Securities Trading & Regulation Developments and Implications of MiFID

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The EUROPEAN SUPERVISOR EDUCATION INITIATIVE (ESE) presents the seminar on Securities Trading & Regulation Developments and Implications of MiFID hosted by: Goethe Business School Date: 10 12 Mai 2017 Venue: Frankfurt am Main

OBJECTIVES The course is aimed to strengthen participants theoretical and practical knowledge of securities trading and the impact of regulation, especially MiFID and MiFID II/MiFIR, on European securities markets. The course will include topics like market models, Algo Trading, HFT and Dark Pools. A live trading simulation will deepen and enhance the practical knowledge and will enable participants to assess their own performance in trading relative to their peers. A full day of the seminar will be devoted to guest lecturers from regulators and practitioners TARGET GROUP The course is intended for experts from central banks and supervisory authorities, who want to enhance their knowledge of Securities Markets and Securities Trading. Participants are invited to take an active role in the discussions as well as in the live trading simulation sessions. FORMAT Lectures, discussions, case study. TRAINERS Lectures and training will be provided by experts from the Deutsche Bundesbank, ESMA, academia and the industry.

PROGRAMME Wednesday, 10 May 2017 15.45 Registration, Coffee & Tea 16.00 Welcome Remarks Dr. Fabian Urban, Goethe Business School 16.15 Securities Trading I Fundamentals - 18.00 Prof. Peter Gomber Structure of Financial Markets Trading Platforms and Market Design Price Determination and Order Matching Circuit Breakers 18.00 Social Event Thursday, 11 May 2017 09.30 Securities Trading I Fundamentals (continued Prof. Peter Gomber 10.15 Coffee break 10.45 Securities Trading II New Trading Technologies Prof. Peter Gomber Institutional Brokerage and Innovations in Securities Trading Algo / High Frequency Trading Dark Pools 12.45 Lunch 13.45 Trading Simulation part I Chair of e-finance Trading Lab 15.00 Coffee break 15.30 Trading Simulation part II Chair of e-finance Trading Lab 16.30 End of the day

PROGRAMME Friday, 12 May 2017 09.30 MiFID II the ESMA perspective Carsten Ostermann, ESMA New requirements on Level 1 ESMA s approach on Level 2 Implementation issues and timelines 10.30 Liquidity providers: their role and position in today's markets Piebe Teeboom (European Principal Traders Association) The role of Liquidity Providers and their importance in the current market structure The relation between risk management and liquidity provision: why does it matter for all market participants? Regulatory impact: CRD IV, CRR, MAR and MiFID II 11.30 Coffee break 11.45 MiFID II a financial stability perspective Jens Seiler (Deutsche Bundesbank) The regulatory context Core financial stability issues The derivatives case 12.45 Lunch 13.45 Dark Pools and MiFID II Dr. Robert Barnes (Turquoise) What are dark pools and who runs them? Benefits, challenges and innovations What may be their future post MiFID II? 14.45 Coffee break 15.00 Trading and MiFID II An Exchange Perspective Dr. Torsten Schaper (Deutsche Börse) Lessons learned from MiFID I The new market structure and the trading obligation Outlook 16.00 Wrap Up, final discussion -16.15

ORGANISATIONAL INFORMATION Seminar fee and registration EUR 1500 tuition fee including snacks/drinks during the seminar plus one social event with dinner. Accommodation is not included. Participants are requested to make their own travel arrangements and hotel reservations. Invoices will be issued and sent to the individual institutions after the event has taken place. Please register via our website until 24 April 2017. http://www.ese-initiative.org or use this direct link Seminar venue Goethe University, House of Finance Theodor-W.-Adorno-Platz 3 60323 Frankfurt am Main The participants are requested to travel to Frankfurt in time for the start of the seminar. The seminar starts on Wednesday, 10 May 2017 at 15:45 h. The social event follows directly at the end of the first seminar day. The seminar ends at about 16:15 h (with lunch approx. at 12:45 h) on Friday, 12 May 2017. Contact For content and organization in general: Goethe Business School Ms. Melanie Spies, email: spies@gbs.uni-frankfurt.de Tel: +49 69 60 798 33500 Fax: +49 69 60 798 33530

About ESE The European Supervisor Education Initiative (ESE) is an alliance of central banks and supervisory authorities in Europe with the objective to qualify financial supervisors in Europe. Its members are Bank of Slovenia, Banque centrale du Luxembourg, Czech National Bank, De Nederlandsche Bank, Deutsche Bundesbank, German Federal Financial Supervisory Authority and Oesterreichische Nationalbank. ESE is committed to high level training based on uniform standards to enhance financial supervisors knowledge and skills and to promote a common European supervisory culture and practice. The initiative offers a modular seminar programme for banking, insurance and securities and markets supervisors, financial stability analysts and economists from central banks and supervisory authorities in Europe. ESE is always open to new members or cooperations. Any contribution by European central banks, supervisory authorities or other institutions in the field of financial supervision sharing the idea that training is crucial to the success of financial supervision is highly appreciated.