FISD Membership

9:00-9:05 a.m. FISD Opening
David Anderson, FIA, Program Director, FISD/Atradia

9:05-9:15 a.m. Presentation
Reinder Van Dijik, Partner, Oxera

9:15-10:05 a.m. What does ‘being reasonable’ mean? In the context of Market Data from European Exchanges

This is part 2 of a deeper look at some of the EU’s (and other’s e.g. FCA) consultations in respect of market data provided by exchanges. Part 1 focussed on whether there should be a European Consolidated Tape – we will BRIEFLY recap on the FISD discussion of Jan 28. However, the concept of pricing market data on a Reasonable Commercial Basis (RCB) is the prime focus of this webinar.

The discussion dare we say argument, rests on a few elements. Some groups argue that market data costs are too high, and the EU has stated that is its broad view. Others have argued strenuously that prices are fair and reasonable and that a competitive market exists to maintain price equilibrium. Within that discussion are different data points presented by different groups. How can anyone, and in particular regulators, accurately and fairly assess whether prices are too high or not? This is undoubtedly a heated and emotive conversation – how can an objective conclusion be reached?

Another major element in this debate exists if one accepts that prices are too high; and please note several groups do NOT accept that. How can prices be brought down to what is described as a ‘Reasonable Commercial Basis’. Any kind of pricing control imposed by a regulator is contentious at a level of political principles – but beyond that identifying workable mechanisms proved difficult pre MIFID II – what mechanisms/process are being put forward and how might they work in the real world.

Moderator:

Tim Jenkinson, Professor of Finance at the Said Business School, University of Oxford

Panelists:

Rosa Armesto, Deputy Director General, Federation of European Securities Exchanges (FESE)

Soren Dambaek, COO Trading & Market Access – Exchange Relations & Market Data, Saxo Bank A/S

James McKeone, VP, Head of Data European Markets, Nasdaq

Deirdre Westgeest, Seconded National Expert/Policy Officer, European Securities and Markets Authority (ESMA)

10:05-10:10 a.m. FISD Closing