Navigation Path: Home > Events > Conferences & seminars > The safety and efficiency of post-trading arrangements in Europe: Joint ECB-Commission conference
Date: 21-22 April 2008
Venue: Steigenberger Frankfurter Hof
Am Kaiserplatz
Frankfurt am Main
ECB Directorate General Payment Systems and Market Infrastructure
Jean-Michel Godeffroy
Tel.: +49 69 1344 7418
Fax: +49 69 1344 7409
Per Nymand-Andersen
Tel.: +49 69 1344 7683
Fax: +49 69 1344 5350
ECB Protocol and Conferences Division
Silke Köhler
Tel.: +49 69 1344 8671
Fax: +49 69 1344 5775
European Commission
Directorate-General for Internal Market and Services
Financial Markets Infrastructure Unit
Mario Nava
Tel.: +32 2 296 4235
Fax: +32 2 299 3071
Angela Lowe
Tel.: +32 2 296 3154
Fax: +32 2 299 3071
Programme:
Summary:
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| 11:00 – 11:15 | Opening address: Jean-Claude Trichet (President, European Central Bank) en |
| 11:15 – 11:45 | Keynote speech: Charlie McCreevy (Member of the European Commission) en |
| 11:45 – 13:00 | High-level panel: Improving the efficiency and integration of post-trading arrangements in Europe Chair: Gertrude Tumpel-Gugerell (ECB) en Discussants: The role of securities supervisors in the clearing and settlement of securities: Eddy Wymeersch (CESR), en A European Parliament view: Ensuring fair competition while reinforcing safe and open infrastructures: Pervenche Berès (MEP), en Improving the efficiency and integration of post-trading arrangements in Europe - Clearstream's vision: Jeffrey Tessler (Clearstream International), en Panel discussion |
| 13:00 – 14:00 | Lunch |
| 14:00 – 15:15 | Session 1: Central bank services and market facilities: Is T2S on track? Will CCBM2 deliver? What is the market delivering? What governance? Chair: Diana Chan (EuroCCP), en Discussants: TARGET2-Securities: Jean-Michel Godeffroy (ECB), en CCBM2: Agnes Van den Berge (Nationale Bank van België/Banque Nationale de Belgique), en The European landscape in the light of T2S and how CSDs can facilitate it: Andreas Wolf (Clearstream Frankfurt), en The view from a global banking perspective and T2S: Robert Barnes (UBS), en Panel Discussion |
| 15:15 – 16:30 | Session 2: Competition issues: fair market access Chair: Antonio Sainz de Vicuña (ECB) Discussants: Towards borderless markets in securities post-trading: Issues of competence and competition: René Smits (Dutch Competition Authority/University of Amsterdam), en Unbundling, price transparency and competition between networks in the light of other markets’ experience: Maria-Chiara Malaguti (Lecce University), en Exploring a fair and equal level playing field within a single market: Roger Liddell (LCH.Clearnet) The application of EU antitrust law in the area of post-trading: Eduardo Martinez Rivero (European Commission), en Panel Discussion |
| 16:30 | Coffee Break |
| 17:00 – 18:15 | Session 3: Regulation and self-regulation: Chair: Bob Wigley (Merrill Lynch), en Discussants: Is the Code working?: Mario Nava (European Commission) The functional versus institutional approach: Daniela Russo (ECB) The market’s view: Hermann-Josef Lamberti (Deutsche Bank) Panel Discussion |
| 19:45 | Aperitif and dinner Dinner speech: Peter Norman, en |
| 9:00 – 10:00 | Session 4: Harmonisation: public and private initiatives. How much progress has been made in the removal of the “Giovannini barriers”? Chair: Alberto Giovannini (Unifortune asset management) Discussants: The removal of the Giovannini barriers, FISCO and Legal Certainty Group: Konstantinos Tomaras (European Commission) Is there a need to go beyond the “Giovannini barriers”? Can T2S help?: Marye Humphery (Adviser to Morgan Stanley) What is required for successful harmonisation? The experience of Euroclear: Paul Symons (Euroclear SA/NV) Panel Discussion |
| 10:00 – 11:00 | Session 5: Is the global dimension sufficiently taken into account? Chair: David Wright (European Commission) From regional to global: the implications of the transatlantic exchange consolidation going forward. Is there real strategic and economic debate about global clearing and settlement? What are the constraints to global solutions emerging and who would have access? Who would regulate global clearing and settlement market participants? Discussants: Donald Donahue (DTCC), en Jacques-Philippe Marson (BNP Paribas), en Judith Hardt (FESE), en Panel Discussion |
| 11:00 | Coffee break |
| 11:30 – 12:30 | Session 6: Financial stability and securities infrastructure Chair: Peter Praet (Nationale Bank van België/Banque Nationale de Belgique), en Discussants: Financial integration and stability – Lessons for clearing and settlement: John Berrigan (European Commission), en European supervisory framework perspectives – impact of cross-border market infrastructures: Alessandro Rivera (Italian Ministry of Finance), en Financial stability and supervisory arrangements in light of the recent market events: Jukka Vesala (Finnish Financial Supervision Authority), 1.81 MB en Panel discussion |
| 12:30 – 13:00 | Closing remarks: David Wright (European Commission) en |
