May 12th and 13th, 2021.
13:30 -17:30h / Online Event

The Spanish National Securities Market Commission (CNMV) and the IE Business School are proud to organize a two-day conference on the impact and opportunities  offered by MiFIDII directive, three years after its implementation.

The conference will include the presentation and discussion of a selected number of high-quality research papers concerning the most salient topics related to the new regulation including: unbundling of research and execution, trading in dark pools, market transparency and efficiency, market structure and fragmentation, derivatives trading, trading costs and liquidity.

The organizers want to promote the discussion between the academic profession, practitioners and regulators on the evidence so far available and the opportunities for improvement in the design and implementation of the new regulation, for both European and overseas markets and institutions.
The conference will be held virtually spanning two afternoons of May, to accommodate as far as possible different time zone presentations. The Conference will start with an address of Mr. Rodrigo Buenaventura, Chair of the CNMV, and the first session will be chaired by Eudald Canadell, Director of Research at the CNMV. The second session will be opened with an address by Mr. Diego Alcázar Benjumea, Executive Vice-president, IE University, and will be chaired by Juan Pedro Gómez, professor of the IE Business School.

The Conference will conclude with a panel session with participation of representatives of the academic, professional and regulatory spheres.


May 12th


Rodrigo Buenaventura.

Chairman, CNMV

13:45h – 16:10

Moderator: Eudald Canadell


13:45h – 14:55h

Quasi-dark trading: The effects of banning dark pools in a world of many alternatives
Presenter: Christian Westheide (University of Vienna)
Discussant: Roberto Pascual (UIB)

15:00h - 16:10h

Information and optimal trading strategies with dark pools
Presenter: Ariadna Dumitrescu (ESADE)
Discussant: Andreea Vaduva (Universidad Carlos III)

16:15h - 17:30h

Keynote speech
Richard Evans

Darden School of Business

May 13th


Diego Alcázar Benjumea.

Executive Vice-president , IE University

13:45h – 16:10

Moderator: Juan-Pedro Gómez

IE Business School

13:45h – 14:55h

MiFID II unbundling and sell side analyst research
Presenter: Edward Sul (George Washington University)
Discussant: Melissa Prado (SBE, Universidade Nova de Lisboa)

15:00h - 16:10h

ETFs, Liquidity and markets
Presenter: Russ Wermers (Smith School of Business, University of Maryland)
Discussant: Veronika Pool (Owen Graduate School of Management, Vanderbilt University)

16:15h - 17:30h


16:15h – 18.00h

Panel discussion
Panelists: Deborah Führ (Managing Partner & Founder of ETFGI),
Richard Evans (Darden School of Business),
Stephen Fisher (BlackRock),
Raúl Navarro (CNMV)
Rodrigo Buenaventura (Chairman, CNMV)

Conference moderators

Eudald Canadell (Spanish National Securities Market Commission - CNMV)
Juan Pedro Gómez (IE Business School)

Conference speakers

Andreea Văduva - (PhD Student in Finance at the Universidad Carlos III de Madrid)

Her research is centered on market microstructure, with a special interest in fragmentation, trading halts, and non-fundamentally driven trading. Andreea is currently visiting Toulouse School of Economics collaborating with Sophie Moinas. In the past, she also has visited the Research Department in the National Securities Market Commission (CNMV).

Raúl Navarro - (Spanish National Securities Market Commission - CNMV)

Raúl Navarro is Deputy Manager of the Equities Supervision team at the CNMV Secondary Markets Department. He joined CNMV in 2008 and since then has been engaged in the areas of markets surveillance, market abuse and short selling. He has also taken part in the international regulatory activity in various working groups from IOSCO and ESMA. In particular, he has actively participated in the development of ESMA´s technical work on MiFID II and MiFIR and currently in its review process. He represents CNMV at the ESMA´s task force for market structure issues with particular interest in topics related to trading modes and algorithmic trading. Prior to joining CNMV, Raúl was an equity trader at ACF Ahorro Corporación and also gained experience before in the area of post-trading for equities and derivatives instruments at the same investment firm. He usually collaborates in different academic initiatives related to regulatory law and organised by IEB Instituto de Estudios Bursátiles, ICADE (Bespoke Finance), Universidad de Alcalá, etc.

