Catch-up: Caught on Tape

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Programme

Date

07/10/2021

Time

10:00 - 12:15 CET

10:00 - 10:05

Welcome

Petr Koblic

Chairman and CEO, Prague Stock Exchange; President, FESE

biography

Petr Koblic began his career in investment banking in 1993. He served at middle management level and later top management level in a number of domestic and international investment banks.

Peter was elected Chairman and CEO of Prague Stock Exchange in September 2004. He is also Chairman of the Central Securities Depository Prague and Power Exchange Central Europe. At group level, he is a Member of the Board of Vienna Stock Exchange.

Peter was elected President of FESE in 2018. In 2019 he was selected as a member of the High Level Forum on the Capital Markets Union.

During his career, Petr has also been a Member of the Board of the Czech Broker Dealer Association, President of Ljubljana Stock Exchange, Member of the Board of Budapest Stock Exchange, and Chairman of the Czech Investor Compensation Fund.

10:05 - 10:15

Introductory remarks

Rainer Riess

Director General, FESE

biography

Rainer Riess is Director General of the Federation of European Securities Exchanges (FESE) and an independent advisor to exchanges and financial services companies with more than 30 years of experience in the global exchange industry. He is also Vice Chair of the Securities and Markets Stakeholder Group (SMSG) which provides ESMA with opinions and advice on its policy work.

For many years, he served as Vice Chairman of the Board of the Frankfurt Stock Exchange and was responsible for the cash market business of Deutsche Börse AG. During his career at Deutsche Börse, he created and managed markets, drove changes in European corporate governance and accounting practice, financial market regulation and supervision of market player. Major initiatives include running the cash market in a competitive MiFiD environment and financial market crises, the creation of DTB Deutsche Terminbörse / Eurex, developing European primary markets (Neuer Markt, indices, corporate governance and regulation), the launch of the Xetra electronic trading system and the CCP as well as the creation of the European ETF and structured products markets.

He holds a Master in Economics from Johann Wolfgang Goethe University in Frankfurt and an MBA from the University of Miami (Fulbright Scholar).

10:15 - 10:30

Presentation of new study on the consolidated tape

Magnus Burkl

Principal - Financial Services, Oliver Wyman

biography

Magnus is a Principal in Oliver Wyman’s Corporate & Institutional Banking and Wealth & Asset Management practices and is based in Frankfurt, Germany.

He is an expert in Capital Markets and is advising leading buy-, sell-side and market infrastructure institutions on strategy development, business development and innovation.

Magnus is a CFA Charterholder and has studied at London Business School and European Business School, where he was a scholar of the German Academic Scholarship Foundation.

10:30 - 11:00

Fireside chat

Speakers

John Berrigan

Director General, DG FISMA, European Commission

biography

John Berrigan is the Director General in DG FISMA (Directorate-General for Financial Stability, Financial Services and Capital Markets Union) of the European Commission.

DG FISMA is responsible for EU-level policy making and legislative initiatives with respect to the financial sector, including Banking Union, Capital Markets Union, sustainable finance, digital finance, anti-money laundering and sanctions. In this context, John represents the European Commission on the Economic and Financial Committee and the Financial Services Committee, which report to EU Finance Ministers. He also represents the Commission on the Financial Stability Board, which reports to G20 Finance Ministers. He attends the European Systemic Risk Board and is a permanent observer on the Single Resolution Board.

John has been a Commission official since the mid-1980s and has spent most of that time working on financial-sector issues - first in DG ECFIN (where he contributed to macro-financial analysis in general and more specifically to financial-sector aspects of the assistance programmes for Member States) and now in DG FISMA. He worked on preparations for the introduction of the euro in 1999 and was secretary of the so-called Giovannini Group, which produced reports, inter alia, on issues related to euro-denominated debt issues and post-trading in EU securities markets in the early 2000s. In the mid-1990s, he worked for several years with the International Monetary Fund.

John has a masters degree in economics from University College Dublin.

Thomas Book

Executive Board Member, Deutsche Börse

biography

Thomas Book has been a Member of the Executive Board of Deutsche Börse Group since July 2018. He is responsible for Trading & Clearing, which comprises the Group’s cash market (Xetra), financial derivatives (Eurex), commodities (European Energy Exchange) and foreign exchange (360T) businesses including clearing, as well as Market Data + Services.

