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08:30 09:00 (30 mins)

Main agenda

Registration & Networking

09:00 09:10 (10 mins)

Main agenda

Chairperson's Opening Remarks

  • Rob Knight - Global Head of Operational Compliance, BARINGS

09:10 09:45 (35 mins)

Main agenda

FCA Perspective: Feedback on Expectations for MiFID II Adoption and Key Messages for Firms

The date of application of MiFID II is now close at hand. This session covers an update from the Regulator on where it thinks we are domestically and across the EU, including:

  • Ongoing work by ESMA and the European Commission
  • Key issues on which firms are approaching the FCA for more clarity
  • FCA MiFID II supervisory priorities
  • Stephen Hanks - Manager of MiFID Co-Ordination, FCA - FINANCIAL CONDUCT AUTHORITY

09:50 10:25 (35 mins)

Main agenda

Addressing Brexit’s Potential Impact on MiFID II and 3rd Country Equivalence

Despite the decision at the Referendum to leave the EU, the FCA has made it very clear that all UK regulated firms must implement MiFID II.  But what will be the impact of Brexit on MiFID II?  What about third country equivalence?  This session will look at the following.

•          Equivalence and the loss of passporting rights

•          Issues with relocating to the EU

•          Dual regulation coordination

•          ESMA's Opinions on Supervisory Convergence

  • Charlotte Hill - Partner, COVINGTON & BURLING LLP

10:25 11:00 (35 mins)

Main agenda

Explaining the Remaining MTFs vs OTFs vs SIs Issues and Key Practical Business Implications for Equities and Non-Equities

  • Anthony Kirby - Executive Director, Regulatory & Risk Management, EY

11:00 11:20 (20 mins)

Main agenda

Refreshment & Networking Break

11:20 11:55 (35 mins)

Main agenda

Addressing Implementation of the New Algorithms, Market Making and DEA - Contracts, Controls, Short Codes and More

MiFID II sets new standards when using automated trading algorithms on trading venues. The new rules are meant to reduce risks resulting from the deployment of such technology highlighted in flash crashed and various trading incidents. Beside internal IT governance, MiFID II also requires disclosures of algorithms to trading venues and bespoke market making agreements. Key issues addressed, based on actual experience with German regulations front-running MiFID, will be:

  • When do new Algo requirements apply
  • The High Frequency Trap – Order Record Keeping and New Investment Firms
  • The Algo Lifecyle – from NPP via Stress Testing to the Validation Report
  • When market access becomes Direct Electronic Access
  • Communication to Trading Venues and DEA providers
  • Gunnar Stangl - Head of Regulatory Co-Ordination, COMMERZBANK

11:55 12:30 (35 mins)

Main agenda

Panel Session: How Will Venues Operate, What Will Systematic Internalisers, and the Relationship Between the Two, Look Like?

  • Adam Conn - Head of Dealing, BAILLIE GIFFORD
  • Stephen McGoldrick - Director Market Structure and Strategic Investments, DEUTSCHE BANK
  • Halima Butt - Head of Client Strategy for Markets & Global Sales, EURONEXT
  • Ben Pott - Group Head of Government Affairs, NEX GROUP
  • Ben Stephens - Managing Director, Head of Business Development, INSTINET EUROPE
  • Johan Wijkstrom - Senior Business Developer - Fixed Income & Credit, SWEDBANK

12:30 13:05 (35 mins)

Main agenda

Addressing the Finalised Research Unbundling Rules and Practical Implications

MiFID II significantly enhances the rules relating to inducements compared to MiFID I. Only certain ‘minor non-monetary benefits’ may be accepted by firms, while investment research costs will need to be unbundled from execution costs. This session addresses the final FCA rules, the ESMA guidance, the overlap with the US SEC regime, and where firms have ended up.

