven approach (aka US) the only feasible model to force exchanges/venues to participate?
New Execution Protocols – RFQ Risk pricing / Market making
- What is the panel’s view regarding new execution protocols emerging in cash equities such as RFQ risk pricing / market making offered by Tradeweb and LSE?
- How does buy side adapt to a balance sheet approach to trading?
6.30 – 7.00pm The TRADE’s Rising Stars of Trading and Execution 2018 Awards
