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What roadmap for European post-trading to support EU capital markets? (T+1, harmonization, collateral markets…)

What roadmap for European post-trading to support EU capital markets? (T+1, harmonization, collateral markets…)

Day 2 Morning

Thursday 22 February

Room :

ROOM 1

Speakers

Chair
Julian Reischle
Director General Payments and Settlement Systems - Deutsche Bundesbank
Public Authorities
Montserrat Martínez Parera
Vice Chair - Spanish Securities and Exchange Commission (CNMV)
Fiona Van Echelpoel
Deputy Director General, DG Market Infrastructure & Payments - Deutsche Bundesbank
Industry Representatives
Jesús Benito Naveira
Head of Domestic Custody & TR Operations & Chief Executive Officer, Iberclear - SIX Group
Haroun Boucheta
Head of Public Affairs and Chief of Staff for Company Engagement & General Secretary, Securities Services - BNP Paribas
Philippe Laurensy
Managing Director, Head of Product Strategy & Innovation - Euroclear Group
Valentino Wotton
Managing Director and General Manager of Institutional Trade Processing - The Depository Trust & Clearing Corporation (DTCC)

Objectives

The objective of this session is to discuss the additional improvements needed in the European post-trading space to support the objectives of the CMU and the priorities for the next European political cycle in this area. The discussion will concentrate on settlement activities.

The panel will first assess the proposals currently being considered to improve settlement efficiency: the potential benefits and challenges of moving towards T+1 in the EU and how a possible transition to T+1 could be implemented in a smooth way in the EU market. The discussion will then be broadened to other aspects that may need to be included in the post-trading roadmap for the next political cycle in order to enhance the efficiency, level of integration and resilience of EU securities post-trading.

Points of discussion

  1. Settlement efficiency: Does settlement efficiency need improving in EU securities markets? What impact can be expected from the changes under CSDR Refit? Should the EU move to T+1, considering the main expected benefits compared to the present situation and the challenges? How can a possible transition to T+1 be implemented in a smooth way? How does the objective of shortening the settlement cycle interact with the increasing digitalisation of securities processes and the on-going implementation of new technologies such as DLT?
  2. Priorities for the next European political cycle in the securities settlement space: What are the other main improvements needed in the post-trading sphere to foster integration, operational efficiency, and resilience also in order to support CMU (e.g. in terms of harmonisation, collateral markets…)? What should be the main policy priorities for the next political cycle in this area?