With more than 20 years of industry experience, Book is a pioneer in the field of electronic trading. Having joined Deutsche Börse Group in 1995, he was part of the team that rolled out DTB’s remote membership concept across Europe and the US.

Book also was part of the project that founded Eurex, the first-of-its-kind cross border exchange merger of DTB and Scoffed. In 2001, he complemented his industry knowledge with a PhD thesis on "Electronic exchange trading and global markets".

He was CEO of Eurex Exchange from 2016 to 2020. Previously, Book shaped Deutsche Börse’s clearing business. Appointed to the Eurex Board in 2007, he was Head of Clearing until 2014. In 2013, he assumed the role of CEO of Eurex Clearing AG, which he held until 2016.

Book chairs the Management Board of Eurex Deutschland and the Frankfurt Stock Exchange. Furthermore, he is Chairman of the Supervisory Board of European Energy Exchange AG as well as Vice-Chairman of the Supervisory Board of 360 Treasury Systems AG and of China Europe International Exchange AG.

11:00 - 12:00

Panel discussion

The European trading landscape is significantly fragmented and there is a need for comprehensive consolidation. A complete CT in Europe comes at the right time, but it must strike the right balance on operational aspects while enforcing market structure rules. How can Europe tackle lingering market structure imperfections in order to facilitate access to comprehensive, high-quality market data?

Building on the findings of a new study, our esteemed speakers will assess the possible design and governance models for the tape, in the context of broader discussions around MiFID/R and the Capital Markets Union.

Panellists

Stephen Berger

Managing Director & Global Head - Government & Regulatory Policy, Citadel

biography

Stephen Berger is a Managing Director and Global Head of Government & Regulatory Policy at Citadel. He leads the firm’s engagement on legislative and regulatory initiatives impacting the financial markets globally, including in the United States, Europe, and
the Asia-Pacific region.

Mr. Berger has testified before the House Agriculture Committee on the impact of the G-20 clearing and trade execution requirements, presented before CFTC advisory committee meetings on issues including package transactions and position limits, participated in workshops at the New York Fed and Chicago Fed on CCP recovery and resolution, and spoken on panels at MFA, FIA, Eurofi and ASIFMA conferences on topics ranging from cross-border harmonization to US Treasury market structure modernization.

Mr. Berger is a member of the CFTC’s Market Risk Advisory Committee, the NFA’s CPO / CTA Advisory Committee, and the Federal Reserve Bank of Chicago’s Working Group on Financial Markets. He has served as Chair of the Managed Funds Association’s Derivatives and Swaps Committee and is an active participant in a number of MFA, AIMA, SIFMA AMG, FIA and ISDA committees.

Prior to joining Citadel, Mr. Berger was an Executive Director at UBS Investment Bank, where he led UBS’s US financial regulatory reform team.

Markus Ferber

Member of the European Parliament, ECON Committee

biography

Markus Ferber, born in 1965 in Augsburg and an engineer by profession, has been a Member of the European Parliament since 1994.

During his time in office, he has served in multiple high-profile roles, such as Chairman, CSU delegation in the European Parliament and Co-Chairman, CDU/CSU delegation in the EPP Group. Currently, he serves as the Coordinator of the European Peoples Party (EPP) in the European Parliament’s Economic and Monetary Affairs Committee (ECON).

As rapporteur for the recast of the Markets in Financial Instruments Directive (MiFID II) he has been the European Parliament’s lead negotiator for one of the key pieces of post-crisis financial markets regulation.

Markus Ferber takes a keen interest in financial services as well as banking and insurance legislation. On 1 January 2020, Ferber became Chairman of the Hanns-Seidel Foundation, a political foundation associated with the CSU.

Tilman Lueder

Head of Unit - Securities Markets, DG FISMA, European Commission

biography

Tilman Lüder holds a doctorate in law from the University of Tübingen.

Before joining the European Commission in 1999, Tilman was as an associate in Cleary Gottlieb Steen and Hamilton LLP. He worked on European and German antitrust and merger control issues.

