FESE Conference “CMU - Quo vadis?” LIVE


Bilbao Stock Exchange (Calle Jose Mª Olabarri, 1, 48001 Bilbao, España).




09:30 to 14:00 CET

09:30 - 10:00

Welcome Coffee

10:00 - 10:05

Welcome Address

Beatriz Alonso-Majagranzas

Head BME Exchanges, BME, SIX


Head of Equity, Fixed Income and Market Data at Bolsas y Mercados Españoles (BME). Member of the Six Group Markets Management Committee. Member of the Boards of MEFF, BME Renta Fija, Sociedad de Bolsas and the Stock Exchanges of Madrid, Bilbao, Valencia and Barcelona, and Member of the CNMV Advisory Committee.

She holds a Master in Applied Finance by Analistas Financieros Internacionales (AFI) and Degree in Economics and Business Administration from the Universidad Autónoma de Madrid.

10:05 - 10:15

Opening Remarks

Petr Koblic

President, FESE & Chair and CEO, Prague Stock Exchange


Petr Koblic, began his career in investment banking in 1993. He served on middle management level and later top management level in 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. On group level he is Member of the Board of Vienna Stock Exchange.

Peter was elected the 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 he was 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 he was the Chairman of Czech Investor Compensation Fund.

10:15 - 10:30

Keynote Speech

Jesús González Nieto-Márquez

Head BME Growth, BME, SIX


Jesús González is the Head of BME GROWTH, the Spanish SME market. Currently trading more than 130 companies with a total market cap of 19 billion €. He is also Managing Director of Latibex, the Latin American securities market in Euros, with 25 of the largest companies in Latin America listed.

He started his career in Bolsa de Madrid settlement department and has been working for the equity markets for more than 30 years.

He makes part of the Technical Expert Stakeholder Group on SMEs of the European Commission and the Listing Experts Task force of European Federation of Exchanges. Also is a member of the Spanish Institute of Financial Analysts.

Mr. González is a regular collaborator in postgraduate finance courses organized by Universities and other teaching centres. He has a double degree in Law and Business Administration by ICADE (E3) in Comillas Pontifical University.

10:30 - 10:45

Keynote Speech

Tatyana Panova

Head of Unit - Capital Markets Union, DG FISMA, European Commission


Tatyana Panova is the Head of the Capital Markets Union Unit in DG FISMA. Prior to this, Tatyana headed another unit in DG FISMA and served in the private office of Vice-President Valdis Dombrovskis where she was responsible for Capital Markets Union, securities markets, asset management, insurance, free movement of capital and competition. Before joining the Cabinet, Tatyana was a Deputy Head of the Securities Unit in DG FISMA. In her previous jobs, Tatyana coordinated the preparation of ECOFIN, COREPER II and Economic and Financial Committee in DG MARKT and managed aviation anti-trust cases in DG COMP. Tatyana is a trained economist with specialisation in financial services.

10:45 - 11:45

Panel | How to strengthen the competitiveness of the EU Listing Regime?

The EU economy needs a vibrant listing regime to foster growth and innovation. This would allow more companies to access a large pool of funding to execute their strategies, creating jobs and economic development. The Listing Act is an important step to reduce the burden for issuers and make the EU primary market more efficient. At the same time, the US market seems highly attractive due to valuations and liquidity, with some IPOs happening there. What further paradigm shifts in Europe are needed? How can we deliver a true CMU that can fund the economy as well as the digital and sustainable transition?


José Antonio Barrena

Director General, Norgestion


With over 20 years’ experience in Consulting and Corporate Finance, he combines his activity as Manager of Grupo NORGESTION acquisitions and company sales, advised over 40 deals in various sectors (automotive, capital goods, machine tools, telecommunications, engineering, IT, food, …).
He also has participated in several IPO´s in the Spanish Stock Markets (BME Growth, MARF and in the Main Market), as for example: MASMOVIL, GRENERGY, ATRYS HEALTH, ARTECHE, ...

In 1998 he began his professional career at Banco Bilbao Vizcaya SA Businesses Unit. In early 2000 he joins the Consulting and Corporate Finance Department at NORGESTION. In January 2009 he was appointed Deputy General Manager and in March 2011 he became General Manager.

He has a Degree in Economics and Business Administration from Deusto University (Pr. 1996).

Participates in Boards of Directors, Steering Committees and Investment Committees of various companies in different sectors and has participated in different conferences and lectures on Corporate Finance and ECM.

