1. Field Project Econs 532 Unintended Consequences of EU Regulations Reshaping of the competitive landscape in the financial sector Pierre Francotte May 6, 2015

2. Objectives Translate the understanding and knowledge you have built through the Field Project reports in an ability to detect and analyse transversal trends and draw lessons from it. Develop your skills at synthesising complex discussions in which you are not just an observer, but also an actor.

3. Today’s session You will act as young professionals participating in a preparatory meeting in an advisory firm prior for client visits regarding the impact of the new regulatory environment on the clients or prospective clients of your firm. The focus is on how the new regulatory environment, in the current economic context, creates threats and opportunities for the clients you will later visit.

4. Target clients Your firm has a broad range of clients or prospective clients in the financial sector: – banks – investment banks – asset managers – HF traders – infrastructures (exchanges, CCPs, CSDs) – others?

5. Relevant context What are the key characteristics of the current environment? How are they expected to evolve in coming months and years? How will this affect the different client categories?

6. Competitive environment How will the competitive environment of the different client categories be affected by the combination of the new regulatory landscape and the prevailing context? What opportunities and threats are thus being created per client category?