efl Annual Conference 2021

Data, Liquidity & Market Structure – What's next for Europe?

Thank you for attending our 2021 Annual Conference

Thanks to all speakers and attendees of the efl Annual Conference 2021!

We would like to express our heartfelt thanks to each and every one of you who participated at the efl Annual Conference 2021.

Over 300 speakers and attendees discussed on the role of data and data consolidation in European financial markets, the upcoming regulatory changes due to the MiFID II / MiFIR review, and the implications of the increased retail trading volumes against the background of neobrokers and payment-for-order-flow.

Especially our distinguished speakers and panelists with their insightful speeches and fruitful discussions made the efl Annual Conference 2021 a success. It was a great pleasure to welcome so many of you either onsite or online!

The efl Annual Conference 2021 truly would not be possible without the support of so many partners. We would like to thank our sponsors, who made this event possible and for their confidence in our work!

We are looking forward to seeing you again next year.

If you have missed any sessions or want to rewatch the conference, please click on the following link to watch the recorded stream. You can also download the conference program and find some impressions of the conference below.

Watch the Conference  Download the Program

Impressions of the Conference



Prof. Dr. Peter Gomber, efl – the Data Science Institute, Goethe University Frankfurt


Eric Leupold, Managing Director Cash Market, Deutsche Börse


Alexandra Jour-Schroeder, Deputy Director-General DG FISMA, European Commission


Prof. Dr. Albert Menkveld, Professor of Finance, Vrije Universiteit Amsterdam


Moderator: Rainer Riess, Director General, Federation of European Securities Exchanges

  • Christiane Baumgarten, Head of Regulation, Market Data and Services, Deutsche Börse
  • Eric Böss, Managing Director, Global Head of Trading, Allianz Global Investors
  • Alasdair Haynes, CEO, Aquis Exchange
  • Alexandra Jour-Schroeder, Deputy Director-General DG FISMA, European Commission
  • Prof. Dr. Albert Menkveld, Professor of Finance, Vrije Universiteit Amsterdam

17:00 BREAK


Dr. Michael Siering, Dr. Konstantin Bräuer, Dr. Benjamin Clapham, and Prof. Dr. Andreas Hackethal,
efl – the Data Science Institute, Goethe University Frankfurt


Stefan Voicu, Senior Research & Policy Officer, Better Finance


Moderator: Dr. Martin Reck, Deutsche Börse

  • Salvatore Gnoni,  Head of Unit Investors and Issuers Department, European Securities and Markets Authority
  • Dr. Stefan Nann, CEO, Stockpulse
  • Jacob Hetzel, Head of Distribution, Scalable Capital
  • Stefan Voicu, Senior Research & Policy Officer, Better Finance


All times in CEST.

Our Speakers and Panelists

Eric Leupold

Eric Leupold started his career at Deutsche Börse in August 2009. In 2015, he was instrumental in founding the Deutsche Börse Venture Network. One year later, he took over as Head of Pre-IPO & Capital Markets. Since 2019, he has been responsible for the strategic corporate venture capital arm of Deutsche Boerse – DB1 Ventures – where Eric led investments into various Fintech companies including Trumid, Forge Global, Clarity AI and many more. In addition, Leupold holds mandates in supervisory boards of various portfolio companies of Deutsche Börse (Clarity AI, Forge, FundsDLT, finleap connect). Since September 2021 he has been Managing Director of Deutsche Börse's Cash Market business.

Alexandra Jour-Schroeder

Alexandra Jour-Schroeder is Deputy Director General of the European Commission´s Directorate-General for Financial Stability, Financial Services and Capital Markets Union since March 2021. In her function, Alexandra Jour-Schroeder supervises and monitors the policies of the Directorate General. Alexandra Jour-Schroeder is a graduate in law. Following initial assignments in the German federal government, she started working for the European Commission in 1996, holding several positions in competition, enterprise and industry policies as well as justice. From 1998 to 2007, she was Member of Cabinet for the Commissioners responsible for regional policy and justice and home affairs and for the Vice-President for enterprise and industry. Since 2017, she has been the Director for Criminal Justice in the Directorate-General for Justice and Consumers, working inter alia on the establishment of a European Public Prosecutor´s Office and Anti-Money Laundering policies. From 2018 to 2021, she was also overseeing consumer policies as Acting Deputy Director General in DG Justice and Consumers.

