Speakers
Chair
Natasha Cazenave
Executive Director - European Securities and Markets Authority (ESMA)
Public Authorities
Johan Almenberg
State Secretary, Financial Markets - Ministry of Finance, Sweden
Rodrigo Buenaventura
Chair - Spanish Securities and Exchange Commission (CNMV)
Jérôme Reboul
Head of the Regulatory Policy and International Affairs Directorate - Autorité des Marchés Financiers (AMF)
Industry Representatives
Stephen Berger
Managing Director, Global Head of Government Regulatory Policy - Citadel
Bastian Kortenhoff
Director, Corporate Listings Sales, UK Europe - Cboe Global Markets
Pilar Martínez
Head Public Affairs EU and Latin America - SIX Group
Tarek Tranberg
Head of Government Relations, Europe - Optiver
Objectives
The first objective of this session is to discuss the state of play of EU capital markets for issuers and investors – including the impact of CMU and MiFIR review measures adopted so far – and reflect on the different factors that determine attractiveness (market characteristics, regulatory framework, supervisory set-up, and macroeconomics).
Secondly, the panel will discuss how to further improve the attractiveness of EU capital markets for issuers and investors and which priorities should be pursued in this respect during the next European political cycle at regulatory and market level.
Points of discussion
- State of play: How attractive are EU capital markets for domestic and international investors and issuers? What are the strengths and weaknesses of EU capital markets from an investor and issuer standpoint? What role does the regulatory framework play in the attractiveness of capital markets for investors and issuers, compared to other more structural factors such as the competitiveness of the economy, the scale of the market, the strength of the market ecosystem or its efficiency? How would you qualify the attractiveness of the current EU regulatory framework for issuers and investors and what improvements can be expected from the CMU action plan and the MiFIR review reforms adopted?
- Priorities for the next European political cycle: What are the key drivers to be further worked on for increasing the attractiveness of EU capital markets for investors and issuers and which ones are in the scope of financial services policy? What should be the policy priorities for the next European political cycle for enhancing the attractiveness of EU capital markets? What can be done at industry level to enhance the attractiveness of EU capital markets and are there best practices to be capitalized on in certain member states or markets?