AFME Voices

In this special live recording of AFME Voices from AFME’s OPTIC Conference 2026, AFME Chief Executive Adam Farkas sits down with Jenny Robertson from the European Commission for a discussion on the Market Integration and Supervisory Package (MISP) and its implications for Europe’s post-trade markets.They explore the package from a post-trade perspective, including how its different elements interact across trading, clearing, settlement and DLT, and consider how the proposal may evolve as it moves through the EU legislative process.The conversation also looks at proposals around CCP interoperability, CSD fee transparency and DLT settlement schemes, before considering the bigger picture: whether the MISP represents one step in a wider process of post-trade harmonisation and modernisation, and what further action may be needed.Adam and Jenny conclude by discussing the respective roles of regulation and industry-led initiatives in advancing market integration and competition, including the lessons that can be drawn from Europe’s move to T+1 settlement.🔗 Additional ResourcesLearn more about the European Commission.Follow AFME on LinkedIn.For more AFME Voi ces episodes, visit AFME Voices.

In this special live recording of AFME Voices from AFME's OPTIC Conference 2026, AFME's Elisabeth Mauguy speaks with Pete Tomlinson, AFME Head of Equities and Post-Trade, and Ingrid Garin, EMEA Head of Liquidity and Financing at BNY, about one of the most significant structural changes underway in the US Treasury market: the move towards mandatory central clearing.The conversation begins by looking at what is changing and the policy rationale behind the SEC's reforms, including the role of central clearing in supporting the resilience of the US Treasury market. We also explore the scope of the mandate, considering which Treasury cash and repo transactions will be affected and what different types of market participants need to know.A key focus of the discussion is what the reforms will mean in practice for European firms participating in US Treasury markets. The conversation considers different routes to clearing, including direct and sponsored access, as well as the implications for margin, collateral, documentation and operational readiness.Looking beyond implementation in the US, the discussion concludes by considering whether similar approaches could emerge in Europe and how differences between US and European market structures could shape the future development of clearing.Topics discussed:Mandatory central clearing in the US Treasury marketThe SEC reforms and policy rationaleScope of Treasury cash and repo clearingImplications for European market participantsDirect, sponsored and client clearing modelsMargin, collateral and operational readinessMultilateral netting and reduced bilateral exposuresLiquidity, cost, access and concentration considerationsLessons for European marketsSpeakersPete Tomlinson, Head of Equities and Post-Trade, AFMEIngrid Garin, EMEA Head of Liquidity and Financing, BNYHosted by Elisabeth Mauguy, Media Relations and Digital Content Manager, AFME.🔗 Additional ResourcesLearn more about BNY: BNYFollow AFME on LinkedIn.For more AFME Voices episodes, visit AFME Voices.

In this special live recording of AFME Voices from AFME's Compliance & Legal Conference 2026, AFME's James Kemp speaks with Natasha Cazenave, Executive Director of the European Securities and Markets Authority (ESMA), about the opportunities and challenges shaping Europe's financial markets.A key focus of the discussion is the EU's Savings and Investment Union (SIU) initiative and the steps needed to mobilise savings, deepen capital markets and support investment across Europe. Natasha outlines ESMA's role in supporting market integration, reducing fragmentation and enabling firms to operate more seamlessly across the Single Market.The conversation also explores the growing importance of regulatory simplification, with a focus on streamlining reporting requirements, risk-based supervision and improving the investor journey. Looking ahead, Natasha shares her views on the future of tokenisation and digital finance, the opportunities presented by distributed ledger technology, and the regulatory questions that still need to be addressed.The episode concludes with reflections on artificial intelligence, cybersecurity, operational resilience, EU-UK cooperation and the priorities compliance and legal professionals should be focusing on as financial markets continue to evolve.Topics discussed:Savings and Investment Union (SIU)Capital markets integration and competitivenessRegulatory simplification and reporting reformESMA's supervisory approachTokenisation and digital financeArtificial intelligence and cybersecurityT+1 settlement preparationsEU-UK regulatory cooperationMarket resilience in an increasingly complex environment🔗 Additional ResourcesLearn more about ESMA: https://www.esma.europa.euFollow AFME on LinkedIn.Follow AFME on X.For more AFME Voices episodes, visit: https://www.afme.eu/news-insights/afme-voices

