Events
Past Events
In the aftermath of the financial crisis, banks have accumulated about a trillion euro of non-performing loans (NPLs) in their balance sheets. The high levels of NPLs in countries such as Italy, Greece and Portugal constrain their banks’ lending abilities, which causes delays in the countries’ economic recovery.
How the financial industry and supervisors deal with the new regulatory framework for data (obligation to supply financial instruments reference data, pre- and post-trade transparency, transaction reporting, best execution, consolidated tape etc.) will largely determine the transition to a MiFID II-compliant environment. The volume and nature of the data to be processed, the complexity of the analytical processes, and stringent reporting requirements present great challenges ahead.
The Federation of European Securities Exchanges (FESE) is delighted to announce the launch of the Josseph de la Vega Prize 2017. The Prize will award an outstanding research paper related to the securities markets in Europe. Papers about current developments in European securities markets are particularly welcome.
The use of central counterparties (CCPs) has increased markedly in recent years. The decision to shift from bilateral to central clearing of standardised over-the-counter derivatives concentrates risks in a couple of CCPs, which has potentially negative effects on the financial sector and the broader economy in the unlikely event that a CCP fails.
Between 2011 and 2015, global investment in FinTech increased eightfold. Resulting from the use of enabling digital technologies, new products and processes are being developed by “traditional” providers and by ever-rising numbers of FinTech startups. While policy-makers are gradually creating the necessary conditions to strengthen this digital transformation of financial services, numerous policy issues and unanswered questions remain. Against that background, CEPS, ECRI and ECMI are jointly organising their Annual Conference on “Developing the FinTech ecosystem: the challenges of regulation, innovation and digitalisation”.
Under MiFID I transparency requirements were limited to equity instruments. MiFID II substantially expanded the scope of this transparency to cover also non-equity instruments. The full list includes shares; depositary receipts; exchange traded funds; certificates and similar instruments (equity-like instruments); bonds; structured finance products; emission allowances and traded derivatives (non-equity instruments). Such instruments can be traded not only on regulated markets (RMs), but also to multilateral trading facilities (MTFs), organised trading facilities (OTFs), and Systemic Internalisers (SIs). It remains to be seen how and to what extent the new transparency requirements will affect the current market structure.