NERA Director Graham Shuttleworth served as moderator for the morning session of this energy trading symposium, held in Brussels on 22 April 2009 by APX, a company that runs a number of power exchanges throughout Europe. Speakers included representatives of national regulators and the European Commission, as well as traders and network operators. Mr. Shuttleworth's session exposed a number of outstanding issues that will still have to be resolved after implementation of the "3rd package" of EU level measures intended to liberalize energy markets. The conference delegates were broadly in favor of more "top-down" guidance from European institutions, which represented a change in attitude from previous years. However, it was clear that further work would be needed on the regulatory decision-making process at European or multi-national level, and on the proper scope of centralized trading and settlement.