Diego del Alcázar Benjumea - (IE University)

Diego del Alcázar Benjumea is Executive Vice President of IE University and sits on its Board of Directors. Diego plays a key role in the strategic vision and the general management of the institution, highly focused on promoting the innovation strategy and its execution. He is the driver of IE’s digital transformation, leading IE’s technological immersion. He is Co Chair of the IE Center for the Governance of Change, an applied-research institution that seeks to enhance our ability to understand, anticipate & manage innovation and the impact of technological disruption in our society. Diego is co-founder and member of the board of The South Summit, one of Europe’s leading startup and innovation conferences. He has also previous experience as consultant at Bain & Company and he co-founded Step Up Capital, a vehicle to identify, invest, and manage business opportunities. Diego holds an MBA from INSEAD Business School and a double degree in Law and Business Administration from Madrid’s Complutense University. His areas of expertise are Business Education, Entrepreneurship, Venture Capital, Digital Transformation, Education Technologies (EdTech) and Governance of Change.

Ariadna Dumitrescu - (ESADE Business School)

Ariadna Dumitrescu is an Associate Professor of Finance at ESADE Business School. Her research deals with market participants’ strategic behaviour and the role of information in investors’ decisions with applications to market microstructure, mutual funds and corporate finance. Her research has been published in Journal of Corporate Finance, Journal of Banking and Finance and Journal of Financial Markets among others. She was during ten years Director of the Group of Research in Economics and Finance in ESADE and member of the Board of Directors of European Financial Management Association, 2017-2020.

Edward Sul - (George Washington University School of Business)

Edward Sul is an Assistant Professor of Accounting at the George Washington University School of Business. He joined George Washington in 2017 and teaches managerial accounting in both the Master of Accountancy and Undergraduate programs. Edward’s research focuses on how corporate governance, regulations, and managerial incentives shape production of accounting information and how investors and information intermediaries use accounting information, often in global cross-country settings. He received his Bachelor in Business Administration and Master of Accounting degrees from the University of Michigan Ross School of Business and his PhD in Accounting in 2017 from the University of North Carolina at Chapel Hill.

Christian Westheide - (University of Vienna)

Christian Westheide is an Assistant Professor of Finance at the University of Vienna and a Research Affiliate of the Leibniz Institute for Financial Research SAFE. He has previously held positions at the University of Mannheim and at SAFE, and has been a Visiting Scholar at University of Hong Kong and University of Technology Sydney. His main research interest is in the microstructure of equity markets. Christian has worked on research projects in cooperation with stock exchanges and national and international financial regulators.

Veronika Krepely Pool - (Owen Graduate School of Management at Vanderbilt University)

Veronika Krepely Pool is a Professor of Finance at the Owen Graduate School of Management at Vanderbilt University. She currently serves as an associate editor at the Review of Financial Studies and at Management Science, and co-editor of the Quarterly Journal of Finance. She is also an academic director of the Financial Management Association and the Eastern Finance Association. Veronika joined Owen in 2019 from Indiana University’s Kelley School of Business where she was an Associate Professor and the Gregg T. and Judith A. Summerville Chair of Finance. She had been on the Kelley School’s faculty since completing her Ph.D. in finance at Vanderbilt University in 2006. Her main research interest is the economics of conflict of interest in delegated portfolios, such as hedge funds, mutual funds, and 401(k) plans. She is teaching in both the MS Finance and the Undergraduate Business Minor programs at Owen.

Roberto Pascual - (UIB)

Roberto Pascual has a Ph.D. in Economics by Universidad Carlos III de Madrid, Spain (2001). He is Full Professor at the Business Economics Department of the University of the Balearic Islands (UIB) in Spain since 2019, where he teaches Financial Economics and Financial Markets. He also teaches in the Master in Finance program of the Barcelona Graduate School of Economics (BGSE) of the Pompeu Fabra University, Barcelona, Spain. Previously, he held a postdoc visiting scholar position at the Stern School of Business, New York University (2003), and has been visiting professor at the European Center for Advanced Research in Economics and Statistics (ECARES) of the Université Libre de Bruxelles (2008), the International Center for Finance of the Yale School of Management, Yale University (2012), and the Center for Financial Research of the Auckland University of Technology (2017). His main area of research is Financial Market Microstructure, covering topics such as high-frequency trading, hidden volume, liquidity provision and price discovery in order-driven markets, limit order book dynamics, and circuit breakers.

