The Draft Investment Services Directive (ISD) - the implications of the grey areas in today's drafts. A must for exchanges and intermediaries.
8.00am to 10.30am breakfast seminar
Thursday 1st May 2003
St Botolphs Hall, Bishopsgate, London EC2
Delegate fee £75+VAT
The consultation time at the European Parliament for the Investment Services Directive has been extended to the 5 May 2003. This concise breakfast seminar is intended for professionals with a working knowledge of European capital markets trading, and for those who may want to participate in the consultation process. The aim of the seminar is to outline the grey areas of the ISD and the pros and cons of the current draft, as well as the implications for the capital markets industry should the current draft be successful. The debate will help you formulate your thoughts which will in turn allow you to contribute and influence the debate at the EU.
The debate will critically examine whether price discovery should only be centralised within exchanges, or whether there is a role for internalisation engines. Internalisation engines have yet to make an in road into the European capital markets, but has this stifled competition. There are some good arguments for internalisation, in particular competition, better execution for investors, improved margins for banks particularly after Basel II and lower transaction costs. Yet will the proposed rules truly regulate such a competitive environment or will it simply increase cost at a time when banks can least afford to implement complex and possibly judgemental best execution compliance procedures. To gain some answers or a better understanding to these issues and others, why not invest a couple of hours.
This seminar brings you an internationally renowned line up of speakers and panellists, starting with a keynote address from Gregor Pozniak, Deputy Secretary General, Federation of European Securities Exchanges, followed by short presentations on the specialist areas of each panellist. We then aim to turn the programme over to the floor for a debate, in order to capture the spirit and enthusiasm for alternative opinions.
Agenda
| 8.30-8.40 | Gregor Pozniak, Deputy Secretary General, FESE Pre-trade transparency |
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| 8.40-8.50 | Brian Taylor, Managing
Director, BTA Consulting - Panel Chairman. A summary of the key developments + will the ISD facilitate market integration or perpetuate multi-market environments in Europe? |
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| 8.50-9.00 | Theresa Villiers, MEP, ISD Rapporteur How will price discovery improve, how will investor protection improve, and should best execution become an exact science? |
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| 9.00-9.10 | Verena Ross, Head of Markets Policy, FSA Balancing market efficiency & investor protection within the new ISD |
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| 9.10-9.20 | Adam Kinsley, Head of Regulatory Strategy, LSE Integrity, liquidity and transparency - how is this provided by the London Stock Exchange? |
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| 9.20-9.30 | Scott McCleskey, Head of Regulatory Policy &
Liaison, Virt-x. Making best execution work - the need for a differentiated approach |
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| 9.30-9.40 | Angela Knight, Chief Executive APCIMS Has the ISD forgotten the needs of the private investor? |
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| 9.40-10.30 | Panel discussion | |
| 10.30 | Close |
Delegate fee £75+VAT
To book a place please send an e-mail with your
name, job title and invoice details (and the names of any of your colleagues who would
like to attend) to: nottage@twfinancialevents.com or please call on 020 8349
2220.
