Shearman & Sterling partner Donna Parisi, head of the firm's Asset Management Practice, was a featured panelist at a special Financial Times breakfast briefing, titled "Market Structure Reforms: What Next?," at the New York Stock Exchange. Parisi joined FT regulatory writer Jeremy Grant, who edits the FT Trading Room and moderated the event, and NYSE Euronext chief operating officer Lawrence Leibowitz in a wide-ranging discussion of market structure and related reforms ranging from the Dodd-Frank act, the “rule-making” process under way at the SEC and CFTC, the European Commission’s September 15 proposed regulations on OTC derivatives and clearing, as well as issues that the regulators are grappling with in US equity markets in the wake of the “flash crash.” Parisi shared her views on the derivatives market and the impact of financial regulation. "Dodd-Frank ushers in a new era of exchange trading and central clearing of derivatives," Parisi said. "As a result, we will need to deal with the fragmentation and transparency issues facing the equity markets and apply it to an institutional market that is much more complex, spanning a range of products such as equities, credit, fixed income and commodities. And we will need to do it in a way that preserves liquidity and instills confidence in the marketplace."