28 October 2014
The World After MiFID
Background:It is over ten years since the first rumblings of Europe’s Markets in Financial Instruments Directive (MiFID) were heard in the corridors of Brussels. The Directive saw the creation and growth of MTFs alongside the revolution in high frequency trading in Europe. The Directive’s core objective however was to break the concentration rules for national exchanges and introduce more transparent and competitive trading with "best execution". Has it achieved these things or, if not, what has it achieved?
And now, with the imminent implementation of the second generation of MiFID, what is going to change this time or, more importantly, what needs to change?
The Financial Services Club gathers our Financial Markets Group to discuss this under a new chairman of that Group, Chris Pickles.
In summary, we are certain you will find the evening useful, with the key points under review being:
• how the market and infrastructures have changed since the implementation of the first MiFID (eg MTFs, EMIR, clearing, impacts from Dodd-Frank, etc)
• what further changes are expected in the run-up to MiFID II (changes in European exchanges, clearing, settlement, etc)
• looking even further ahead, what should we look out for after MiFID II implementation (eg T2S, consolidated tape, etc).
The Financial Markets Group is a new sub-sector within the Financial Services Club, that builds upon the work of the Clearing & Settlement Working Group (CAS-WG) to review the implications of MiFID II, AIFMD, UCITS, etc, as well as EMIR, CSDR and T2S.. The group is chaired by Chris Pickles.
Chris Pickles spent 13 years at BT and at Radianz as head of industry initiatives for the Financial Markets sector, and was instrumental in the formation of the MiFID Joint Working Group. He left BT in early 2014 to work as an independent consultant specializing in regulatory compliance and its impact on operations and IT, and in security and identity management among other functions. Before being with Radianz and BT, Chris had worked as secretary-general of the European Association of Securities Dealers, as head of exchange products for Deutsche Börse and in marketing for Reuters, among others. Overall, he brings 40 years’ experience of the financial sector to the Financial Services Club’s agenda.