Fragmentation in financial markets has been identified as a major barrier to more efficient EU capital markets. This event was an initial fact‑finding opportunity, allowing us to engage – primarily with industry across the financial landscape but also with supervisors and investors – and get their views on how integrated they think EU capital markets are. The event brought together investment funds, infrastructure operators and other market players.
Consolidation is understood as a primarily market-driven process, which EU legislation could facilitate by removing obstacles and providing incentives. This workshop should help us identify barriers to consolidation, both at the level of integration of market infrastructures and of consolidation and scaling up of investment funds in the EU.
Regarding the integration of market infrastructures, the discussion covered various market segments – exploring the potential benefits, challenges, and the regulatory landscape.
Speakers also discussed the role of investment funds in making the EU economy more competitive, particularly by fostering investment in innovative companies. This can be difficult to achieve given the level of fragmentation in the investment funds market. The event therefore helped us identify barriers to the consolidation and scaling up of investment funds, including venture capital and private equity funds.
This discussion was framed by the objectives of the capital markets union (CMU) project and the future development of the European savings and investment union in the context of the broader goal of enhancing EU competitiveness.
In this context, the Commission has also recently launched a study on “consolidation and reducing fragmentation in trading and post-trading infrastructures in Europe and on the scaling up of funds investing in innovative and growth firms”.
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Watch it again
- financial services | capital markets union
- Thursday 26 September 2024, 10:00 - 17:15 (CEST)
- Brussels, Belgium
Programme
- 26 Sep 2024, 09:00 - 10:00 (CEST)Registration and coffee
- 10:00 - 10:15 (CEST)Opening by Alexandra Jour-Schroeder, Deputy Director General, Commission Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA)
- 10:15 - 10:30 (CEST)Keynote speaker
Nicolas Veron, Senior fellow at Bruegel and at the Peterson Institute for International Economics in Washington DC
- 10:30 - 12:00 (CEST)Plenary debate
Towards more efficient EU capital markets: identifying and addressing barriers to integration of market infrastructure and scaling up of investment funds.
Panellists:
- Carmine Di Noia, Director for Financial and Enterprise Affairs, OECD
- Thomas Schindler, CFO, Allianz Global investors
- Valerie Urbain, CEO, Euroclear
- Giorgio Modica, CFO, Euronext group
- Karolina Rzonca-Bajorek, CFO, Asseco Poland
Moderator: Marcel Haag, Director for horizontal policies, DG FISMA
- 12:00 - 12:15 (CEST)Conclusions by Marcel Haag, Director for horizontal policies, DG FISMA
- 12:15 - 13:30 (CEST)Lunch break
- 13:30 - 17:15 (CEST)Parallel break out session on trade/post-trade
- 13:30 – 15:00 – Panel 1: A trading perspective on consolidation
Panellists:- Luca Filippa, Director General, CONSOB
- Alex Dalley, Head of CBOE Netherland
- Roland Chai, President of European Markets, Nasdaq
- Helle Søby Thygesen, Secretary General, Capital Market Denmark, FIDA
- Niels Brab, Head of group regulatory strategy, government relations & political affairs, chief regulatory officer, Deutsche Börse Group
- David Gardner, Vice-President for corporate finance, Bolt
- Olga Jordão, CEO Euronext Securities Porto and Head of business operations
- Moderator:
- Tanya Panova, Head of Unit, Securities markets, DG FISMA
- Tanya Panova, Head of Unit, Securities markets, DG FISMA
- 15:00 – 15:30 – Coffee break
15:30 - 17.00 – Panel 2: Post-trading
Panellists:- Valerie Urbain, CEO, Euroclear
- Ondřej Dusílek, Chief Executive Officer, CSD Prague
- Pierre Davoust, Head of Central Securities Depositories, Euronext
- Pierre Marsal, European Law Consultant, EuropeanIssuers
- Mario Muth, Global Head of Platform Sales , Deutsche Bank
- Vikesh Patel, CEO, CBOE Clear
- Laurence Caron-Habib, Head of Public Affairs, BNP Paribas Asset Management
Moderator:
- Andrea Gentilini, Commission de surveillance du secteur financier (CSSF), Head of Division
- 17:00 – 17:15 – Concluding remarks by DG FISMA
- 13:30 – 15:00 – Panel 1: A trading perspective on consolidation
- 13:30 - 17:15 (CEST)Parallel break out session on investment funds
- 13:30 – 13:40 – Introduction by Martin Merlin, Director for financial markets, DG FISMA
13:45 – 15:00 – Panel 1: Consolidation in investment funds
Panellists:- Eric Bramoullé, Head of product and marketing and member of executive committee, Amundi
- Geraldine Leegwater, Chief Investment Management, PGGM
- Nils Bolmstrand, CEO of Nordea Asset Management
- Terri Dempsey, CEO State Street Fund Services (Ireland) and Ireland Country Head
- Aleksandra Mączyńska, Managing Director, Better Finance
Moderator:
- Hélène Bussières, Head of Unit, Asset management, DG FISMA
- 15:00 – 15:20 – Coffee break
- 15:20 – 15:40 – Presentation: EU’s challenge to scale up risk capital delivered by Jan Frie, International Monetary Fund
15:45 – 17:00 – Panel 2: Barriers to scaling-up risk capital
Panellists:- Rebecca Versteeg, member of KKR Impact investing team
- Markus Pimpl, Managing Director at Partners Group
- Stefan Haubner, Founding partner of APEX VC
- Adam Niewinski, Co-founder and general partner, OTB ventures
- Hugo Weber, Vice Presdent, Corporate Affairs & Impact, Mirakl
Moderator:
- Jan Ceyssens, Head of the Unit, Capital markets union, DG FISMA
- 17:00 – 17:15 – Concluding remarks by DG FISMA
Practical information
- When
- Thursday 26 September 2024, 10:00 - 17:15 (CEST)
- Where
- Conference Centre Albert BorschetteRue Froissart 36, 1040 Brussels, Belgium
- Languages
- English
Contacts
General contact
- fisma-consolidation-roundtable
ec [dot] europa [dot] eu