POSTTRADE 360°’s Post

The EU is envisioning its Capital Markets Union but so far, financial markets infrastructures have largely remained domestic businesses organised per member state, under scarce competition. (Their supervisory authorities, too, are still national.) Who benefits and loses from this, and what changes are we realistically up for? What setup would best support the continent’s financial market, which – at least on comparison with the US – shows a lacklustre performance? In the panel titled "Unifying the EU’s market for financial market infrastructures – the when, who, and how" at the PostTrade 360° Nordic 2024 conference, top seniors representing European exchanges, CSDs, and clearinghouses alike were joined by competition advocate Karel Lannoo. Read more through the link: https://lnkd.in/dFyDrevQ Panellists: Pierre Davoust, Euronext Corentine Poilvet, LSEG Post Trade Ilse P. Euroclear SA/NV Richard Metcalfe, World Federation of Exchanges Karel Lannoo, Centre for European Policy Studies (CEPS) Moderator: John Siena, Brown Brothers Harriman

🌟 Unlocking Potential Together: ASMX's Commitment to Supporting Exchanges like the Egyptian Exchange (EGX) 🌟 Ahmed ElS Sheikh, Chairperson of the Egyptian Exchange - EGX recently shed light on the challenges facing the EGX and the critical role it plays in supporting the national economy, a feature of exchanges that ASMX Group are keen to enhance in all second tier exchanges. At ASMX, we recognize the importance of supporting stock exchanges in their mission to drive economic growth and provide robust investment opportunities. Here's how we could collaborate to address the challenges highlighted by Mr. El Sheikh: Enhancing Tradable Securities: He said that "having a large number of listed companies is not enough, as they need to be actively traded". He noted that in the past, there were about two thousand listed companies, but only a small percentage of them were tradable". This is the story across most second tier exchanges, enhance liquidity and tradability is essentially to the attractiveness and sustainability of any exchange. Improving Trading Mechanisms: Leveraging our advanced technology and experience in connecting stock exchanges, ASMX can work alongside the EGX to enhance trading mechanisms and market efficiency. Together with regulators like the Financial Regulatory Authority (FRA), we can implement changes to streamline processes and improve the overall trading experience. Giving Greater Access to Issuers: As part of its strategy for the current year, EGX announced its plan to launch a new market called “Development Market,” where the trading rules will be set according to the request of the issuing company, and where direct listing can be done. By broadening the access for issuers ASMX and connected platforms are able to originate companies to list on exchanges like EGX that may not have done so previously. Facilitating Market Access: The exchange made amendments to the customer registration system on the stock exchange, after receiving many complaints from foreign investors about the repeated requests for the same documents. He said that EGX has coordinated with the FRA to simplify the procedures and reduce the time they take. ASMX would seek have our regulated Exchange Member become a member of the EGX and connected partners can then give access, making the process of trading on the exchange much easier and frictionless. By partnering with ASMX, exchanges like the EGX can tap into our expertise, technology, and global network to overcome challenges and unlock new opportunities for growth. Together, we can drive innovation, foster transparency, and create a more vibrant and resilient financial ecosystem. #ASMX #EgyptianExchange #FinancialMarkets #Collaboration #Innovation #Opportunity

Virginie Saade: Benefits of consolidated tape ‘cannot be overstated’ “While rules might not create markets, there is a very important role for regulation to play in creating a fair, open and competitive playing field in a fragmented region such as the European Union (EU).” This missive encapsulated the approach to regulatory divergence held by Virginie Saade, head of government and regulatory policy at Citadel. “Rules are a way to make sure that there is a common approach across the 27 countries.” #regulation #markets #EU #UK #Brexit #finance #Tradetech2024 #GlobalTrading https://lnkd.in/eAaz8nfG

Yesterday, the Council adopted the Listing Act package, a significant milestone for the EU capital markets. At the Federation of European Securities Exchanges (FESE), we truly support this development. 📊 The Listing Act is a crucial step towards enhancing the competitiveness of the EU and creating agile rules that will help companies list and remain listed in the EU. The Listing Act package comprises the following: • Amended Prospectus Regulation • Amended Market Abuse Regulation • Amended MiFID II • A new Directive on Multiple-Vote Shares ➡This initiative aligns with FESE’s vision of a more competitive and dynamic EU capital market. By fostering a more favourable environment for companies to access capital, we are paving the way for economic growth and innovation across Europe. For more insights, we encourage you to have a look at our Manifesto: https://lnkd.in/eWQ3ZmJ6

There's a new hope for Europe's becalmed equity markets: the European Union is getting a pre-trade consolidated tape. The banks and asset managers that lobbied for it will have to wait until 2026 before the new tape streams its first prices. OneChronos becomes the first US trading-venue operator to set up shop in Europe since Brexit; it has chosen to seek regulatory approval on both sides of the English Channel. Luxembourg for Finance joins Christine Lagarde and the finance ministers of Germany and France in making the case for a single EU regulator for capital markets. For Rosenblatt Securities clients only, the latest European Market Structure News Digest is out now: https://bit.ly/4bGaCwS