Florence Bindelle

Secretary General, EuropeanIssuers


Florence leads the Brussels team with strategic and operational know-how from her work at the Federation of European Risk Management Associations (FERMA), where she was responsible for the management of relations with the European Commission and other European institutions and organisations, as well as media communication and the organisation of events. Previously, she worked in the Brussels office of Mapfre Re on the liability portfolio management and treaty analysis.

She holds a degree in law, an executive MBA from Louvain School of Management and a post-graduate degree in law and economics from ULB as well as a certificate in risk management and a Director Effectiveness certificate from Guberna.

She is also past president of ESAE (European Society of Association Executives) and Vice-president of the FAIB (Federation of International Associations in Belgium) and speaks fluent French, Spanish and English and good Dutch.

Aurélien Narminio

Head of Equity Listing, Euronext


Aurélien Narminio is Head of Equity Listing at Euronext.

Prior to joining Euronext, initially as Chief of Staff to the Group CEO, Aurélien worked in FX sales within the Fixed Income, Currencies and Commodities division of Goldman Sachs in London, and then as a strategy consultant at the Boston Consulting Group in Paris. Aurélien holds an MBA from INSEAD, and a BSc in Economics from the London School of Economics.

Francisco Vidal Yuguero

Director of Economics and Sectorial Policies, Cepyme


Francisco Vidal is Director of Economics and Sectorial Policies at Cepyme (Spanish Confederation of Small and Medium-Sized Enterprises). He holds a degree in Economics, as well as a degree in Business Administration from the Universidad Autónoma de Madrid. He also holds a Master's degree in Finance from CEU San Pablo and a specialization course in fixed income from IEB. He has developed his professional career in Gescooperativo and Intermoney-CIMD Group, a leading independent group in financial markets in southern Europe, where he held the position of Chief Economist. This position allowed him to deepen into the analysis of the interrelationships between the real and financial economy from a global perspective, as well as to specialize in the study of monetary policy.


Rosa Armesto

Deputy Director General, FESE


Rosa Armesto is Deputy Director General of the Federation of European Securities Exchanges (FESE). She is responsible for coordinating all regulatory policy campaigns and strengthening FESE’s positioning on the key issues and priorities for the exchanges’ sector in Europe.

Rosa has more than 15 years of professional experience in EU affairs for financial services. Her expertise includes a variety of important financial regulatory dossiers, including MiFID/MiFIR, Capital Markets Union, Sustainable Finance, Benchmarks, and the Digital Package. She is also familiar with Solvency II, PRIIPs, IDD and other insurance related files.

Before her appointment as Deputy Director general of FESE, she spent 4 years as a Member of the Management Team and Head of Public Affairs and Communications of Insurance Europe, the trade association of the European insurance sector. In her earlier career, she was Head of Public and Regulatory Affairs of FESE and held different responsibilities prior to re-joining FESE. She has worked in Brussels since 2007, coming from Eurostat (the Statistical office of the European Commission) in Luxembourg.

In parallel, Rosa teaches the course of financial market infrastructures in the Solvay Brussels School of Economics & Management.

Rosa is a Spanish national and holds a MSc in Economics (major in Econometrics) from the University of Zaragoza (ES) & University of Groningen (NL), a BSc in Statistics from the University of Zaragoza (ES), and a professional degree in piano from Conservatory of Teruel (ES). She speaks English, French and Spanish.

11:45 - 12:45

Panel | Unlocking the Potential of European Investment for the real economy

Europe has a huge untapped potential for retail investment that could boost its economic growth, innovation, and sustainability. With 10 trillion € of cash sitting idle in bank accounts, European households have three times more savings in relative terms than US households. This is a missed opportunity for Europe to activate its end investors and channel their money into capital markets. What due Europe needs to do to empower its end investors?


Unai Ansejo

CEO, Indexa Capital


Unai Ansejo was born in Bilbao in 1978. He is currently the co-CEO and co-founder of Indexa Capital Group. Indexa Capital is the leading automated digital manager in Spain that offers portfolio management services of indexed funds, pension plans, and EPSVs at a cost that is 80 % lower than other alternatives and currently has over 1,8 billion euros under management from more than 67,000 clients. He is an institutional investor with over twenty years of experience in pension plan management (Itzarri EPSV) and private banking (Consulnor Gestión). He previously worked as an analyst at Accenture.

