Financial markets regulation's product profile

Participants will receive background information on recent market events and incidents in special case studies and get a view of the implicit regulatory considerations and the impact on market processes.

They will also become aware of critical rules of Xetra/Eurex Deutschland and Eurex Clearing, enabling them to identifiy the most common rule violations and avoid potential consequences.

Agenda

The Credit Crunch and its impact

Root causes
Consequences
Impact
Responses
Current regulatory agenda
G20 agreements
Basel II + III

US Financial Services Reform Legislation

Dodd-Frank overview
Update on current implementation

European Financial Supervision: A new framework

European Systemic Risk Board (ESRB)
European System of Financial Supervisors (ESFS)
EU Member States responsibilities and empowerment

EU Markets and Infrastructure regulation

MiFID2
EMIR
EMIL

Governance of Frankfurt Stock Exchange and Eurex Exchanges

Exchange supervision in Germany
Corporate structure of Deutsche Boerse AG and Eurex
Regulatory bodies and governance of FWB and Eurex
Functional structure of Deutsche Boerse Group

Rules and Regulations

Rule-making in Germany
Deutsche Boerse/Xetra
Eurex exchanges
Eurex Clearing
Surveillance process
Disciplinary process
Key Areas of regulatory/ clearing house concern

Case studies

Side effects of regulation: How to deal with the resulting market and infrastructure fragmentation?
Exchanges vs MTFs
Dark or Lit?
Best Execution - A myth?
Standardisation of OTC markets
Choice ofCCPs / Interoperability
The role of Trade Repositories
Lehman Brothers: How effective did CCPs mitigate the situation?
Unwinding of proprietary positions
Moving of client positions
Client money and collateral
Flash Crash: What happened and lessons learnt?
High Frequency Trading: Is it here to stay?
Target2Securities (T2S): A raid on CSDs?