#ICYMI The UK is now a #privatecompany economy. Interviewed by Jeremy Chan from Financial News, our CEO Cees Vermaas explains why private markets have stolen a march on public ones and why private companies need the support of innovative solutions such as TISE Private Markets. Delivered via a tech-enabled, disintermediated model, it provides private companies with a set of integrated electronic share registry management, secondary market trading and seamless settlement solutions. Read more here: https://bit.ly/4eYBN87 If you want to know more about our unique private markets offering, TISE Private Markets, then contact Alex Taylor #privatemarkets #capitalmarkets #secondarymarket 

New on Best Execution: It might seem like it’s dragged on for years, but progress is gradually being made – if slowly. Yesterday, the European Securities and Markets Authority (ESMA) held a workshop on the potential for a #consolidatedtape in Europe – with participation from multiple industry stakeholders on where they hope to see the project go over the coming years – while a new industry consultation is expected to launch in May. BEST EXECUTION outlines the #MiFIR proposals to date, and the expected future timeline for a tape. #markets #trading #data #marketdata #technology #regulation #finreg #europe #CTP EuroCTP Eglantine Desautel Adamantia

“Modernizing” Equity Market Structure Policy Modernizing U.S. equity market structure should also include narrowing the regulatory gap between off-board venues and exchanges, which are put under more stringent rules, under the 1934 Exchange Act, than broker-owned venues, writes Justin Schack, Partner and Head of Market Structure at Rosenblatt Securities. In this article, Mr. Schack discusses updating Reg NMS and highlights other key issues in the evolving world of markets, technology and regulation. #marketstructure #regnms #exchanges #darkpools #equitytrading https://lnkd.in/dK68yfu3

Last week, Luxembourg for Finance and OMFIF, issued a very interesting report, 'Competitiveness of European Financial Services' showing how finance has evolved since 2007 : European banks showed a decline from $2.7 trn to $1.7 trn in market cap since 2007. American banks, however, have soared from $1.4 trn to $2.6 trn. In asset management, Europe's share plummeted from 47% to 22%, whereas American firms rose from 51% to 70%. Notably, Amundi is now the sole European firm among the top 10 asset managers. These shifts, as explained in this report, underscore a crucial battleground for the future of financial services : technology and digital innovation. At Amundi, we've recognized this since our inception in 2010. Our journey began with leveraging technology for internal and external growth; since 2021, we're pioneering in providing cutting-edge technological solutions to the financial industry globally. Through our platform, Alto, we're not just keeping pace but setting the trend in generative AI applications in finance. A new tool, Alto Studio, enables to incorporate Generative AI in the Alto infrastructure, in a secured way, and several business cases have already been realized. As COO of Amundi, I've seen how our commitment to technology has not only fueled our growth but also empowered our clients to navigate through the complexities of today's financial landscape. We're proud to lead the way in reducing costs and enabling strategic and operational transformations across the industry. I encourage everyone to read the report and reflect on the pivotal role of technology in the future of financial services. At Amundi, we are excited to be at the forefront of this journey, innovating for a more efficient and dynamic financial sector. https://lnkd.in/evGCVmgJ #Finance #AssetManagement #Technology #Innovation #AI

🚀 Join S&P Global Market Intelligence, at Post Trade 360 for an Exclusive Panel Discussion! 🚀 I'm honored to be moderating a session at POSTTRADE 360° on a topic that is top-of-mind for everyone in the custody services landscape: "Balancing Scale with Innovation." As the custody services landscape increasingly experiences the commoditization of core services, with intensified competition, constant regulatory change and continued market consolidation, firms continue to rely on scale and efficiency to drive growth. But over the last few years technology driven innovation and collaboration has become central to their agenda. In this session, we'll dive into how leading custodians in the Nordics are tackling these challenges and re-positioning themselves for the future. I'm delighted to be joined by a distinguished panel of experts: 💡 Niklas Nyberg – Head of Global Custody at SEB 💡 Mads Arildsen-Walin – Head of Securities Post Trade at Danske Bank 💡 Hans Martin Aulie – Head of Client and Product Custody at DNB This is a unique opportunity to gain insights from industry experts who are at the forefront of innovation in custody services. Whether you're focused on operational efficiency, regulatory compliance, or leveraging the latest technologies to drive growth, this discussion promises to be both informative and inspiring. 📅 Date: Wednesday, 4 September 2024 | 14:00 - 14:40 (CET) 📍 Location: Room C1, Level 2, Stockholm Waterfront Congress Centre Register - https://lnkd.in/eKRapJ9Q Looking forward to seeing you there. #PostTrade360 #CustodyServices #Innovation #Scale #Efficiency #Custodians #Regulation #Technology #Collaboration