  • Explaining the MiFID II requirements surrounding inducements and research unbundling
  • Examining the final FCA rules implementing the MiFID II text
  • Discussing how sell side and buy side firms have structured their research and CSA arrangements as a result of the new regime
  • Examining the cross-border impact, particularly on US managers and broker-dealers
  • Leonard Ng - Partner, SIDLEY AUSTIN

13:05 13:55 (50 mins)

Main agenda

Networking & Lunch Break

14:00 14:35 (35 mins)

Main agenda

Panel Session: How Are the New Research Unbundling Requirements Being Implemented and How Will they Work in Practice?

  • Christopher Bean - MiFID II Programme Manager, BARINGS ASSET MANAGEMENT
  • Juan-Pablo Urrutia - European General Counsel, ITG
  • Leonard Ng - Partner, SIDLEY AUSTIN
  • Elisa Menardo - Director, Public Affairs & Policy, CREDIT SUISSE
  • Lucas Wurfbain - Managing Director, FeedStock
  • Kyra Brown - Senior Regulatory Change Consultant, STANDARD LIFE INVESTMENTS

14:35 15:10 (35 mins)

Main agenda

Addressing the New Commodity Standards including Position Limits and Reporting

This presentation will focus on the potential implications of MiFID II on the commodity markets. It will consider its impact on the current functioning of commodity markets taking into account increased transparency obligations, new limitations on regulatory exemptions for hedging firms and the continued encroachment of regulation into the physical and OTC markets. The presentation will also discuss the potential effects of the new position limits regime and position reporting requirements and how this could change ETD trading behaviour.

Scope:

  • Definition of “commodity”
  • Increased transparency;
  • Ancillary activities exemption.

Position limits:

  • Scope, limit setting, potential impact and consideration of “EEOTC”
  • Differences between UK/US requirements

Position reporting:

  • Hedge v spec
  • Client reporting
  • Katy Hyams - Senior Regulatory Counsel, LONDON METAL EXCHANGE

15:10 15:45 (35 mins)

Main agenda

Examining Equity Post-trade Reporting Requirements - Understanding Bank and Investor Obligations

  • Firms impacted by MIFID II / MiFIR’s post-trade transparency requirements 
  • The data required to be reported 
  • When and where the data is to be reported 
  • Reporting scenarios
  • Challenges that market participants will need to consider in order to implement the necessary reporting solutions
  • Julian Allen-Ellis - Director, MiFID, ASSOCIATION FOR FINANCIAL MARKETING IN EUROPE - AFME

15:45 16:05 (20 mins)

Main agenda

Refreshment & Networking Break

16:05 16:40 (35 mins)

Main agenda

Addressing the Impact of Non-Equity Pre- and Post-Trade Transparency Requirements Including Liquid Market Definitions and Emergence of the APA

Implementing the MiFIR transparency and transaction reporting obligations are proving significant and costly challenges to all market participants. This presentation will address the state of play in non-equities.

  • Defining instruments and packages, together with their arrangement under MiFID2/R
  • Reference data challenges and determining instrument eligibility in non-equities
  • Evolution of Liquidity calibrations and waivers 
  • Role of APAs in venue Pre-and Post-trade transparency
  • Extra-jurisdictional impact of MiFID II transaction reporting in non-equities
  • Interdependencies between Trading Venues and Systematic Internalisation
  • Alexander McDonald - Chief Executive Officer, WMBA - WHOLESALE MARKET BROKERS' ASSOCIATION

16:40 17:15 (35 mins)

Main agenda

Assessing the Practical Impact of the New Derivatives Trading Obligations including Cross Border and Calibration Issues

The presentation will cover what we know so far about the trading obligation for derivatives, and what we should expect next. Key areas of focus will include:

  • To what extent will the trading obligation clash with trade execution requirements outside of the EU
  • What is the territorial scope of the trading obligation
  • What should we expect the impact to be on market liquidity
  • James Roberts - Director, European Public Policy, ISDA - International Swaps and Derivatives Association

17:15 17:15 (0 mins)

Main agenda

Chairperson's Closing Remarks