| Speaker |
Update |
Issues |
| Brian Taylor, BTA
Consulting |
ChairpersonIntroduction covering
the latest status of the ISD and the key issues and themes that are going to be developed
during the seminar. |
A summary of the main issues that
we seek to cover in the workshop:
- Pre-trade transparency
- Best execution measurement
- Inter-operability of MTFs
- The key changes in doing business
|
| Chris Huhne, MEP |
Latest developments in Brussels -
in what shape has the ISD been passed; what last minute changes were made |
- Assuming the ISD has been passed, will the Single Market only
exist on paper, or will it consolidate and if so how and when.
- How will the ISD help Europe to become the dominant capital
market in the world and by when?
|
| Michael McKee, Executive
Director, BBA |
How the new ISD is going to bring
about a Single Market |
- In practice is it likely that the Single Market will be at
best a market(s) with inter-operating competing interests and if so how will this deliver
the benefits of a reduction in the cost of capital and growth of GDP.
|
| Steve Briscoe, Executive
Director, UBS |
How the key operational
challenges of the ISD will be overcome: e.g ensuring compliance with client agreement
letters where an investment firm operates on multiple execution platforms; demonstrating
compliance with best execution policies; protecting internalisation margins |
- How will markets and MTFs integrate in practice to create a
consolidated best execution environment?
- How will best execution be measured recognising it needs to
take into account price, costs, speed and likelihood of execution, and the execution
venues to which an investment firm has access. What monitoring infrastructures will be put
in place for the management of best execution. Is it reasonable that clearing and
settlement costs have been excluded from the calculation of execution costs
- How will there really be a level playing field for the
creation and dissemination of market information.
|
| Richard Britten, Regulatory
Consultant ISMA |
The carve out provisions for Bond
Markets. |
- How will the Eurobond market change following the
implementation of the ISD
|
| Angela Knight, CEO, APCIMS |
The new best execution rules |
- How will clients really know where to go to get best
execution.
- How pre-trade transparency is going to help the retail market
to become more informed and compete on a level playing field with "informed direct
users".
- The challenge that there is no level playing field for
information dissemination and that insiders, institutions etc all have an advantage over
the retail investor.
|
| Verena Ross, Head of Markets
Policy, Markets & Exchanges |
The practical implications of the
new ISD for market organisers and investment firms. What to do and by when? Some of the critical issues other than those related to best execution and
transparency. |
- How in practical terms will the resulting fragmentation,
internalisation promote public good and investor protection.
- Will the new ATS regulations need to be changed with the ISD
in place.
- Will regulatory arbitrage begin contrasting the centralist
markets with the fragmented markets
|
| Scott McCleskey, Head of
Regulatory Policy & Liaison, virt-x |
The implications of the ISD on
cross border markets. |
- Now that investment firms will be monitoring best execution
quality does Virt-x believe it will benefit or be further challenged and if so why?
|
| Adam Kinsley, Head of Regulatory
Strategy, LSE |
The implications of the ISD on a
reference market for equities. |
- What are the regulatory and market quality risks posed by
increased fragmentation?
- Does the LSE see that MTFs will pose a threat to their core
business as Nasdaq has seen, and if so what will be its reaction
|
