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Financial Markets Forum

The FIDE Financial Markets Forum continuously maintains its attention on the most relevant aspects that affect regulation, operations, operators, business development, etc. in the financial markets in its various fields. The Forum sessions focus on understanding the situation and implications of the different aspects discussed, and sharing with the audience concerns, possible solutions to specific problems, etc. All this with high-level people with a deep knowledge of the subjects covered. 


At present, and foreseeably in the following months, the attention of the Forum is directed to those aspects that in a most burning way attract our attention and demand dedication. The effect of the Covid19 pandemic has been treated both in terms of markets and affecting credit institutions. Along with this, the development of ESG elements and their implementation in financial markets, the different aspects of the Fintech phenomenon, monitoring of the banking situation, review of secondary market regulation, investor protection and Crowdfunding at the European level, the relaunch of the Capital Markets Union project or the approach at European level to matters such as the prevention of money laundering will be the object of attention. Along with this, the necessary attention will be paid to other current issues relevant to the development of their work by operators in financial markets, their advisors, supervisors or regulators.

Ignacio Santillán

General Director, FOGAIN. Member of the Academic Council of FIDE.

Eduardo Muela

Lawyer. Member of the Academic Council of Fide.

Alberto Calles placeholder image

Partner Responsible for Financial Regulation PWC. Member of the Academic Council of Fide.

Antonio del Campo

Director of Compliance, BBVA. Member of the Academic Council of Fide.

Victor rodriguez moan

General Director of Strategic Policy and International Affairs, National Securities Market Commission, CNMV. Member of the Academic Council of Fide.


Discover all the publications, session summaries and other documents related to the activity of this forum:

17 October 2019


  • Nuria Baena, Member of the Supervision Department, CNMV
  • Jorge Ferrer, Partner Responsible for the Financial Services Regulation department, Finreg360


Moderator: Ignacio Santillán, General Director of FOGAIN. Member of the Academic Council of Fide


After a minimally significant period has elapsed since the application of the MiFID II rules, the first effects of the different main groups of requirements on the preparation and distribution of investment products were analyzed, as well as the foreseeable evolution of these effects together with an evaluation of the same. The different organizational and behavioral standards that apply to entities are having a significant impact on the way in which these services are provided. Some of these effects were reviewed in this session.

7 November 2019

Speaker: David vergara, CRO-Executive Director, Banco Sabadell

Moderator: Victor Rodriguez Quejido, General Director of Strategic Policy and International Affairs, National Securities Market Commission, CNMV


Once most of the measures planned since 2015 have been implemented, the Capital Market Union (UMC) project faces a new phase after the finding that it has not been possible to substantially modify the proportion of financing from the market in the European Union Therefore, companies continue to be financed largely through the classic banking channel, to which is added the context of Brexit, which is going to mean a very relevant change in European financial markets. Therefore, new ideas are required and it is in this line that the recent publication of a report prepared by a group of high-level experts (Next CMU High Level Group) of which David Vegara has been part is framed.

The session analyzed this report and, in general, the possible measures that could have an impact on the objectives of the UMC project, which are basically to promote the integration of European markets and increase both the total volume of market financing and its share. in the mix of companies, so as to achieve a greater diversification of sources and, therefore, greater financial stability and greater economic growth thanks to a more efficient channeling of savings to investment.

13 November 2019


  • Carlos Montalvo Rebuelta, Partner, PwC
  • Iñigo Liberal Gorostiaga, Director of Risks and Control of the Insurance Unit of BBVA in Spain

Moderator: Ignacio Santillán, General Director of FOGAIN. Member of the Academic Council of Fide

In this session we had the opportunity to analyze, among others, the following issues:

 - Current situation,

- Regulatory approach,

- Supervisory approach,

- Implementation strategy,

- Organizational challenges.

12 of February 2020


  • Raúl Navarro Lozano, Deputy Director of the Secondary Markets Department, CNMV
  • Javier Zapata, Secretary General, Spanish Issuers.

    Moderator: Antonio del Campo, Director of Compliance at BBVA. Member of the Academic Council of Fide

On January 13, the CNMV issued a statement in which it made public its decision to annul the criteria on discretionary treasury share operations of listed companies that it issued in 2013, once they had been exceeded by the legislative initiatives at the European level, and this in order to harmonize the application of the Market Abuse Regulation (MAR) and, in particular, the restrictive use of safe harbors through buy-back programs and accepted market practices (liquidity contracts).

The objective of the session was to analyze the current situation and operational possibilities for listed companies.

18 of February 2020


  • Antoni Ballabriga, Global Head of Responsible Business, BBVA.

  • Angel Estrada, Director of the Department of Financial Stability and Macroprudential Policy, Bank of Spain

Moderator: Alberto Calles, Responsible Partner for Financial Regulation, PWC. Member of the Academic Council of Fide


As is well known, the challenge of environmental and social sustainability is one of the greatest current concerns of society. In fact, we are seeing a clear international push and consensus building to carry out an important transformation that helps this sustainability. Only in climate matters and in Europe, the transformation of harmful sectors and companies (“brown") In favor of sectors and companies that help this sustainability ("green”) Will mobilize some 100.000 million euros of public resources in the coming years.

This determined transformation is a challenge for everyone, but for the financial sector, in addition to its own contribution as a company to this transformation, this challenge presents 3 additional dimensions:

1) the effective channeling of this investment in those green sectors.

2) The risk management that this new environment entails, especially in the “brown” sectors.

3) the disclosure and transparency that will be demanded in the market on these actions.

This session reflected on the current situation created in what is being called "Sustainable Finance" with the opportunity to combine the analysis of the regulatory levers and push with that of the vision of the industry itself.

Academic coordination: Victoria Dal Lago Demmi


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