Stephen Fisher - (BlackRock)

Stephen Fisher, Managing Director, is a member of BlackRock’s Global Public Policy Group (GPPG) based in the EMEA region. GPPG’s mission is to support the creation of regulatory regimes that increase financial market transparency, protect investors, and facilitate responsible growth of capital markets, while preserving consumer choice and properly balancing benefits versus implementation costs. This is an integral part of BlackRock’s fiduciary purpose. Within the GPPG team, Stephen focuses on regulatory policy issues impacting end-investors, particularly those related to market structure, ETFs, derivatives and financial benchmarks. Stephen is also the GPPG partner to BlackRock’s business in the Netherlands, Iberia and the Middle East, coordinating policy engagement in these regions. He currently Co-Chairs ICMA’s Regulatory Policy Committee and is an active member of ICI Global’s Atlantic Council and EFAMA’s Trading and Markets Committee. Prior to joining BlackRock in November 2010, Stephen established the Dutch Banking Association’s Brussels office and was Financial Markets Advisor at the European Banking Federation. Before his ten years in Brussels, Stephen worked in London at the Financial Services Authority and HM Treasury in a range of supervisory, enforcement and regulatory policy roles. Stephen holds Masters’ Degrees from the University of St. Andrews and SOAS University of London, as well as the Investment Management Certificate. He has lived and worked in the UK, Spain, Belgium and Hungary, speaks a number of European languages and is currently learning Arabic. Stephen is active in the local community where he lives and is a Trustee of the Faversham Municipal Charities.

Richard Evans - (Darden School os Business)

Richard Evans holds the Donald McLean Wilkinson Research Chair at the University of Virginia’s Darden School of Business.  His research deals broadly with investment decisions, and his current research projects explore fund manager compensation and incentives, exchange-traded funds, corporate political activity and stock performance, short-selling and quantitative vs. fundamental investment strategies. His work has been published in the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies and has been cited by the financial press (The New York Times, The Wall Street Journal, The Economist and Forbes) as well as regulatory agencies (Securities and Exchange Commission, U.S. General Accounting Office and the White House Council of Economic Advisors). He has presented his research to the SEC, Federal Reserve, Social Security Administration and the American Finance Association. He currently serves on the editorial board of the Financial Analysts Journal, is the Academic Director of the Money Management Institute’s Executive IQ Program, and he has taught executive education courses for investment professionals from Merrill Lynch, Morgan Stanley, Sands Capital Management and Citizens. He has been the recipient of a Santander Research Fellowship at Cambridge University, a Senior Research Fellowship at the Long-Term Investors think tank at the Università di Torino, and he has served as a visiting faculty member at Nova Universidade de Lisboa. He holds bachelor’s and master’s degrees in chemistry from the University of Utah and a master’s degree and doctorate in finance from the Wharton School of the University of Pennsylvania.

Francesco Franzoni - (USI Lugano)

Francesco Franzoni is Professor of Finance at USI Lugano and holds a Senior Chair with the Swiss Finance Institute. He is a Research Fellow at the Center for Economic Policy Research (CEPR). Professor Franzoni’s research focuses on the relation between the trading behavior of institutional investors and asset prices, with special regard to issues relating to market stability and liquidity. Recently, he has done pioneering work on Exchange-Traded Funds (ETFs), a financial innovation that is revolutionizing financial markets. He has also worked extensively on issues concerning institutional brokers and their role in spreading information in financial markets. He’s a frequent speaker at academic and practitioner conferences. His work has been published in the top academic journals and featured in the financial press.

Russ Wermers - (Smith School of Business, University of Maryland)

“Russ Wermers is Dean’s Chair in Finance and Director of the Center for Financial Policy (CFP) at the Smith School of Business, University of Maryland at College Park, where he won a Krowe Teaching Award during 2013. As Director, Professor Wermers guides the CFP in its mission of generating research that informs financial policy in the private and public sectors. His main research interests include studies of the efficiency of securities markets, as well as the role of institutional investors in setting stock prices. In addition, he studies and teaches quantitative equity strategies, and is currently researching microfinance institutions in Thailand. Most notably, his past research has developed new approaches to measuring and attributing the performance of mutual funds, pension funds, and hedge funds, which, among other applications, can be used to identify superior active funds. He is coauthor of a book on the latest scientific approaches to performance evaluation and attribution of professional fund managers, written for academics and practitioners (published in December 2012). He received his Ph.D. from the University of California, Los Angeles, in December 1995