T2, T1, T0 : Go! The future of financial market infrastructures: What’s ahead?

Registration 

Welcome address by François VILLEROY DE GALHAU, Governor, Banque de France

Roundtable 1 – Trading: a change in paradigm?

Fast-paced electronic markets and AI have driven structural transformations in recent years:  trading has become increasingly electronic and automated, new participants have emerged, and incumbents have adapted. Furthermore, AI brings the promise of enhancing trading, customer relationships and investment decisions. Alongside this the emergence of tokenisation could dramatically change business processes. All-in-all, what are the new expectations and needs of the market, and what will the future landscape of trading look like?

Panelists:

• Tim ARMBRUSTER, Group Treasurer, KfW
• Stéphane BOUJNAH, CEO, Euronext 
• Marie BRIERE, Head of Investor Research Center, Amundi Institute
• Adam FARKAS, CEO, Association for Financial Markets in Europe (AFME)

Chair: Emmanuelle ASSOUAN, Director General of Financial Stability and Operations, Banque de France

Roundtable 2 – T+1 and then? 

As the European Commission considers transitioning to a T+1 settlement cycle, this roundtable will explore both the immediate and long-term impacts of such a shift. The discussions will begin with the potential benefits for market efficiency and the operational and technical challenges involved, as well as the need for close alignment across European jurisdictions and with the UK. Moving beyond T+1, this session will also introduce the possibilities that lie ahead with T+0 settlement, particularly through the tokenisation of financial assets and the adoption of central bank digital currency (wCBDC) for tokenised settlement. Insights from the DLT experiments conducted by various institutions will provide context, while discussions will center on how these advancements could serve as the foundation for a more efficient, fully tokenised market infrastructure.

Panelists:

Isabelle DELORME, Head of Product Strategy and Innovation, Euroclear
John O’NEILL, Group Head of Digital Assets and Currencies, HSBC
Cyril ROUSSEAU, Director General of Finance, European Investment Bank
Giovanni SABATINI, Chair of the Industry Committee leading the EU’s transition to T+1
Brian STEELE, President, Clearing and Securities Services, DTCC

Chair: Agnès BÉNASSY-QUÉRÉ, Deputy Governor, Banque de France
 

Roundtable 3 – Wholesale cross-border payments & wholesale CBDC 

At a time when some obstacles are slowing down cross-border payments, the process of tokenisation of finance and the potential offered by DLT could bring renewed speed to the world of payments. This roundtable will explore the broader implications of such a long term trend. As all innovation brings risks and opportunities, discussions will examine both the benefits of DLT in terms of efficiency for cross-border payments and its risks for financial stability and market fragmentation. 
This last point is of particular importance for central banks, whose mission is to maintain the anchoring role of their central bank money in order to safeguard financial stability. Therefore, the roundtable will also focus on the exploratory work conducted by central banks that aims at designing tomorrow's market infrastructures for payments.
 

Panelists:

• Jean-Laurent BONNAFE, Director General, BNP Paribas
• Piero CIPOLLONE, Member of Executive Board, European Central Bank
• Gottfried LEIBBRANDT, Chair of the Board, CLS
• Andrea MAECHLER, Deputy General Manager, BIS
• Naoto SHIMODA, Deputy Director General, Payment and Settlement Systems Department, Bank of Japan
   

Chair: Denis BEAU, Deputy Governor, Banque de France