We are now less than 400 work days away from MiFID II’s big bang and ‘implementation’ is now the name of the game. Yes, there will be a final version, but the vast majority of what is in the drafts is likely to remain the same.
On 7 July, City & Financial Global will hold the second set of workshops on MiFID/MiFIR implementation, hosted by Clifford Chance LLP in London. This will be an excellent opportunity to learn about implementation challenges, priorities and processes and what others are doing about them. The morning workshop will consider markets and trading, the afternoon workshop will look more closely at transaction reporting and transparency.
These workshops will give you the chance to be one of the firms that is on top of regulatory change, as opposed to getting caught out by it. According to GFT research, 53% of firms view regulatory projects as a compliance or box-ticking exercise. During the first set of workshops, held early June, the need to approach MiFID II implementation as a business-led process was strongly emphasised, as you can read in our conference report. In our recent publications on reporting (part 1 and part 2), we provide an overview of the implementation challenges firms need to respond to. The GFT research also revealed that only 18% of organisations view regulation as an opportunity to drive strategic investments and business change. During the first workshops, how to gain strategic advantage was one of the key themes.
During the workshops you can also tune in to the latest on ESMA’s thinking about the remaining tweaks that are in progress, such as on the system ESMA is trying to develop in relation to MiFIR’s non-equity transparency regime. ESMA has set out that it seeks to balance transparency and liquidity, while at the same time meeting the preferences of market participants, but there are considerable difficulties involved. One of those challenges relates to data quality which, ESMA argues, should improve once MiFIR applies.
ESMA has also indicated that its final approach to bond market transparency is going to look different to what has been in the consultation and the same applies for the issue of non-investment firms performing investment services as an ancillary activity to their main business. Another issue likely to be addressed is regarding its approach to position limits, which, considering the wide scope of the Level 1 text, requires ESMA to tread cautiously.
Detailed overview of topics and speakers:
7 July, 9am – 1pm markets and trading
- The new trading venue classifications, including systematic internalisers
- The trading and clearing obligation – defining “sufficient liquidity” and other factors
- A forward look at a more specialised and higher cost OTC market
- The impact of the new access requirements: CCPs, trading venues and benchmarks
- Margin and collateral
- Direct Electronic Access
- High Frequency Trading
- The impact of a new marketplace (panel session and lawyer)
- Preparing for change
- IT consequences
- Educating staff and customers
- New back-office requirements
Speakers include: Stephen Hanks (Senior Case Officer, MiFID, FCA), David Attew (Head of Regulation, Aquis Exchange), Chris Bates (Partner, Clifford Chance LLP), Anthony Belchambers (Special Advisor & Chairman, FIA Europe & Joint Trade Association Group), Rodrigo Buenaventura (Head of Markets Division, ESMA), Peter Chapman (Senior Associate, Clifford Chance), April Day (Director – Equities Division, AFME), Chad Giussani, Head (Transaction Reporting Compliance, Standard Chartered), Anthony Kirby (Executive Director and Head of Regulatory Reform for Capital Markets and Asset Management, EY), Christian Lee (Partner and Head of Clearing, Risk and Regulation, Catalyst), Tom Lodge (Partner, Catalyst), Bernd Mack (Executive Vice President, Head of Market Structure, Eurex Frankfurt AG), Ben Pott (Head of European Affairs, ICAP), Rainer Riess (Director General, Federation of European Securities Exchanges (FESE)), Piebe Teeboom (Senior Advisor, AFM), Diego Valiante (Head of Financial Markets & Institutions, Centre for European Policy Studies (CEPs)), Christian Voigt (Senior Regulatory Adviser, Fidessa)
7 July, 1pm – 5.15pm transaction reporting and transparency
- Scope of transaction reporting
- Data requirements and issues
- Progress report on cross-border regulation and recognition
- Commodity markets
- Definition and exemptions
- Position limits
- Dual regulation
- Preparing for IT changes.
Speakers include: Stephen Hanks (Senior Case Officer, MiFID, FCA), Patrice Aguesse (Head of Market and Post-Market Policy Regulation, Autorite des Marches Financiers (AMF)), Anthony Belchambers (Special Advisor & Chairman, FIA Europe & Joint Trade Association Group), Dario Crispini (Senior Consultant, Kaizen Reporting Limited), Paul Dawson (Head of Regulatory Affairs, RWE Supply and Trading GmbH), Nirvana Farhadi (Head of Regulatory Transaction Reporting, KPMG), Clive Furness (Managing Director, Contango Markets), V (Bundna) Jaswal (Director, Blackrock), Christiane Leuthier (Head of Commodities, FIA Europe), David Nowell (Head of Industry Relations and Regulatory Compliance, UnaVista, London Stock Exchange Group), Simon Puleston Jones (Chief Executive Officer, FIA Europe), Katrin Richter (Head of Product, Impendium Systems), Ian Sloyan (Assistant Director, Data and Reporting, ISDA), Diego Valiante (Head of Financial Markets & Institutions, Centre for European Policy Studies (CEPs)), Richard Wilkinson, Director (Post Trade Solutions, Contango Markets)
CDMG and MIG members receive a 20% discount – please contact us for a code.
Delegate fee: £195 + VAT per workshop
Discounted JWG delegate fee: £156 + VAT per workshop
Call: +44 (0)1483 479331