Day three

Annual Conference

19-22 April 2009


Wednesday 23 April - Day three

Address on “International regulatory environment and its impact on exchanges – recent developments and outlook” by Karl-Burkhard Caspari, Chief Executive Director, BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht)
  • Hugh Freedberg, Chairman of NYSE Liffe and of IOMA, for the introduction
Direct Electronic Access
Many derivatives exchanges provide for Direct Electronic Access (DEA). What are the differences and advantages compared to remote membership? What are the specific issues of DEA (risk management, post trading arrangements, capacity and latency)? Since IOSCO has recently released a consultation paper on this topic, what guidance can our industry provide to regulators based on experiences to date?
  • Ignacio Solloa, Deputy Chief Executive Officer, MEFF, as moderator
  • Bénédicte Doumayrou, Head of department Regulation of intermediaries and Market infrastructures, Authorité des marchés financiers Paris
  • Matthias Rietig, Senior Adviser - Business Development, Osaka Securities Exchange
An analysis of exchanges themselves, led by a McKinsey review of this industry’s prospects, with comments by other session participants.
  • Luc Bertrand, TMX Group
  • Philipp Haerle, Global Lead Partner on Exchanges, McKinsey, as presenter
  • Dirk Hoffmann-Becking, Senior Research Analyst, Sanford C. Bernstein