Invitation www.suerf.org  We are pleased to invite you to the upcoming SUERF BAFFI Bocconi webinar  entitled “Trading firms: the new "masters of the universe"?, which will take place online on Tuesday, 17 March 2026, 14:30-16:00 CET via Webex.   Motivation Over the last decade, the market structure of bond, FX, equity, and associated derivatives markets has undergone major changes. In parallel to the rise of electronic trading, the activity of non-bank Dealers has grown significantly. Principal trading firms (PTFs) have developed into major non-bank liquidity providers in many key market segments. They act as market makers in a steadily expanding group of key instruments in the US and Europe. These changes – together with an increasing number of stress episodes (e.g. “flash crash” and the stress in March 2020) raise a number of important analytical and policy questions:   Business model of PTFs Resilience of market liquidity in the new ecosystem Role of banks in trading in bonds, derivatives etc: Do PTFs “eat banks’ lunch”? Market infrastructure and PTFs: New risks or new opportunities?   Welcome by Ernest Gnan, Secretary General · SUERF Introduction Martin Scheicher, Adviser, DG Horizontal Line Supervision · SSM/ECB and SUERF Fellow   Panel Discussion Chair: Karolina Ekholm, Director General · Swedish National Debt Office Matthias Graulich, Chief Commercial Officer and Global Head of Products & Markets · Eurex Group Steffen Kern, Chief Economist · ESMA Tarek Tranberg, Chief of Staff to the CEO · Optiver Dylan Walsh, Partner · Oliver Wyman     Date & Time: Tuesday, 17 March 2026 | 14:30-16:00 CET | Online via Webex Please register here. We would be delighted if you could join us for this timely discussion and encourage you to share this invitation with colleagues who may be interested. We look forward to your participation. With kind regards, SUERF Secretariat    Upcoming Events 13 Mar,2026 SUERF BAFFI Bocconi e-lecture: Financial stability risks from geoeconomic fragmentation SUERF - The European Money and Finance Forum c/o OeNB, Otto-Wagner-Platz 3, A-1090 Vienna  +43 1 40420 7216 I suerf@oenb.at I www.suerf.org Follow us LinkedIn I X I YouTube Privacy Policy  I Terms and Conditions.