Albert J. Menkveld

Albert Menkveld is Professor of Finance at Vrije Universiteit Amsterdam and Fellow at the Tinbergen Institute. In 2002, he received a Tinbergen PhD from Erasmus University Rotterdam. He was on visiting positions for multiple years at various U.S. schools (NYU, Wharton, and Stanford). Albert’s research agenda is focused on securities trading, liquidity, asset pricing, and financial econometrics. He has published in various journals, for example, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. In 2018 he received a five-year Vici grant from the Netherlands Organization for Scientific Research (NWO), in 2010 a five-year NWO Vidi grant, in 2007 the Pierson medal (“Dutch Bates Clark”) from the Royal Dutch Economic Association, in 2003 a Lamfalussy scholarship from the European Central Bank, and in 2001 the Josseph de la Vega Prize from the Federation of European Exchanges. Albert is currently an Associate Editor at the Review of Asset Pricing Studies and a Research Fellow at the Centre for Economic Policy Research (CEPR). He was a member of the European Finance Association (EFA) Executive Committee in 2014-2016, Group of Economic Advisors of the European Securities and Market Authority (ESMA) in 2011-2014, and a member of the academic council of the Autorité des Marchés Financiers (“French SEC”) since 2004-2016.

Rainer Riess

Rainer Riess is Director General of the Federation of European Securities Exchanges (FESE) and an independent advisor to exchanges and financial services companies with more than 30 years of experience in the global exchange industry. He is also Vice Chair of the Securities and Markets Stakeholder Group (SMSG) which provides ESMA with opinions and advice on its policy work. For many years, he served as Vice Chairman of the Board of the Frankfurt Stock Exchange and was responsible for the cash market business of Deutsche Börse AG. During his career at Deutsche Börse, he created and managed markets, drove changes in European corporate governance and accounting practice, financial market regulation and supervision of market player. Major initiatives include running the cash market in a competitive MiFiD environment and financial market crises, the creation of DTB Deutsche Terminbörse / Eurex, developing European primary markets (Neuer Markt, indices, corporate governance and regulation), the launch of the Xetra electronic trading system and the CCP as well as the creation of the European ETF and structured products markets. He holds a Master in Economics from Johann Wolfgang Goethe University in Frankfurt and an MBA from the University of Miami (Fulbright Scholar).

Christiane Baumgarten

Christiane Baumgarten is Head of Regulation, Market Data + Services of Deutsche Börse AG. In this role Christiane is responsible for financial markets regulations as they affect the market data business of Deutsche Börse.  Prior to assuming this role in 2014 Christiane headed Deutsche Börse’s Market Data + Services Product Development. Overall she has more than 23 years of market data industry experience. Before joining Deutsche Börse, Christiane worked in investment banking in the City of London, serving institutions such as global central banks and large pension funds in the fixed Income and treasury markets. In addition to her day to day work, Christiane is co-chair of the FIX Protocol Market Model Typology Steering Committee which emanated from CESR. Christiane has been part of ESMA’s Financial Innovation Standing Committee and is currently active in several market data groups including the WFE, FESE and FISD. Christiane studied Economics and Business Administration and holds a Degree in Business Administration from the Johann-Wolfgang-Goethe University in Frankfurt.

Alasdair Haynes

Alasdair is the founder and CEO of Aquis Exchange PLC. The Company, which is listed on AIM, is a leading exchange services group. It operates pan-European MTF businesses (Aquis Exchange) in London and Paris covering top stocks from 15 European countries and also develops and licenses exchange software and services to third parties (Aquis Technologies). In March 2020, Aquis acquired the primary listings business NEX Exchange and rebranded it Aquis Stock Exchange (AQSE). Alasdair is the former CEO of Chi-X Europe and was responsible for growing the business into Europe's largest equities exchange and into profitability before its sale in late 2011. Prior to that, he spent 11 years heading up ITG's international business, pioneering the introduction of electronic trading and crossing into the European and Asian marketplaces. Alasdair began his 30 plus-year career in the City with Morgan Grenfell and has held senior positions at a number of investment banks including HSBC and UBS.

Stefan Voicu

Stefan Voicu is Senior Research and Policy Officer at BETTER FINANCE. His work is mainly dedicated to the larger field of the Capital Markets Union (CMU), with a particular focus on digital finance, distribution channels of investment services and products, investment funds, pensions, life insurances, and direct investments. As part of his activity at BETTER FINANCE, he worked on files such as the MiCA and DLT pilot regime, PRIIPs KID, PEPP, Collective Redress, ESAs review, and MiFID II review. He also participated as an observer (sherpa for Mr. Guillaume Prache) at the High-Level Forum on the Future of the CMU.

Martin Reck

Martin Reck recently retired from his management position at Deutsche Börse AG. Since 2013 he was Managing Director responsible for the Cash Market and the electronic trading system Xetra. Since 1998, Martin Reck held a number of leading positions such as Head of Market Design and Functionality. In 2003 he became Managing Director and led Group Functionality at Deutsche Börse, from 2007 on Group Strategy. Since 2007, Martin is also a lecturer at Johann Wolfgang Goethe-University Frankfurt, Faculty of Economics and Business Administration. Martin is a German native. He holds a Diploma in Computer Science from the University of Dortmund and holds a Ph.D. in Information Systems of the Institute for Information Systems, University of St. Gallen. During his career Martin Reck held a number of Board seats such as for Clearstream Banking Frankfurt, Eurex, the Federation of European Securities Exchanges (FESE) and efl – the Data Science Institute.