He also has extensive academic training in finance: he holds a degree in Physical Sciences and a PhD in Economics from the University of the Basque Country (cum laude with an extraordinary doctoral award), is a CFA Charter Holder, and is a Professor of the Master in Banking and Quantitative Finance.

Aleksandra Mączyńska

Executive Director, Better Finance


Aleksandra Mączyńska is Acting Managing Director of BETTER FINANCE. She comes from Warsaw, Poland, where she was the Deputy Director of the International Relations Department of the Polish consumer and competition watchdog.

She studied at the Faculty of Management at the Poznan University of Economics and at the Warsaw School of Economics. She has also a vast experience in management of international projects, e.g. EU funded capacity building projects. As a Fellow of the Robert Bosch Foundation Programme for the Young Executives from the Public Sector, she worked at the Division for World Bank International Monetary Fund, Debt Issues and International Finance Structure at the German Federal Ministry for Economic Cooperation and Development. She was an expert at various EU Council’s Working Parties such as the WP on Financial Services and WP on Competitiveness and Growth, as well as European Commission’s Working Groups and Advisory Committees.

EU expert groups: Member of the Directorate-General for the Environment on the European Commission Eco-labelling Board, Vice Chair of EIOPA’s Occupational pensions Stakeholder Group (OPSG), Member of the United Nations Civil Society Advisory Body of the Principles for Responsible Banking (UNEPFI), Member of The Consumer Policy Advisory Group (CPAG).

Jesús Sánchez Quiñones

Managing Director and Member of the Board, Renta 4


He has worked for Renta 4 for the last 34 years. Currently he is the Managing Director and Member of the Board of Renta 4 Banco; Member of the Board of KOBUS Partners Management SGEIC; Member of the Board of Directors and the Audit Commission of INVERCO; and Member of the Economics and Financial Policy Commission of the CEOE.

He was a Member of the Group of Economic Advisors of ESMA (European Securities Markets Authority) between 2014 and 2016. Furthermore, he was a regular contributor to different media (more than 1,500 written articles).

He has a Master in Fiscal and Economic Studies by CECO (Madrid Chamber of Commerce) and a University Degree in Management and Administration by ICADE (Universidad Pontificia Comillas, Madrid).

Dr. Marek Dietl

President & CEO, Warsaw Stock Exchange


Dr. Marek Dietl is a recognized expert in Poland's capital markets. He serves as the President & CEO of the GPW–Warsaw Stock Exchange and chairs the board at KDPW_CCP. Before GPW, he played an instrumental role in venture capital and entrepreneurship within the government, including positions with the Polish Agency for Enterprise Development (PARP) ,and the National Centre for Research & Development (NCBR) and the National Capital Fund (KFK).

In the private sector, Marek has been on the investment committees of the PZU Witelo fund-of-funds and Inovo VentureFund. He's also been a non-executive board member for over 25 diverse companies since 2005. Earlier in his career, he was associated with the consultancy Simon-Kucher & Partners, ultimately leading their Warsaw office.

Beyond business, Marek is an economic adviser to Poland's President and an assistant professor at the SGH Warsaw School of Economics. He's also held fellowships at University of Glasgow and University of Essex.

Marek earned his master's in economics from the SGH Warsaw School of Economics and a PhD from the Institute of Economics Polish Academy of Science. He's also completed executive finance studies with EY.


Adam Kostyal

Senior Vice President & Head Listings EMEA, Nasdaq


Adam Kostyál is Senior Vice President of Listing Services, Europe. In addition to Nasdaq Nordic Exchanges, where there are more than 800 companies listed, Adam is also responsible for the more than 120 European companies that are either primarily listed or dual listed on the Nasdaq Stock Market in the U.S.

He started his career at OMX as a Sales Director, and then became Head of the Strategic Initiative Groups in 2006. Most recently, as Vice President of Market Technology Sales, he was responsible for sales, account management, and business development for the Eastern and Western Europe.

Adam has held various positions with Enron, Cell Network and Bloomberg. He holds a Bachelor of Science in Economics and Marketing from Vrije Universiteit de Bruxelles and speaks four languages — English, Swedish, Italian and French

12:45 - 12:55

Closing Remarks

Rainer Riess

Director General


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 is a Member of the Board of Trustees of the English Theatre Frankfurt and several charitable organisations. He holds a Master in Economics from Johann Wolfgang Goethe University in Frankfurt and an MBA from the University of Miami (Fulbright Scholar).

12:55 - 14:00

Buffet Lunch

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