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ICMA lunchtime briefing - MiFID II/R implications for Asian fixed income
Hosted by DBS

Date and Venue

Date: 19 March 2018
Time: 12.30-14.00

12 Marina Boulevard
Marina Bay Financial Center
Tower 3, Level 41, Conference Room
Singapore 018982

Event Overview

MiFID II/R came into force on 3 January 2018. The scope of this regulation is exceptionally broad and has presented enormous implementation challenges for fixed income markets, affecting participants both within the European Union and without. Its impact is felt also in Asian markets and elsewhere.

MiFID II/R is already altering the fixed income landscape in Europe, driving change in the way trading is conducted, influencing not only how firms work their orders and execute their trades, but also where they will choose to trade and with whom. The picture is further complicated by the scope for the various jurisdictions to use their individual discretion in how they interpret and apply the rules.

This lunchtime briefing from ICMA’s Andy Hill, Senior Director of secondary markets provided an overview of the main changes that MiFID II/R will bring to European fixed income market structure and operation and highlighted the opportunities that are being created for new market entrants and new ways of doing business. An open discussion on the impacts and challenges for Asian fixed income issuers, investors and banks followed the session, featuring Paul Landless, partner at Clifford Chance.

Among the topics covered were:
  • Market structure – what are regulated markets, MTFs, OTFs and Systematic Internalisers under MIFID II/R?
  • Transparency and reporting – what are the new requirements, how do they apply to liquid/illiquid instruments, what are the rules for post trade deferrals?
  • Research unbundling
  • Best execution reporting
  • Potential market impacts and challenges
  • Implications for firms in Asia- Pacific
Admission: This event was open to all ICMA members and financial market participants.

Monday, 19 March 2018

Registration and lunch

Presentation followed by Q&A
Mushtaq Kapasi, Chief Representative, ICMA Asia Pacific, ICMA
Andy Hill, Senior Director, Market Practice and Regulatory Policy, ICMA
Paul Landless, Partner, Clifford Chance



David Hopkins, Managing Director, Head of DCM Legal, RBS