Stefan Nann

Stefan Nann is co-founder and CEO of social media analytics company Stockpulse. He has a PhD in economic and social sciences from University of Cologne. As part of his PhD program Stefan attended an 18-months research period at Massachusetts Institute of Technology (MIT). His work mainly focuses on prediction of stock market movements based on emotional public data, analysis of social network structures and collective intelligence in social media. His research was published at numerous conferences, in books, and journals. Before Stefan founded Stockpulse he worked at a social media monitoring company in Switzerland. He further gained practical experience in project management and software development in the USA and Switzerland.

Jacob Hetzel

Jacob Hetzel is Head of Distribution at Scalable Capital and responsible for all sales activities. After studying at Ludwig-Maximilians-Universität, he worked for a private bank before moving into the fintech sector. For several years, he has been observing stock market events and analysing the market for ETFs.

Peter Gomber

Prof. Dr. Peter Gomber holds the Chair of e-Finance at the University of Frankfurt, Germany. He is Co-Chairman and Member of the Board of the efl – the Data Science Institute, an industry-academic partnership between Frankfurt and Darmstadt Universities and leading industry partners. He published his research in leading international journals and was awarded with the Reuters Innovation Award 2000, the University Award of the DAI („Deutsches Aktieninstitut“) 1999, and multiple Best Paper Awards of international conferences and journals (e.g. the 2020 Best Paper Award of the Journal of the Association for Information Systems). Prof. Gomber is a member of several company boards, associations, and regulatory bodies, e.g. the Exchange Council of the Frankfurt Stock Exchange, the Advisory Council of Capveriant GmbH, the Academic Committee of the DAI, the Academic Advisory Board of Plato Partnership, and the Supervisory Board of Clearstream Banking AG.

Andreas Hackethal

Andreas is a Professor of Finance at Goethe University in Frankfurt and heads the Household Finance group at the Leibniz Institute for Financial Market Research. He joined Goethe’s Faculty of Economics and Business Administration in 2008 and served as Dean and Dean of Students. His empirical research is on individual investment behavior, the role of financial advice, investor protection and on digitalization in finance. His work was published in the Journal of Finance, the Review of Financial Studies and the Review of Finance. He is a member of the advisory council to the German Financial Supervisory Authority BAFIN, of the Exchange Experts Commission (advising the German Federal Ministry of Finance), of the working group consulting ESMA’s Financial Innovation Standing Committee and of the supervisory board of Frankfurt’s Fintech center Techquartier.com. He serves on the supervisory boards of two tech firms.

Konstantin Bräuer

After having studied economics and business administration, Konstantin successfully completed his doctoral studies at Goethe University Frankfurt in March 2021. Since then, he has been working as a postdoc at the Chair of Andreas Hackethal and the efl – the Data Science Institute. His empirical research centers around topics in the area of household finance and behavioral economics and is guided by the overarching aim of understanding what drives household financial behavior. For example, Konstantin studies whether investor psychology can explain why some retail investors make persistently different financial choices than others, how financial technology affects trading behavior and portfolio choices of retail investors, and to what extent households’ investment choices are linked to their consumption behavior. During his bachelor’s and master’s program, Konstantin worked as a student assistant and gained professional experience in the fields of Asset Management and Trading while working at Deutsche Bank.

Benjamin Clapham

Benjamin Clapham is a postdoctoral researcher at Goethe University Frankfurt and efl – the Data Science institute. He conducts empirical research at the intersection of finance and information systems. In his dissertation, which he successfully completed in November 2019, he analyzed the integrity and efficiency of electronic securities markets. Benjamin’s research interests focus on securities trading, liquidity, financial market regulation, and the automated detection of manipulation and misbehavior in financial markets. His work has been presented at various international conferences and has been published in leading international journals such as Journal of the Association for Information Systems (JAIS), Journal of Information Technology (JIT), Journal of Empirical Finance, Journal of Financial Research (JFR), Financial Analysts Journal, and Information Systems Frontiers (ISF).

Michael Siering

Dr Michael Siering is an associated researcher of the efl – the Data Science institute and works as a project manager in the field of capital markets at DZ BANK. He collaborates with the efl in course of different research projects on the digitalization of financial services as well as financial market surveillance. Furthermore, Michael Siering holds lectures on decision support systems and data science. His research at the intersection of financial services and information systems has been published in leading academic outlets such as Journal of Management Information Systems (JMIS), Journal of the Association for Information Systems (JAIS), or Information Systems Journal (ISJ), has been presented at leading international conferences and was honored with the JAIS best paper award. Holding different positions in the financial industry, Michael Siering gained a profound expertise on the digitalization of financial services, enterprise architecture as well as project management.


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