Blockchain and cryptos: The end to post-trade infrastructure?
As part of its Digital Finance package in September 2020, the Commission came out with a proposal for a pilot regime for the use of distributed ledger technology and crypto assets in relation to securities trading and post-trade services.
The use of crypto assets has attracted significant interest from across the financial services industry for some time. Since the deployment of crypto currencies, the industry has been exploring whether this technology can be applied to securities markets to create a more efficient market, compared to the usage of ledgers based on double-entry bookkeeping. However, to date there is still limited use of DLT in financial services, specifically by market infrastructures. While some claim the use of DLT could revolutionise the whole financial infrastructure, others have highlighted the technological and legal limitations.
With this in mind the Commission proposal aims to promote the uptake of DLT in the trading and post-trade area, allowing operators to request exemptions from certain regulatory requirements that could be seen as obstacles, and develop secondary markets for tokenised financial instruments.
In this webinar, we take stock of current market thinking, the barriers to the use of new technologies in financial infrastructure and the possible impact of the Commission proposal. Does the Commission’s proposal provide the necessary legal certainty and remove regulatory obstacles for the uptake of DLT in post-trade services? Does the fragmented European post-trade make it harder for the EU to encourage uptake of DLT than other markets? Do existing post-trade regulations act as a barrier to the introduction of DLT?
- Webinar link: https://zoom.us/j/97367154845
Date
- Expired!
Time
Organiser
Linda Strazdina
Phone
+32471915476Senior Consultant and Head of Technology Practice
Other Organizers
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Constantine Arvanitis
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Email
Constantine.Arvanitis@aforeconsulting.eu -
Consultant
Speakers
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Ben PottHead of European Affairs, Bank of New York MellonBen Pott is Head of Public Policy and Government Affairs for EMEA at BNY Mellon. In this role, Ben leads a team that follows key policy and regulatory changes, connecting with external and internal stakeholders to anticipate, advocate and communicate relevant developments in European policy and legislation that may impact the Group’s EMEA business. Prior to joining BNY Mellon in March 2019, Ben worked for ICAP/NEX as Group Head of Government Affairs, leading on MiFID II and Brexit amongst others. He also worked as Policy Expert at the European Banking Authority in the areas of recovery and resolution, credit risk and infrastructure services from 2012-2014. Ben started his career at the UK Financial Services Authority (now FCA) in 2005, where he spent 7 years in a variety of roles focusing on post-trade policy implementation and supervision. During that time, Ben spent a year on secondment at HM Treasury helping to negotiate the European Market Infrastructure Regulation.
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Eva KailiMember of the European Parliament (S&D, EL)Eva Kaili is a Member of the European Parliament, part of the Hellenic S&D Delegation since 2014. She is the Chair of the Future of Science and Technology Panel in the European Parliament (STOA) and the Centre for Artificial Intelligence (C4AI), Member of the Committees on Industry, Research and Energy (ITRE), Economic and Monetary Affairs (ECON), Budgets (BUDG), and the Special Committee on Artificial Intelligence in a Digital Age (AIDA).
Eva is a member of the delegation to the ACP-EU Joint Parliamentary Assembly (DACP), the delegation for relations with the Arab Peninsula (DARP), and the delegation for relations with the NATO Parliamentary Assembly (DNAT).
In her capacity, she has been working intensively on promoting innovation as a driving force of the establishment of the European Digital Single Market. She has been the draftsperson of multiple pieces of legislation in the fields of blockchain technology, online platforms, big data, fintech, AI and cybersecurity, as well as the ITRE draftsperson on Juncker plan EFSI2 and more recently the InvestEU program.
She is the founder of the Future Forum, a network of influential politicians, officials and public figures promoting innovation. She has also been the Chair of the Delegation to the NATO PA in the European Parliament, focusing on Defence and Security of Europe.
Prior to that, she has been elected as a Member of the Hellenic Parliament 2007-2012, with the PanHellenic Socialist Movement (PASOK).
She also worked as a journalist and newscaster prior to her political career.
She holds a Bachelor degree in Architecture and Civil Engineering, and Postgraduate degree in European Politics.
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Hagen WeissSenior Advisor for Financial Market Policy, German Ministry of FinanceHagen Weiss serves as Senior Advisor for Financial Market Policy at the German Finance Ministry, Department Financial Markets Politics, Unit Digital Financial Technologies, Payments and Cyber Security. He is tasked with modernizing the regulatory environment for crypto-assets.
Prior to joining the German Ministry of Finance, Hagen was part of Germany’s Financial Regulator BaFin, focusing on the supervision of securities and particularly prospectus law and legislation, with a special focus on the supervision of crypto-assets.
Before that, he practiced law as a litigator based in the United States and Germany, where he specialized in the areas of capital markets and commercial law.
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Ilse PeetersHead of Government Relations and Public Affairs, EuroclearIlse Peeters, Director, is the Head of Government Relations and Public Affairs at Euroclear SA/NV. Government Relations was part of the Euroclear Corporate Strategy Division until 2017.
Ms Peeters works closely with key EU public policy stakeholders on relevant industry issues, while ensuring the effective external communication of Euroclear’s strategy. Over the last ten years, she has been involved in the main regulatory initiatives that have shaped the post-trade industry. Her recent focus is on technological innovations such as Distributed Ledger Technology (DLT) and ICOs and their regulatory and legal challenges.
Ms. Peeters joined Euroclear in 1988. She holds a Masters’ degree in Commercial and Financial Sciences from the Economische Hogeschool Sint-Aloysius (EHSAL) in Brussels. -
Mattias LevinDeputy Head of Unit for Digital Finance, DG FISMA, European CommissionMattias Levin is the deputy head of unit of the Digital Finance unit of the European Commission’s Financial Stability, Financial Services and Capital Markets Union DG (“FISMA”). At FISMA, he has previously worked on regulation related to banks, investment firms, conglomerates and financial market infrastructures. Before joining DG FISMA, he was a member of the Bureau of European Policy Advisers (BEPA), a think tank attached to the President of the European Commission. Prior to joining the Commission, Mattias was a Research Fellow at the Centre for European Policy Studies (CEPS). Mattias studied at the London School of Economics, Lund University and the Institut d’Etudes Politiques of Strasbourg.