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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 - Director - 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

We are now well on the path towards the date of application of MiFID II. This session covers an update from the regulator on where it thinks we are domestically and across the EU, including:

  • Progress on ESMA Q&As
  • UK authorities work on transposition
  • FCA MiFID II supervisory priorities
  • Remaining key challenges for firms and regulators
  • 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

  • John Morton, BLOOMBERG

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

MiFID2 incorporated the G20 mandate that all standardised derivatives contracts should be traded on exchanges or electronic trading platforms, where appropriate. With 10 months to go, this session will review how prepared the various stakeholders, (venues, counterparties, clients and the EU supervisors) are to make this happen.

  • What is the perimeter to venue trading and will it vary across the EU and beyond?
  • TOTV; what will be the interaction between SIs and TVs as MiFID2 defined trading platforms?
  • What will be the differences between these venues, do counterparties need them all, as well as Exchanges and SEFs?
  • LEIs and UPIs; know your customer and know your product – what is the data flow on venues
  • Whither Transparency; what’s lit and what’s proportional
  • Extraterritoriality, Deference and Brexit - How will the EU boundary be policed?
  • FX, Commodities, Repo, Packages – too hard to handle?
  • Alexander McDonald - Chief Executive Officer, WHOLESALE MARKET BROKERS ASSOCIATION - WMBA

11:00 11:20 (20 mins)

Main agenda

Refreshment & Networking Break

11:20 11:55 (35 mins)

Main agenda

Addressing Implementation of the New Market Making, DEA, Algorithmic and High Frequency Trading Systems and Controls to Date

MiFID II RTS 6 significantly expand the requirements for running automated trading systems established by ESMA Guidelines 2012/122. This presentation will provide an overview on the key challenges involved in integrating these requirements into existing organisations. This will be based on experiences gained in the implementation of the German High Frequency Trading Act. Key issues addressed will be:

  • Algorithms and Direct Electronic Access defined
  • The High-Frequency Trap – Order keeping and New Investment Firms
  • Documentation - where to start, what to aim for
  • Planning the Algo Validation report and Stress-testing
  • Beyond RTS 6 - Market making requirements etc.
  • Gunnnar 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?

  • Artur Fischer - Chief Executive Officer, EQUIDUCT
  • Ben Pott - Group Head of Government Affairs, NEX GROUP
  • Juan-Pablo Urrutia - European General Counsel, ITG
  • Ben Stephens - Head of Business Development, INSTINET EUROPE
  • Halima Butt - Head of Client Strategy for Markets & Global Sales, EURONEXT

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 fees will need to be unbundled from execution fees. This session addresses the requirements as set out in MiFID II and the FCA and AMF consultations, and discusses the potential approaches that firms may end up taking.

  • Explaining the MiFID II Level 1 and Level 2 texts on inducements and research unbundling
  • Examining the UK FCA and French AMF proposals on the extent of research unbundling required
  • Discussing how sell side and buy side firms might structure their research and CSA arrangements as a result of the new regime
  • Discussing the impact of the new regime on non-EU asset managers and brokers
  • Leonard Ng - Partner, SIDLEY AUSTIN

13:05 13:55 (50 mins)

Main agenda

Networking & Lunch Break

13:55 14:30 (35 mins)

Main agenda

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

  • Juan-Pablo Urrutia - European General Counsel, ITG
  • Elisa Menardo - Director, Public Affairs & Policy, CREDIT SUISSE
  • Will Dennis - Managing Director, Head of Compliance, ASSOCIATION OF FINANCIAL MARKETS IN EUROPE - AFME
  • Leonard Ng - Partner, SIDLEY AUSTIN

14:30 15:05 (35 mins)

Main agenda

Examining Equity Pre- and Post-Trade Transparency Requirements Including the Impact on Dark Pools Trading Caps

  • Sam Tyfield - Partner, VEDDER PRICE

15:05 15:40 (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

Changes to transparency and transaction reporting obligations are creating significant challenges for all market participants. This presentation will address the implementation challenges of transparency and reporting obligations in non-equities.

  • Liquidity calibrations and identification of those bonds that will be impacted by pre-trade transparency, and
  • Extra-jurisdictional impact of MiFID II transparency and reporting in non-equities
  • Reference data challenges and determining instrument eligibility in non-equities
  • Impact of the delay of Systematic Internaliser assessment
  • Synergies between trade and transaction reporting
  • Miranda Morad - General Counsel, MARKET AXESS EUROPE

15:40 16:00 (20 mins)

Main agenda

Refreshment & Networking Break

16:00 16:35 (35 mins)

Main agenda

Panel Session: What are the Implications for Equity and Non-Equity Liquidity, Pattern of Trading and Who Will Benefit or Not?

  • Arjun Singh-Muchelle - Global Head of Regulatory Affairs, TP ICAP
  • Gunnnar Stangl - Head of Regulatory Co-Ordination, COMMERZBANK

16:35 17:10 (35 mins)

Main agenda

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

  • Elisabeth Øverland - Counsel, FRESHFIELDS BRUCKHAUS DERINGER

17:10 17:45 (35 mins)

Main agenda

Addressing the New Commodity Standards including Position Limits and Reporting

  • An entirely new regime in the EU
  • Contracts subject to limits
  • Key features of the position limits regime
  • Extra-territoriality of the regime
  • Commodity position reporting
  • Benoit Gourisse - Director of European Policy, European Public Policy Team, ISDA

17:45 17:45 (0 mins)

Main agenda

Chairperson's Closing Remarks

17:45 17:55 (10 mins)

Main agenda

Drinks Reception Welcome

  • James Constable - Managing Director, ALBANY BECK