Good afternoon and Welcome.

I would like to begin by thanking ISITC for asking me to speak at today’s conference. This is now my second ISITC Europe Annual General Meeting and I’m very pleased to be back here.

I have been asked today to reflect upon the speech I made last year and to consider the impacts that have been felt by industry since I stood at this podium last.

My speech last year was centred on four key topics - Digitalisation, Regulation, Market Change and Efficiency - and the relationship between all of these ideas.

Whilst I am happy, and indeed I think it would be relevent, to revisit some of the points I made previously and asses how relevant they are to today, I do not want to adopt a wholly reflective stance.

What I enjoy so much about discussions on Fintech is the opportunity and the element of re -design that comes with it, in short how forward looking it is.

So much of my daily work as an MEP is focused on legislation and regulation that was inspired by the crisis. I have for example; just yesterday finished a report on the Recovery and Resolution of Central Counterparties. One of the final pieces of the post 2008 jigsaw designed to address those vulnerabilities that the financial crisis exposed.

Absolutely vital pieces of work but still, not that forward looking.

What I like about discussions like today therefore, is that they allow me to consider financial services and the market place in a far more evolutionary frame of mind.

Evolution takes places, but only with external stimulus and we are not without external stimulus currently

Whether it be the implementation of regulation that places data and transparency at the centre of the post trade world - I’m talking about MiFID2 of course, or political events that completely change our status quo - and here we have Brexit.

The efficiency savings that have come to us with Fintech, the increased ease and level of regulatory compliance that comes hand in hand with Regtech.