His first job in the Commission was that of a case manager dealing with antitrust and state aid cases in the area of post and telecommunications in the Directorate General for Competition. In 2002, he became the spokesperson to Commissioner Mario Monti, responsible for Competition, a position he successfully held until being appointed, in 2005, Head of the Copyright Unit of Directorate General for the Internal Market (DG MARKT). He pursued his career to become Head of the Asset Management Unit (2011-2015) in DG MARKT, later the Directorate General for Financial Stability, Financial Services and the Capital Markets Union (DG FISMA).

As of September 2015, Tilman heads the Securities Markets Unit in DG FISMA.

Bjørn Sibbern

President - European Markets, Nasdaq

biography

Bjørn Sibbern is President, European Market Services. In this role, he works closely across all of Nasdaq’s European Markets teams to deepen the relationships between Nasdaq and institutional and main street investors, broker dealers and regulators in the region.

Prior to his current role as President, European Market Services, he was Executive Vice President for Global Information Services (GIS), based in New York City. He has also previously led Nasdaq’s Global Commodities business, while also serving as President of the Nasdaq Copenhagen Exchange.

In an earlier role, Bjørn managed the company’s Nordic Cash Equities and Derivatives Markets. Bjørn’s proven track record in business-building and his ability to foster and grow valuable client relationships positions Nasdaq to further evolve its European business through best-in-class industry partnership and collaboration, product development, and geographic expansion to deliver greater value for all clients.


Before joining the company, Sibbern was Head of Trading at Stocknet Norway and CEO at E*TRADE Bank Denmark. While President of the Nasdaq Copenhagen exchange, Sibbern also served on the board of the Committee for Corporate Governance under the Danish Ministry of Economic and Business Affairs.

Sibbern holds an Executive MBA, a Diploma in Business Administration and an MSc in Economics & Business Administration and Law from Copenhagen Business School.

Santiago Ximénez

Director General - Market Data, BME

biography

Santiago Ximénez is General Manager of BME Market Data. He is responsible for the production and management of all market data coming from the trading platforms of the BME Group, as well as other enriched information contents that BME incorporates into its data feeds. He also manages and oversees the co-location, proximity and regulatory services offered by BME.

He is Chairman of Latam Exchanges Data Inc., a joint venture between Bolsa Mexicana de Valores and Bolsas y Mercados Españoles aimed at promoting the Market Data business in Latin America.

Santiago is a member of the FESE Market Data Experts Task Force and was a member of the Consultative Working Group of the ESMA Market Data Reporting Task Force between 2014 and 2016.

He has been working in the exchange industry for more than 21 years and holds a Bachelor of Arts Degree in Business Administration from the University of Santiago de Compostela with a First Honors Degree. He has lectured in finance in several European and American universities.

12:00 - 12:15

Summary and closing remarks

Anthony Attia

Global Head of Primary Markets and Post Trade, Euronext; Vice President, FESE

biography

Anthony Attia is the Global Head of Primary Markets and Post Trade of Euronext. He was the CEO of Euronext Paris from 2014 to early 2021, while also serving as Global Head of Listing and Post Trade for the Group. As CEO of Euronext Paris, he transformed and improved the relationships with the French ecosystem, clients and regulators, and developed Euronext’s equity listing franchise by growing pan-European SME and Tech initiatives. In addition, he led the development of Euronext’s state-of-the-art proprietary trading platform, Optiq® as well as the launch of Euronext of CSDs connecting Interbolsa, Euronext VPS and VP Securities.

From 2009 to 2013, based in New York, he served as Senior Vice-President and Chief of Staff at NYSE Euronext. Areas of responsibilities included strategy, technology and integration.

In 2004, he was appointed as Executive Director, Head of Operations for Euronext. He was responsible for market surveillance, exchanges operations and business development. At the creation of Euronext in 2000, he was the Integration Program Director, in charge of migrating the French, Belgian and Dutch exchanges to the Euronext single order book and trading system. Mr Attia began his career in the Paris stock Exchange in 1997.

He is a member of the Board and Audit Committee of LCH SA, a member of the Board of Euroclear Holding, a director of Euronext Dublin and the Vice-President of FESE, the Federation of European Exchanges. He is also the Chairman of the Board of Directors of Liquidshare.

He holds an Engineering degree in computer science, applied mathematics and finance.