Financial Market Infrastructures are key nodes that make a financial center both attractive and resilient. Market Infrastructures are key in the Banking and Financial landscape by ensuring banking and financial operations are soundly unwound. It ensures an efficient settlement of securities. So the Market Infrastructure Cluster aims at gathering actors in the securities settlement and the post-trade chain such as Central Securities Depositaries, and the Luxembourg Stock Exchange.
The Market Infrastructure Cluster (MICL) is a business line that aims to foster and represent the professional interests of Market Infrastructures of the members. The Cluster also has for objective the defense and promotion of the specific activities of operators in the concerned area. It will develop policy guidelines and may set trainings, standards and practices norms.
The Cluster, headed by Mister Robert Scharfe (CEO, Luxembourg Stock Exchange), acts as a steering committee on issues where market infrastructures play a leading role, or a coordinator role.
Hence, the Cluster will focus on topics like the arrival of T2S, or the development of market standards. To support these achievements specific Working Groups are set up, under the direct supervision of the MICL.
The Cluster is responsible for the following technical working groups:
- Transaction Reporting Working Group, dealing with cross reporting obligations like EMIR, MiFIR, SFTR;
- Market Standards Working Group, dealing with matters of general interests linked to securities like corporate actions, information, definition of market standards;
- Regulations Working Group, identifying and prioritizing regulatory issues;
- T2S Working Group; dealing with the arrival of T2S and ensuring the information is spread among market participants.