Recent events dominated discussions and the FIA did a superb job assembling experienced panels to tackle some of the more sensitive discussions. The importance of better communication in the event of a cyber incident was a great example of this. The panel highlighted how this could be used to improve the speed of the recovery process from systemic outages.
UK and European expertise were on show as the divergence between EU and UK rules on central counterparties (CCPs) was debated and the potential impact these rules could have on the competitiveness of the respective firms. There was a particular focus on “excessive” exposures to third-country CCPs and requirements for active accounts at EU CCPs. Volatility was also once again a central theme and the extreme spikes of recent years may have had a silver lining in strengthening the industry for any future events.
Other highlights included the expected development of artificial intelligence technology for market processes and the potential impact on market surveillance. The UK Financial Conduct Authority added to this expressing its willingness to make trading data available for AI-based market surveillance tools. Finally, there was also optimism expressed concerning the future resilience of derivatives markets and their continued focus on risk management.