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QED Conference on
Consolidated tape

   Hybrid conference    

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   29 March 2022   

Venue: SPA30 studio, Rue de Spa 30, Brussels 1000

Sponsored by


14:00-14:30    Registration, virtual and in-person networking 


14:30-14:35     Introductory remarks by the moderator


14:35-15:10     Introductory remarks by speakers


15:10-16:10     Panel discussion and Q&A 


16.10-17.00     Virtual and in-person networking 

Discussion points

  • Does a consolidated tape have the potential to contribute to further integration of EU capital markets? 

  • Will a consolidated tape make the EU capital markets more attractive internationally?

  • Will a consolidated tape reduce liquidity and trade execution risk? 

  • Will a consolidated tape incentivize asset managers to include a broader and more optimal set of instruments in their portfolios?

  • How can the obstacles to the creation of a consolidated tape be removed? Is the European Commission’s proposal the right way forward? 

  • How do we create fair revenue sharing? How can data contributors be adequately compensated? 

  • Can a consolidated tape help investors achieve best execution? 

  • Does a consolidated tape have the potential to democratize trading and increase the participation of citizens in capital markets? 

  • Will a consolidated tape increase transparency? 

  • Could a consolidated tape enhance the level playing field between stock exchanges and investment banks? 



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Tilman Lueder 

Head of Unit, Securities Markets, European Commission

Mr Lueder is head of the unit dealing with investment funds at the European Commission's Internal Market department. The unit is responsible for developing European policy in the area of investment funds. This involves drafting legislative proposals, implementing measures and pre-legislative impact studies. The unit currently administers the EU rules applicable to collective investment schemes (UCITS) and those applicable to alternative investment fund managers (AIFMD). The unit represents the Commission in Council and Parliament as well as with the European Securities and Markets Authority (ESMA).
Previously, from January 2005 to April 2011, Mr Lueder was head of the copyright unit. He represented the Commission in Council and Parliament. He also represented the Community and its Member States in the World Intellectual Property Organisation (WIPO). From 2002 to 2004 he was the Commission's spokesman for antitrust and state aid policy. He joined the European Commission's antitrust department in 1999, after having worked for several years as a lawyer in private practice. Mr Lueder holds a doctorate from the University of Tübingen (Germany) and a diploma awarded by the College of Europe in Bruges (Belgium).

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Prof. Danuta Hübner 

Member of the European Parliament

Danuta Hübner has been the first Polish EU Commissioner, first for Trade and subsequently for Regional Policy.

She is a Professor of Economics, and has been a Member of the European Parliament since 2009. Currently, she is a member of the Committee on Economic and Monetary Affairs – for which she was recently appointed as the Rapporteur on the review of the regulatory framework for investment firms and market operators (MiFID II and MiFIR) -  as well as for the Committee for International Trade, and a substitute member of the Committee on Constitutional Affairs. She is also a member of the Delegation for Relations with the US.

Before joining the European Parliament, she was the chief negotiator for Poland's membership of the OECD, and Executive Secretary of the European Economic Commission with the rank of Deputy Secretary General at the United Nations.

In Poland she lead the Office of the Committee for European Integration and Minister of European Affairs, overseeing the process of Poland's accession to the European Union.

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Niels Brab 

Chief Regulatory Officer, Head of Group Regulatory Strategy, Deutsche Börse Group

Niels Brab is Head of Group Regulatory Strategy and the Chief Regulatory Officer of Deutsche Börse Group. His area houses teams including Government Relations and Political Affairs, Regulatory Analytics, Regulatory Operations as well as ESG Regulation.

As part of his mandate, Niels covers key regulatory and political issues across the value chain of Deutsche Börse Group, including on market data and indices, trading, as well as clearing and settlement. Representing DBG in a variety of key fora and associations, such as the World Federation of Exchanges (WFE), the Federation of European Securities Exchanges (FESE), or the European Association of CCP Clearing Houses (EACH), Niels’ expertise includes a variety of important financial regulatory dossiers, including MiFID, EMIR, FTT, CMU, CSDR, CRR/ CRD, IFR, SFTR, MAD, PRIIPs, and BMR.

