Capital markets

Investment managers, acting on behalf of their retail and institutional clients, are among the largest investors in financial markets. They represent a key component of the market’s “buy-side” segment.

In representing the interests of its members on wholesale capital market issues, EFAMA advocates for fair, deep, liquid, and transparent capital markets, supported by properly regulated and supervised market infrastructure.

Related policy positions

Press Release

Capital Markets

MIFID

Capital Markets Union

25 November 2021

EFAMA welcomes proposal on affordable consolidated tape - The association continues to urge action on market data costs

EFAMA is pleased to read today the details of a robust MiFIR proposal from the European Commission addressing key areas of reform around the creation of a consolidated tape (CT), along with adjustments to transparency requirements on trading. 

Policy position

Capital Markets

19 November 2021

ESMA Consultation on the review of certain aspects of the short selling regulation

EFAMA welcomes this opportunity to comment on the review of the provisions within the Short Selling Regulation. We have limited our responses to those questions of most relevance to our membership.

Policy Position

Capital Markets

EMIR

16 September 2021

UK clearing house equivalence - request from nine trade associations

Nine associations (AFME, AIMA, EAPB, EBF, EFAMA, FIA, ICI, ISDA, SIFMA AMG) welcome the Commission's decision to grant a time-limited equivalence decision in respect of UK CCPs. However, when this time-limited equivalence decision expires on 30 June 2022, there remains a significant risk of disruption to clearing for EU firms and to their access to global markets.

EFAMA, ICSA & MFA welcome IOSCO Feedback Statement on “Market Data in the Secondary Equity Market”

3 June 2022 - EFAMA, ICSA and MFA (the Associations) have read IOSCO’s Feedback Statement on “Market Data in the Secondary Equity Market” following the IOSCO consultation in 2021, and warmly welcome its conclusions.

The Associations would like to draw attention towards the executive summary in particular, where a number of valuable insights and recommendations are presented. For example, we fully support the statement below, though we would suggest an important addition:

Press Release

EU flag full mast on the Berlaymont background

Capital Markets

MIFID

30 May 2022

Cross-Industry Consensus on EU Equity Consolidated Tape

EFAMA, AFME, BVI and Cboe Europe Agree Cross-Industry Consensus on EU Equity Consolidated Tape

Monday 30 May, 2022 - AFME, BVI, Cboe Europe and EFAMA have today jointly published a position paper which provides a set of key principles needed to ensure the successful creation of an EU Equity Consolidated Tape (CT).

Policy Position

EU flag flying full mast on Berlaymont in Brussels background

Capital Markets

MIFID

30 May 2022

EU Equity Consolidated Tape Proposal - Statement of Principles

A Cross-Industry Consensus on the EU Equity Consolidated Tape Proposal - Statement of Principles

EFAMA, AFME, BVI and Cboe agreed on a set of 11 Principles.

The provision of an appropriately constructed EU Equities Consolidated Tape (“CT”) will democratise access to equities (as proposed by the EU Commission) for all investors, regardless of resources or sophistication, with a comprehensive and standardised view of EU equities prices.

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Related publications

Publication

Capital Markets

MIFID

Data

Distribution ＆ Client Disclosures

04 March 2020

3 Questions to Rudolf Siebel on Market Data Costs

Q #1 Have you witnessed an increase in the cost of market data over the last couple of years? If so, how can it be explained?

Publication

Capital Markets

Capital Markets Union

Competitiveness

EU Fund regulation

International agenda

Management Companies

Sustainable Finance

Tax ＆ Accounting

17 September 2019

Asset Management Report 2019

The EFAMA Asset Management in Europe report aims at providing facts and figures to gain a better understanding of the role of the European asset management industry. It takes a different approach from that of the other EFAMA research reports, on two grounds. Firstly, this report does not focus exclusively on investment funds, but it also analyses the assets that are managed by asset managers under the form of discretionary mandates. Secondly, the report focuses on the countries where the investment fund assets are managed rather than on the countries in which the funds are domiciled.

Publication