TradeTech Europe 2011 is the largest and most senior meeting place for the electronic trading community. It gathers over 2,000 buy side traders, brokers, trading venues, regulators, industry experts, economists and fund managers. It is created by the industry advisory board and is highly valued by all participants. TradeTech is designed to give you true value and help you grow in your job, ensuring top results and great performance for every member of your team. The work on the conference agenda is full steam ahead. We are interviewing hundreds of your colleagues and peers from buy side institutions across the globe to find out exactly what they would like to take away from the conference agenda and the exhibition floor. Contact us on +44 (0)20 7368 9465 or tradetech@wbr.co.uk to register for your complimentary buyside pass, or secure your early bird ticket - saving you over

1. Interview with Cees Vermaas, CEO and Chairman of
NYSE Euronext Amsterdam
1. What do you expect MiFID 2 to change for your business? How will
your business change as a result of MiFID 2?
Financial markets in Europe, and elsewhere in the world are in need of major overhaul. MiFID 2
is an opportunity for European legislators to identify areas where the market has not delivered
because of regulatory loopholes, where the market has become more, rather than less
fragmented and where too much opacity exists. New entrants (namely the new trading platforms
that have emerged - MTFs) appear mature enough to abide by the same set of rules for pre-
trading, execution and post-trading requirements. We have a once in a generation opportunity to
take the lessons learned from this economic crisis and modernise our financial regulatory system
to increase transparency and oversight and close the gaps in our regulatory structure so that
average investors are protected.
2. With the liquidity becoming more fragmented, how do you think
buy side behaviour will change the way markets are run?
What we have seen is a reshuffling of economic rents and bargaining power between market
infrastructures and intermediaries. As players have repositioned themselves, various new trading
mechanisms, including opaque trading, have been launched by infrastructures and intermediaries
alike, with uncertain benefits for the overall public good. Visibly, the buy-side becomes more
vocal in this process.
3. If you had a magic wand and could change one thing about the way
markets operate, what would you do?
Centralised, systemic risk management: In the EU we support the ongoing financial supervision
reform. NYSE Euronext supports the creation of the three European regulatory authorities which
could play a pivotal role in improving regulatory coordination and harmonisation at a European
level.
Derivatives Clearing: We must require that standardised derivatives be centrally cleared – doing
so will dramatically reduce risk to the system.
Transparency and a level playing field: We all know there was simply not enough transparency in
the multiple trading venues which are fragmented and abide by less onerous rules than the
established exchanges. This has to be fixed. We urge the European Commission to address this
seriously in the MiFID reform.
International Coordination: Any changes to our regulatory regime must not place our markets or
financial market participants at a competitive disadvantage from global counterparts. Global
harmonisation will minimise regulatory arbitrage. Moreover the interests of end investors and
issuers have to come first. MiFID has so far provided no benefit to these parties. Rather, we
have seen a reshuffling of economic rents in the value chain, with intermediaries moving
upstream to execution in order to defend their business and to justify their role to the buy side.

2. Cees Vermaas will be speaking at TradeTech Europe 2011 on 12 - 14 April, 2011.
Visit www.tradetech.com for details.