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Markets in Financial Instruments Directive II/ Regulation

Implementing the New Regime

 


Wednesday, July 26, 2017
Otemachi First Square Conference
Tokyo

PROGRAM AGENDA

Note: This conference will be conducted in Japanese only.
(Presentation materials will be prepared in English or Japanese.)
 

 

The revised Markets in Financial Instruments Directive (MiFID II) and the accompanying new regulation (MiFIR) will effect a radical overhaul of the structure of derivatives trading in Europe. Planning and preparing for MiFID II/MiFIR is a huge task –which will gather pace during 2017. This conference offers an ideal opportunity to understand the new requirements and implications for market participants and the financial system, examining the detail and reasoning behind key MiFID II/MiFIR compliance requirements in areas as diverse as impacts on Japan, market structure, transparency requirements, reporting, product governance and intervention.

 

8:20 AM

 

Registration and Morning Coffee

 

 

 

8:50 AM

 

Introduction and Welcoming Remarks

Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA

 

 

 

9:00 AM

 

MiFID II/MiFIR: An Overview

 

 

Building on the rules already in place, MiFID II and MiFIR are designed to take into account developments in the trading environment since the implementation of MiFID in 2007 and, in light of the financial crisis, to improve the functioning of financial markets making them more efficient, resilient and transparent. This session will provide an overview of new regulatory requirements introduced by MiFID II and MiFIR.

Motoyasu Fujita, Partner, Capital Markets Group (Structured Finance & Derivatives),

Linklaters

Atsuya Watanabe, Director, Markets and Securities Services,

Citigroup Global Markets Japan Inc.

 

 

 

10:00 AM

 

Market Structure

Under MiFID 2, a new trading venue (the Organised Trading Facility) has been created and the scope of the existing MiFID Systematic Internaliser has been widened. Certain derivatives will be subject to mandatory platform trading obligations under MiFIR. This session will discuss how regulators frame the new regime to bring about potential changes to the composition of the market. The session will also provide a brief comparison with the similar trading obligations implemented in Japan and the US.(i.e. ETP and SEF).

Kantaro Nakamaru, Managing Associate, Capital Markets Group

(Structured Finance & Derivatives), Linklaters

Shinichi Yoshiya, Vice President, Morgan Stanley MUFG Securities Co., Ltd.

 

 

 

11:00 AM

 

Morning Break

 

 

 

11:15 AM

 

Transparency Requirements

As a response to the financial crisis, the regulators have enhanced transparency requirements for equity markets and introduced new requirements for fixed income and derivative markets. This session will discuss the pre- and post-trade transparency requirements and waivers for trading venues under MiFIR.

Yosuke Unami, Associate, Ito & Mitomi

(Registered Associated Offices of Morrison & Foerster LLP)

 

 

 

12:00 PM

 

Market Data Reporting

In this session we will discuss, in particular, the expanded scope under MiFID II/MiFIR compared to the current MiFID Transaction Reporting regime, the Regulatory Technical Standards adopted in July 2016 and its impact on the current reporting framework in Europe and globally.

Kaori Horaguchi, Director, Japan Public Policy, ISDA

Shinichi Yoshiya, Vice President, Morgan Stanley MUFG Securities Co., Ltd.

 

 

 

12:40 PM

 

Luncheon

 

 

 

1:30 PM

 

Product Governance and Product Intervention

In response to a litany of mis-selling scandals, MiFID 2 has introduced a number of requirements on product design and distribution to improve investor protection. This session will discuss the implications of product governance and product intervention requirements to Japanese market among others, and why they have attracted much attention.

Kenji Hoki, Senior Manager, Financial Services, KPMG AZSA LLC

Hiroaki Usui, Deputy Head of Transaction Legal, Executive Director,

Transaction Legal Department, Nomura Securities Co., Ltd.

 

 

 

2:30 PM

 

Panel Session: Impact of MiFID II/MiFIR on Japanese market participants

This panel will focus on the extraterritorial effects of MiFID II/MiFIR, third country access issues and implementation challenges faced by Japanese market participants. It will also include a discussion of the EU Benchmarks Regulation that will impact on market practices and ISDA documentation.

Moderator: Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA

Takashi Akiyama, Director, Deutsche Securities Inc.

Motoyasu Fujita, Partner, Capital Markets Group (Structured Finance & Derivatives),

Linklaters

Masanobu Ichiya, ISDA Board Member, Managing Director,

Head of Derivative Trading Department, Mizuho Securities Co., Ltd.

Atsuya Watanabe, Director, Markets and Securities Services,

Citigroup Global Markets Japan Inc.

 

 

 

3:50 PM

 

Afternoon Break

 

 

 

4:00 PM

 

Clearing Obligations

This session will focus on the clearing obligations of derivatives on regulated markets under MiFIR and how such requirements dovetail with the requirements under EMIR.  The session also provides an introduction to indirect clearing and its typical structures, as well as the challenges of straight-through processing (STP) requirements for cleared derivatives. It also discusses the changes required to be made to the ISDA/FIA Europe Cleared Derivatives Execution Agreement to reflect the STP requirements.

Yukiko Kido, Vice President & Assistant General Counsel, Legal,

JPMorgan Securities Japan Co., Ltd.

Kantaro Nakamaru, Managing Associate, Capital Markets Group

(Structured Finance & Derivatives), Linklaters

 

 

 

5:00 PM

 

Conference Concludes

 


Agenda is subject to change

- REGISTRATION FEE* -
$ 650 U.S. (member) / $ 750 U.S. (non-member)
*The invoice total must be paid in full - registration fees are net of tax and wire transfer fees are not included.

We suggest registering at least two weeks in advance to ensure your seat.

Please click here for the Conference Registration Form.

 

 

Otemachi First Square Conference, East Tower 2F, Otemachi First Square, 1-5-1, Otemachi, Chiyoda-ku, Tokyo 100-0004, Phone: +81 3 5220 1001


 


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