Markets in Financial Instruments Directive II/Regulation

MiFID II one month in: The beginning of the end or the end of the beginning

Tuesday, February 6, 2018
London

The Markets in Financial Instruments Directive/Regulation came in to force on 3 January. Even with ESMA Q&A trickling down throughout 2017, there continues to be material uncertainty about how the rules should be applied. This conference takes stock of where we are, and how market participants have sought to navigate this uncertainty whilst minimising disruption to orderly trading. Today we consider the key impacts that MiFID II has had on the derivatives markets so far, and how we expect the rules and markets to develop over 2018.

This conference will focus in on the MiFID II transparency and reporting frameworks, and how the concept of “traded on a trading venue” for OTC derivatives has played out. We also consider the impact of the new rules for commodity derivative markets, and the application of best execution reporting to OTC derivatives. Crucially, we analyse MiFID II from a global perspective, considering the impact the legislation is having on Cross-Border trading.

Educational Credits

5.5 CPD Credit Hours Available (England and Wales)

6.5 CLE Credit Hours Available (New York)
Nontransitional Only

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Tuesday, February 6, 2018

8:15 AM Registration and Continental Breakfast

8:45 AM Introduction and Welcoming Remarks James Roberts

James Roberts, Director, European Public Policy, ISDA

9:00 AM Traded on a trading venue and the transparency framework – the journey so far Moderator: James Roberts, Fabio Braga, Jamie Brigstock, Mario Muth

  • What do we know about ToTV and what is unclear?
  • How has the industry implemented?
  • What impact is this having on the trading of OTC derivatives?
  • What else do we expect from regulators?
James Roberts, Director, European Public Policy, ISDA
Fabio Braga, Trading and Post Trade Policy / Markets Policy / Strategy and Competition, FCA
Jamie Brigstock, Director, G10 Rates Trading & Sales Business Manager, Citigroup
Mario Muth, Head of Rates ESales and European Fixed Income Market Structure, Deutsche Bank AG

10:20 AM Morning Break

10:45 AM Market Data Reporting Ian Sloyan, Karin Verlinden

In this session we will look back at the implementation of the data and reporting requirements of MiFIR /MiFID II, and discuss the major issues encountered, and what the industry has to work on this year to improve efficiency of their implementations post January 2018.

Ian Sloyan, Director, Data and Reporting, ISDA
Karin Verlinden, Capital Markets Initiatives, BNP Paribas

11:45 AM The derivatives trading obligation and packages James Roberts

  • How has the trading obligation been developed in the EU?
  • What impact is it having on swaps trading?
  • How does it apply where a swap subject to the trading obligation is traded as part of a package?
James Roberts, Director, European Public Policy, ISDA

12:30 PM Luncheon

1:30 PM MiFID II/R: A New Regime for Commodity Derivatives Markets, including the ESMA final rules and Q&A Benoît Gourisse, Paul Willis

  • MiFID II/MiFIR is broad in scope, and touches many corners of the financial system
  • Scope of commodity contracts
  • Position limits: metric, baseline limits, exemption, aggregation, flexibility granted to NCAs
  • Position reporting
  • General exemption rule – ancillary activities
Benoît Gourisse, Senior Director, European Public Policy, ISDA
Paul Willis, Technical Specialist, FCA

2:30 PM MiFID II Cross-Border issues Moderator: James Roberts, Caroline Dawson

  • The scope of MiFID II/MiFIR is not always clear. What does the third-country branch of an EEA firm need to do to be compliant? What about an EEA branch of a third-country firm?
  • How have EU firms implemented MiFID II for their desks outside the EEA?
  • How are regulators approaching supervision of third-country compliance?
  • What will be the impact of Brexit?
James Roberts, Director, European Public Policy, ISDA
Caroline Dawson, Senior Associate, Clifford Chance LLP

3:30 PM Afternoon Break

3:45 PM MiFID II Best Execution Jai Chavda, Fiona Taylor

  • Quality of execution reporting
  • Annual publication by investment firms on the identity of execution venues and on the quality of execution
  • The main challenges
Jai Chavda, Assistant General Counsel, Bank of America Merrill Lynch
Fiona Taylor, Director, European Public Policy, ISDA

4:15 PM Conference Concludes

Register Now for Markets in Financial Instruments Directive II/Regulation
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Allen & Overy LLP, One Bishops Square, London, E1 6AD. Phone +44 (0) 203 808 9700. A map to the venue can be found here. You will be required to provide photo identification in order to enter the venue. Please ensure you present this at the ground floor reception or you may be refused entry.

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James Roberts

Director, European Public Policy

ISDA

Fabio Braga

Trading and Post Trade Policy / Markets Policy / Strategy and Competition

FCA

Jamie Brigstock

Director, G10 Rates Trading & Sales Business Manager

Citigroup

Mario Muth

Head of Rates ESales and European Fixed Income Market Structure

Deutsche Bank AG

Ian Sloyan

Director, Data and Reporting

ISDA

Karin Verlinden

Capital Markets Initiatives

BNP Paribas

Benoît Gourisse

Senior Director, European Public Policy

ISDA

Paul Willis

Technical Specialist

FCA

Caroline Dawson

Senior Associate

Clifford Chance LLP

Jai Chavda

Assistant General Counsel

Bank of America Merrill Lynch

Fiona Taylor

Director, European Public Policy

ISDA

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Intermediate

Some knowledge of derivatives documentation is assumed. No advance preparation is required.

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ISDA is an accredited provider of continuing education credits by the following organizations:

  • CLE

    ISDA has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the state of New York.

  • CPE Sponsory

    ISDA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors: 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. www.nasba.org

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