Tuesday 26 September, 2017 // Norton Rose Fulbright // 3 More London Riverside // London // SE1 2AQ
Registration: 08:30 - 09:00
Programme: 09:00 - 17:00
As the date draws nearer for the implementation of MiFID II and MiFIR into law across the EU, market participants, trading venues and vendors are working rapidly to meet new obligations by the 3 January 2018 deadline. While much work has already taken place, a number of issues remain as the industry addresses the impact on listed and cleared derivatives.
This free-to-attend, one-day event will provide FIA members with insight into progress to date, as well as industry approaches to implementation, with expert views from European regulators (including FCA representatives), lawyers and industry peers.
9:00-9:15 Opening remarks by Walt Lukken, President, FIA
9:15-9:45 MiFID II Overview by Jonathan Herbst, Partner, Norton Rose Fulbright
MiFID II transaction reporting brings a sea change to current reporting requirements. Firms will be required to greatly enhance existing reporting across both products and the fields required. The enhanced regime requires firms to solve a large number of reporting problems. The session will update members on current FCA thinking as the deadline looms closer, as well as providing an update from the FIA working group on the issues they are currently working through. Members will also receive an update on the issues firms are facing from a legal perspective.
Finally, FIA will update on current issues with regards to position reporting from an operational perspective.
Rob Barnes, Director of Regulation, FIA
Rajeev Chopra, Senior PM - MiFID II Programme, Bank of America Merrill Lynch
Ayo Fashina, Technical Specialist, Financial Conduct Authority
Hannah Meakin, Partner, Norton Rose Fulbright
10:45-11:15 Coffee break
MiFID II has thrown commodities into the spotlight of financial regulation. Commodity firms have to consider whether they need to be authorised for the first time or how to notify their regulators that they are exempt. Persons holding positions on a European trading venue will have to comply with position limits and trading venues and investment firms need to send position reports to the NCAs. There are a number of implementation challenges and areas that still require further clarification. This session will begin with an update from the Financial Conduct Authority on MiFID II implementation in the UK, followed by a panel discussion exploring some of the challenges.
Moderator: Christiane Leuthier, Senior Director of Commodities, FIA
Brett Hillis, Commodities and Financial Markets Partner, Reed Smith
Anwar Newaz, Regulatory Reform Advisor, Standard Chartered Bank
Steffen Riediger, Senior Expert for European Power Derivatives, European Energy Exchange
Odile Roy de Puyfontaine, Head of Compliance, EMEA, Vitol
Paul Willis, Technical Specialist, Commodities, Financial Conduct Authority
12:15-13:15 Lunch break
13:15-14:30 Regulators panel
Speakers from a number of European regulatory authorities will provide an overview of how implementation of MiFID II/R is being driven in various national regimes; Level III work; where future change may be required; and what the expectations are in terms of making markets safer. The panel will also provide an opportunity to discuss the key challenges during the legislative process and implementation phase and talk about some remaining issues faced by market participants and regulators in the run up to 3 January 2018.
Patrice Aguesse, Head, Market Regulation Division, Autorité des Marchés Financiers
Fabio Braga, Technical Specialist, Financial Conduct Authority
Jasper Jorritsma, Senior Policy Advisor, Capital Markets, Strategy, Policy & International Affairs, Autoriteit Financiele Markten
Carsten Ostermann, Team Leader - Secondary Markets, European Securities and Markets Authority
14:30-15:30 Trading issues and DEA
MiFID II addresses many points around access to European trading venues, including algorithmic and high-frequency trading, as well as the concept of Direct Electronic Access. Questions have been raised by firms assessing the impact of the new requirements as they apply to exchange-traded derivatives, including: what is considered DEA? Is my firm engaged in algorithmic trading? Does my firm provide DEA? Is my firm’s overseas affiliate considered to be a sub-delegate providing DEA?” The panel will discuss how the industry has approached such questions to find a consensus of opinion and t be ready for implementation.
Moderator: Greg Wood, Senior Vice President, Global Industry Operations & Technology
Simon Clark, Product Development SSEOMS, Bloomberg Tradebook
Makoto Seta, Senior Associate, Trading Venue and Post Trade Policy Team, Financial Conduct Authority
Sam Tyfield, Partner, Vedder Price
Vassiliki Veliou, Head of Market Structure and Regulation, Eurex
Jason Wright, Director Futures Electronic Trading, Barclays and FIA e-Trading Committee Chair
15:30-15:50 Coffee break
15:50-16:50 Clearing issues
The clearing session will focus on two post-trade MiFIR requirements, namely straight-through processing for on venue-traded contracts (RTS 26) and indirect clearing for ETDs which still lacks the final RTS. FIA has been assisting firms with implementation of both sets of requirements, however, a number of implementation issues still remain. The session will briefly outline the requirements and describe the actions being taken to meet such requirements, together with the legal and operational implementation challenges, plus the roadblocks and dependencies that firms are facing when implementing the requirements in practice.
Moderators: Mitja Siraj, Vice President of Legal, Europe, FIA and Declan Ward, Vice President of Clearing Policy and Operations, FIA
Brenna Speiser, Vice President, Legal Department, Goldman Sachs International
Tom Springbett, Manager, Derivatives Reform, Financial Conduct Authority
Meher Sutaria, Vice President, Global Clearing Operations - Change Delivery Team, JP Morgan
Jeremy Walter, Partner, Clifford Chance
16:50 Closing remarks by Simon Puleston Jones, Head of Europe, FIA