MiFID II: Where are we now? 

Held on Wednesday, April 25, 2018


  • Alex McDonald (EVIA)

  • Steve Kelly (Euro IRP)

  • Gabriel Callsen (ICMA) 

  • Michael Sholem (Davis Polk)



After seven years of haggling and one-and-a-half million paragraphs of drafting, MiFID II and MiFIR finally came into force this January. 

As ever, the stated intentions of the regulations were pure – clearer (and cheaper) outcomes for investors, greater competition between firms, more transparency and stability in the markets. But even at the eleventh hour there were still concerns as to how the effects of the regulation would play out in practice – on independent research firms, market liquidity, and even whether the hoped-for efficiencies would offset all the extra compliance costs.

So, is MiFID II / MiFIR a step forward (or at least no great step backwards) in practice? Joining us to discuss the new world, we are pleased to have assembled a group of experts from across the market:

  • Alex McDonald is CEO of the European Venues & Intermediaries Association (formerly the WMBA), whose members facilitate much of the global OTC markets. Previously he spent twenty years as a trader and portfolio manager at both fund managers and bulge bracket banks.
  • Steve Kelly is special adviser to the European Association of Independent Research Providers (Euro IRP). He was for many years the MD of Extel, the leading provider of equities market surveys.
  • Gabriel Callsen is a member of Market Practice and Regulatory Policy at ICMA, responsible for coordinating the Association’s work on MiFID II implementation across the secondary markets.
  • Michael Sholem is counsel in Davis Polk's corporate department, in the London office. His practice focuses on the supervision and regulation of banks, investment firms, insurance companies and asset managers.

If you (or a colleague) would like to join us (and perhaps share your own thoughts), please let us know by calling 0207 621 1056 or emailing alex@csfi.org. As usual, wine and sandwiches will be provided.

Many thanks,

Sincerely yours, 

Andrew Hilton