Episode Notes In this special live recording of AFME Voices from the European Financial Integration conference 2026, Rodrigo Buenaventura, Secretary General of International Organization of Securities Commissions, joins Jacqueline Mills, Head of Advocacy at Association for Financial Markets in Europe, for a discussion on the evolving global capital markets landscape. The conversation explores a range of themes shaping financial markets today, including capital market development and the outlook for IPO activity, the role of supervisory convergence in supporting global markets, and the importance of maintaining financial market resilience amid continued uncertainty. The episode also looks ahead to emerging trends and regulatory priorities, including the growing impact of artificial intelligence and the increasing focus on tokenisation across financial services.   🔗 Additional Resources Learn more about IOSCO: IOSCO Follow AFME on LinkedIn: AFME LinkedIn Follow AFME on X (Twitter): @AFME_EU

In this episode of AFME Voices, AFME Chief Executive Officer Adam Farkas joins Elisabeth Mauguy, Media Relations and Digital Content Manager on the podcast to discuss the growing momentum behind the EU’s regulatory simplification agenda. As policymakers increasingly focus on competitiveness and growth, the conversation explores what simplification means in practice for Europe’s capital markets and where the current framework may have become unnecessarily complex. The discussion considers how layers of regulation have accumulated over time, the potential areas where targeted streamlining could improve efficiency, and why maintaining strong financial stability standards remains central to the debate. 🔗 Additional Resources Learn more about AFME’s work on simplification: https://www.afme.eu/our-work/simplification/  Follow AFME on LinkedIn: AFME LinkedIn Follow AFME on X (Twitter): @AFME_EU

In this episode of AFME Voices, Elisabeth Mauguy, AFME’s Digital Content Manager, is joined by Marcus Corry, Director, Technology & Operations at AFME. Together, they discuss the key issues highlighted in AFME’s response to the Digital Omnibus Package, including the challenges of overlapping frameworks, operational risks of centralised reporting, and opportunities to make Europe’s digital rules more efficient for the financial sector.🔗 Additional ResourcesLearn more about AFME’s work: https://www.afme.eu/our-work/digital-innovationFollow AFME on LinkedIn: AFME LinkedInFollow AFME on X (Twitter): @AFME_EU

In this episode of AFME Voices, Elisabeth Mauguy, AFME’s Digital Content Manager, is joined by Pete Tomlinson, Managing Director of Equities Trading & Post Trade at AFME. Together, they unpack the key findings of AFME’s recent study on CSDs and discuss what steps can be taken in the short and longer term to strengthen Europe’s financial backbone.🔗 Additional ResourcesLearn more about AFME’s work: https://www.afme.eu/Follow AFME on LinkedIn: AFME LinkedInFollow AFME on X (Twitter): @AFME_EU

In this episode of AFME Voices, Elisabeth Mauguy, AFME’s Digital Content Manager, is joined by Matthew Harley, Manager of UK Advocacy at AFME, to discuss the Leeds Reforms and the UK’s wider Financial Services Growth Strategy.Tune in for a critical look at what’s been achieved, where challenges remain, and what’s needed next to make the UK a more competitive and dynamic financial centre.🔗 Additional ResourcesLearn more about AFME’s work: https://www.afme.eu/Follow AFME on LinkedIn: AFME LinkedInFollow AFME on X (Twitter): @AFME_EU

In this episode of AFME Voices, Elisabeth Mauguy, AFME’s Digital Content Manager, is joined by Remi Kireche, Director of Advocacy, and Shaun Baddeley, Managing Director of Securitisation, to discuss the European Commission’s proposals on securitisation and their broader implications for EU capital markets.Tune in for a timely and insightful discussion on how these reforms could shape the future of EU securitisation policy and practice. Additional ResourcesLearn more about AFME’s work on securitisation: https://www.afme.eu/divisions-and-committees/securitisationFollow AFME on LinkedIn: AFME LinkedInFollow AFME on X (Twitter): @AFME_EU

In this episode of AFME Voices, Elisabeth Mauguy, AFME's Digital Content Manager, is joined by Coco Chen, Associate Director, Technology & Operations, and Victoria Webster, Managing Director, Fixed Income, to explore how Distributed Ledger Technology (DLT) is transforming capital markets.We discuss:What is DLT? The technology behind it and its potential benefits for financial institutionsMarket adoption trends and key use cases, including asset tokenisation and collateral managementRegulatory developments like the EU DLT Pilot Regime and the UK’s Digital Securities SandboxChallenges to scaling DLT and what’s needed to drive further institutional adoptionThe future of DLT in financial markets, including expected developments over the next 3-5 yearsTune in for an insightful discussion on the opportunities and road ahead for DLT adoption.Additional Resources:Learn more about AFME’s work on DLT: https://www.afme.eu/divisions-and-committees/technology-operations Follow AFME on LinkedIn: AFME LinkedIn Follow AFME on X (Twitter): @AFME_EUStay tuned for future episodes of AFME Voices, where we continue to explore key regulatory and market developments impacting wholesale capital markets!