Financial Market Infrastructure

• Examine the current market infrastructure and its evolution, including critical Financial Market Infrastructures (FMIs) and their interdependencies.
• Evaluate best practices in FMI operations and risk management.
• Identify the sources of FMI regulatory requirements and understand the role of global standards.
• Understand innovative approaches such as Distributed Ledger Technology (DLT) and Decentralised Finance (DeFi), and assess their potential impact on trading, clearing, and settlement arrangements.
• Assess the role of new types of service providers (both financial and non-financial) and services (e.g., 24/7 operations, real-time clearing and settlement, integration of trading, clearing, and settlement).
• Analyse the challenges facing the existing market structure and incumbent FMIs.
• Compare different regulatory approaches to innovation in FMIs.
• Explore issues that may affect efficient regulation and supervision (e.g., regulatory perimeter, activity-based regulation, absence of identifiable operators, etc.).

The course is targeted towards professionals working with the regulatory and supervisory/oversight framework of Financial Markets Infrastructure. This comprises central bankers, regulators, legal experts in private practice and academics interested in the regulation of financial entities and financial markets.  The ideal participant has some experience in the area and is at the mid career level. Young professionals that are at the start of their careers in this area can also attend. 

Monday, 13 October 2025

9:30 – 10:00 Welcome remarks and Tour de Table 

10:00 – 11:00 Session 1 – FMIs in the EU – Where do we stand? 

• Fundamental concepts and functions of FMIs (payment, clearing and settlement systems) 
• Core risks: credit, liquidity, operational, legal & governance 
• Role of Global Standards and the CPMI-IOSCO Principles for FMIs 
• The FMI regulatory landscape in the EU  
• Main Challenges 

11:00 – 11:30 Coffee Break 

11:30 – 13:00 Session 2 – The Digital Transformation of Settlement 

• Digitization and Tokenization 
• DLT & its implications for FMIs 
• DeFi & its implications for FMIs 

13:00 – 14:00 Lunch 

14:00 – 15:00 Session 3 – Trends in FMIs  

• Market structure developments (new business models, new players) 
• Accelerated settlement (T+1), 24/7/365, atomic settlement 
• DLT Pilot Regime 
• Credit vs. Liquidity risks 
• Cross-border issues 

15:00 – 15:30 Coffee break

15:30 – 17:00 Session 4 – Interactive exercise  

• Simulation Exercise in groups w/ pitch in plenary and discussion 
• “Modernizing FMIs: Opportunities and Risks”

 17:00– 17:45 Guided tour

Tuesday, 14 October 2025

9:30 – 11:00 Session 5 – Central Counterparty Clearing  

• CCP role and functions 
• Risk Concentration/Mutualisation in CCPs 
• Risk and default management (Capital, margin and guarantee funds, default waterfall) 
• Key issues: procyclicality, dependencies, transparency 

11:00 – 11:30 Coffee Break 

11:30 – 13:00 Session 6 – The EU Context  

• Market overview (types of CCPs, EU and Global) 
• EMIR3 and EU regulatory and supervisory framework 
• Going concern vs. Recovery vs. Resolution (EMIR vs CCP-RRR) 
• CCP supervision and Stress-testing 
• Systemic risk implications 
• short interactive exercise

13:00 – 14:00 Lunch and group picture

14:00 – 15:30 Session 7 – Cyber Risk and Operational Resilience for FMIs 

• Operational Risk vs Operational Resilience (PFMI Principle 17),  
• Cyber Resilience (business continuity vs integrity, ecosystem risks, governance, 2hRTO, preparedness and testing) 
• Third-party risk management (Outsourcing and third-party service providers, control, concentration and supply-chain risks, data and information gathering)  
• Emerging risks (cloud, AI services, ecological and geopolitical risks) 
• short interactive exercise

Wednesday, 15 October 2025

9:30 – 11:00 Session 8  — Tokenization  

• Fast-paced 20 min presentations of new industry solutions in FMI 
• 10 min Q&A for each presentation 
• Clearstream (TBC) 
• LCH Clearnet / SA 
• FinTech Representative 

11:00 – 11:30 Coffee Break 

11:30 – 12:45 Session 9 — FMIs in an Increasingly Globalized Market

12:45 – 14:00 Light Lunch

FULL FEES*:

€ 950 – Academics
€ 1900 – Public sector
€ 2100 – Private sector

*Please note that the payment must be settled one week before the start of the course.

The fee includes tuition, access to all course materials and pedagogic activities, coffee and lunch breaks and social activities, as well as a certificate of attendance after the course has been completed. The fee does not include travel and accommodation expenses or other local transportation costs (taxis, private cars).

Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register. Seats for academics are limited.

GROUP DISCOUNT (-15%) for minimum 3 participants from the same institution:

A group discount is available for institutions registering three or more participants. To qualify, the names of all participants must be submitted together in a single email to FBF. Please note that this offer cannot be applied retroactively to individual registrations completed at different times. Those wishing to take advantage of the group discount must write an email to fbf@eui.eu, stating the full names of the proposed participants.

€ 807,5 – Group discount academic
€ 1615 – Group discount public sector
€ 1785 – Group discount private sector

CANCELLATION POLICY

Paid registration fee is non-refundable. However, registrant substitution may be made up to 15 days before the start date of the course by contacting fbf@eui.eu.

You can find all relevant information about the course venue at this link, including logistical details, the venue address, and a range of accommodation options to suit different needs.

Practical Information

For any questions, please contact us at fbf@eui.eu and/or noemi.epote@eui.eu.