QED debate on Shortening the Settlement Cycle - QED

QED debate on Shortening the Settlement Cycle

Hybrid event

Discussion Point

 

  • • How would shortening the securities settlement cycle affect the operations of market participants?
  • • What are the advantages and disadvantages of reducing the securities settlement cycle?
  • • Should a shorter mandatory settlement cycle be pursued, what strategies and timelines should be considered for its implementation?
  • • How might the shortening of the settlement cycle in other jurisdictions impact the EU’s capital markets?
  • • What insights can be drawn from the United States’ experience with a shortened settlement cycle?

 

Programme

  • 14:00-14:30           Registration and networking
  • 14:30-14:45        The US experience so far
  • 14:30-14:40

    Video address by Jeffrey S. Mooney Associate Director, Division of Trading and Markets, U.S. Securities and Exchange Commission

  • 14:40-14:45           Q&A
  • 14:45-16:10        Panel discussion
  • 14:45-14:50           Introductory remarks by the moderator
  • 14:50-15:30           Introductory remarks by speakers
  • 15:30-16:10            Panel discussion and Q&A
  • 16:10-17:00            Networking

Speakers

Moderator:
Rebecca Christie

Senior Fellow, Bruegel

Rebecca Christie is a senior fellow at Bruegel, the Brussels-based economic policy think tank. She writes and speaks publicly about EU politics, financial regulation, tax and climate finance issues. Previously, she was the lead author on "Safeguarding the Euro in Times of Crisis", the official history of the European Stability Mechanism, and worked for more than 20 years as an economics and politics correspondent for Bloomberg News, Dow Jones/The Wall Street Journal and the Financial Times.

Jeffrey S. Mooney 

Associate Director, Division of Trading and Markets, U.S. Securities and Exchange Commission

Jeffrey Mooney is an Associate Director in the SEC's Division of Trading and Markets.  He heads the Office of Clearance and Settlement where his responsibilities include developing regulatory standards for central counterparties, central securities depositories and other entities that provide clearance and settlement services.  He also represents the SEC in domestic and international policy initiatives.  During his tenure, Jeffrey Mooney has served as counsel to former SEC Chairman Arthur Levitt, and co-chaired a working group of securities regulators and central bankers that developed the international standards for financial market infrastructures.  He has also received several SEC awards, and has been a presenter at SEC Speaks, the SEC's International Institute, and various securities industry conferences and events.  Jeffrey Mooney received a JD from Georgetown University Law Center and BA in Economics from Fisk University.

Jennifer Robertson

Head of unit - Financial Markets Infrastructure, European Commission

Jennifer Robertson joined the European Commission in 2004 and has worked in DG Financial Stability, Financial Services and Capital Markets Union since 2005. She is currently a Head of Unit in the unit responsible for financial markets infrastructure. Previously she worked on retail financial services issues and SME finance in various departments of the European Commission. Before working at the Commission, she worked as a senior economist for 5 years at the European Savings Banks Group on issues ranging from the introduction of the euro to the integration of European financial services markets. Her professional experience also includes working as an economic researcher for a financial communications consultancy in Washington DC, USA. She is a graduate of the University of Glasgow (UK) and received a Master degree in International Economics and European Studies at the School for Advanced International Studies of Johns Hopkins University (Italy and USA).

Carsten Ostermann

Head of Markets and Digital Innovation, ESMA

Carsten joined ESMA in 2012, became Team Leader for Secondary Markets in 2014 and Head of the Trading Unit in 2019. Currently he is the Head of the newly established Markets and Digital Innovation Department. The Department is responsible for developing implementing measures and supervisory convergence in the EU for secondary markets, market integrity, short selling, post-trading and settlement and commodity derivative issues. The Department is also covering implementation and convergence in the EU for crypto markets and digital operational resilience plus other files in the area of digital innovation. Prior to joining ESMA, Carsten was a seconded expert at the European Commission. He also served as a policy officer in the German Ministry of Finance and Germany’s financial regulator BaFin. Before joining the public sector, Carsten was a consultant for a consultancy in London. He holds a German law degree and an LL.M. in international law and is qualified as a lawyer in Germany and as a solicitor in England and Wales.

Michalis Sotiropoulos

 Head of Government Relations, EMEA, DTCC

Michalis heads Government Relations in Europe for the Depository Trust & Clearing Corporation - DTCC. He is responsible for DTCC’s policy and regulatory strategy in EMEA and has been running the DTCC’s Brussels office since 2011. Michalis represents the firm before policymakers, supervisors and industry, having the oversight of DTCC’s overall policy and regulatory activity on capital markets, clearing and settlement, trade reporting, operational resilience and data flows. He is a thought leader in European capital markets and a recognized expert on clearing and new financial technologies. Michalis is an occasional Visiting Lecturer in several European Universities and is fluent in English, French and Greek. Prior to this, Michalis has worked for a top tier policy advisory in Brussels, a couple of political think tanks and the European Commission. A Greek and Belgian national, Michalis has academic degrees in international politics and political economy from UK and Greek universities. In his free time, he enjoys playing and composing music.

Alex Dockx 

 Executive Director, Securities Services, JP Morgan

Alex Dockx, Executive Director, JP Morgan Corporate and Investment Bank is the head of Custody Industry Development, which is responsible for steering industry development, market infrastructure and regulatory changes for JP Morgan’s Securities Services Custody business. As a leading figure in the securities post-trade industry he sits on various market committees including Vice Chair of the AFME Post Trade Board, member of the ECB AMI SeCo, ISSA Operating Committee and the Association of Global Custodians (AGC). In addition to actively progressing the European harmonisation agenda including striving for operational efficiency to meet EU policy and growth objectives, Alex is actively engaged in DLT initiatives, focusing on post-trade impact and opportunities and steering the custodians response to digital assets balancing progress and innovation while upholding high standards of consumer and investor protection.

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