Before his appointment as Head of Group Regulatory Strategy and Chief Regulatory Officer, Niels was the Head of Government Relations as well as Head of Representative Office Brussels at Deutsche Börse Group, positions he still holds in parallel. Prior to joining Deutsche Börse Group, Niels worked at a number of consultancies, including FTI Consulting and Fleishman-Hillard, and founded his own consultancy EURObjective.

Niels holds an LLM in European Law and an MSc in Public Policy and Human Development from the University of Maastricht.

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Susan Yavari

 Senior Regulatory Policy Advisor – Capital Markets, EFAMA

Susan has a background in EU financial services regulation.  Her experience, both in-house and in Brussels-based trade associations, spans financial market infrastructures (Euroclear), and banking prudential and securitisation regulation when she was Head of Economic Affairs at the European Mortgage Federation.  Susan started out her career in London representing the British insurance industry.  She led efforts by the sector to obtain improved market access in India and China through WTO negotiations and bilateral regulatory dialogues. 

Susan holds degrees from the University of Ottawa (BA with Honours in Politics), and an MSc in European Studies from the London School of Economics.

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Nicolas Rivard 

Head of Advanced Data Services, Euronext

Nicolas Rivard is Head of Advanced Data Services at Euronext, a business line created in 2019 which regroups Market Data, Indices and Advanced Data with the ambition to derive more value from Euronext proprietary data and fulfill clients’ demand for new data services.

Nicolas was previously Chief Innovation Officer at Euronext, he led Euronext 's efforts to anticipate changes affecting the market infrastructure sector and drove most relevant projects to position Euronext. He joined Euronext in April 2016 from the Boston Consulting Group. During his six years at the consulting firm he worked mainly in the financial services sector, helping clients to develop innovative digital offers. He holds an MBA from INSEAD and an engineering degree from Ecole Centrale de Paris.

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Claudia Gonzalez Cabanillas 

Executive Director, Regulatory Affairs, J.P.Morgan

Claudia joined J.P.Morgan’s Office of Regulatory Affairs in August 2013. Claudia specialises in EU Financial Markets Policy initiatives and she is responsible for analyzing and determining the firm's views on regulatory proposals and identifying the appropriate mechanism for advocacy for the firm. Prior to joining J.P. Morgan, Claudia spent five years working at the Financial Conduct Authority (FCA) in the United Kingdom as the EU Policy Liaison in the Markets Monitoring Department. Among her many responsibilities, she represented the FCA on two of the European Securities and Markets Authority (ESMA) task forces. Claudia also worked at the European Central Bank (ECB) in Frankfurt, Germany in the Directorate General Statistics as well as the European Commission in Brussels in the Directorate General for Development. She holds a Bachelors degree in Economics from the Université Libre of Brussels (ULB), an MSc in Development Economics from Catholic University of Louvain-la-Neuve in Belgium and an MSc in Economics from University College London (UCL).


Chris Murphy

Co-founder and CEO, Ediphy

Chris Murphy is co-founder and CEO of Ediphy, a capital markets technology group. Chris has over 27 years of experience in the financial services industry. Prior to founding Ediphy, he was a Group Managing Director at UBS where he ran the global fixed income business and was a member of the IB's Executive Committee. Chris started his career at Morgan Stanley where he was latterly Head of European rates trading. Passionate about the application of technology to the capital markets business throughout his career, Chris has been heavily involved in a number of technology related initiatives across the industry. He managed the Strategic Investments team for UBS IB and has served on the boards of ISDA, FMSB, R3 and NYSE Liffe US. Chris is a graduate of Trinity College, University of Cambridge (MA Mathematics, 1st Class Hons) and is also an active investor, board member and advisor in the fintech space.


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