Date and time: Wed 25 Feb 2026 07:30am – 09:30am GMT 

Location: Room 1.4/1.5, One Moorgate Place, London, EC2R 6EA

Discussion theme: Evolution of the traditional market landscape and the future of market liquidity

Moderated by: James Baugh, Managing Director, Head of European Market Structure, TD Securities

Key discussion points:

• Liquidity dynamics and market fragmentation
• Importance of understanding where good liquidity is and how to find it
• European Commission market integration proposals and potential impact
• Role of exchanges in current and future market landscape; strategies for addressing liquidity challenges; retail interaction
• Primary initiatives such as LSEG’s PISCES (Private Intermittent Securities and Capital Exchange System)
• Implications for EU Consolidated Tape(s)