Focus session in Madrid

Welcome address

What’s next for market infrastructure integration?

Get the latest updates on the Eurosystem’s vision for 2020, some facts and figures on T2S in operation and details about the agreed use of optional matching fields in T2S.

• Jesús Benito, Iberclear
• Jesús López Pedruelo, Banco de España

Wave 2 participants’ impressions of their T2S migration

• Maria Tereza Cavaco, Banco de Portugal
• Rui Samagaio de Matos, Interbolsa

Market infrastructure harmonisation – a collaborative approach

T2S has laid the foundations for a harmonised post-trade area and the European Commission has established a roadmap for building a capital markets union. In its sixth harmonisation progress report the T2S Advisory Group is focusing on what has been achieved so far, but also on what remains to be done. Moreover, the Contact group on euro securities infrastructures (COGESI) has launched work on harmonising collateral procedures and cross-border flows. Additionally, the newly established European Post-Trade Forum will take stock of where we stand in terms of removing the Giovannini barriers to cross-border clearing and settlement. But are all the relevant issues receiving the right attention? Will we see an end to fragmentation in the post-trade area?

Panel discussion (Presentation)

• James Cunningham, BNY Mellon
• Werner Frey, AFME
• Fernando García, Grupo BBVA
• Jöel Merere, Chair of HSG
• Moderator: Helmut Wacket, European Central Bank

What does the market need?

In October 2015 Mr Yves Mersch, Member of the Executive Board of the ECB, announced that the Eurosystem will assess whether further enhancement and consolidation of the Eurosystem market infrastructure, specifically TARGET2 and T2S, is needed. The Eurosystem action plan comprises three main points: (1) exploring synergies between TARGET2 and T2S; (2) considering enhancements to the TARGET2 services; and (3) considering the case for a common Eurosystem collateral management system. This work will be done in close collaboration with the market.

Presentation (15 minutes)
Input received from the market consultation on future RTGS services

Panel discussion (75 minutes)
What are the market’s needs and requirements? What is the best way to ensure good collaboration?

• Brigitte Daurelle, Euroclear
• Ludy Limburg, ING
• Mehdi Manaa, European Central Bank
• Alain Pochet, BNP Paribas
• Jose Luis Rebollo, CECA
• Javier Santamaria, European Payments Council
• Moderator: Sylvain Debeaumont, European Central Bank

Distributed ledger technology – just hype or here to stay?

Distributed ledger technology (DLT) is attracting increasing attention. The technology can be used to develop a digital network that allows its participants to maintain a shared record of transactions. But could DLT have an impact on payments and securities settlement systems? Is it here to stay and what opportunities does it present?

Introduction (10 minutes)
Introducing distributed ledger technologies

Panel discussion (65 minutes)

• Dirk Bullmann, European Central Bank
• Ashwin Kumar, Deutsche Börse
• Stephen Lomas, Deutsche Bank
• Alistair Milne, Loughborough University
• Simon Taylor, Barclays
• Moderator: Carlos Conesa, Banco de España

• Marc Bayle, European Central Bank