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

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Policy position

EFAMA’s reply to ESMA’s Discussion paper on draft RTS and ITS under the Securities Financing Transaction Regulation

Capital Markets

EMIR

SFTR

Management Companies

Financial stability

25 April 2016

EFAMA’s reply to ESMA’s Discussion paper on draft RTS and ITS under the Securities Financing Transaction Regulation

EFAMA is grateful for the opportunity to contribute to the drafting of the Regulation through a consultation and we appreciate the effort of the regulator to adopt an approach to reporting consistent with EMIR and to develop, where more efficient, a different reporting logic.

Policy position

Investors and issuers unite to support simple, transparent & standardised securitisation

Capital Markets

03 March 2016

Investors and issuers unite to support simple, transparent & standardised securitisation

The signatories share the following views:

• Securitisation is an important element of well-functioning financial markets. Prudently deployed and sensibly regulated, it can:

o act as a bridge between the banks’ financing and the capital markets;

o enable non-banks to diversify funding sources; and

o provide investors with high quality fixed income securities at attractive yields.

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.

Policy Position

Capital Markets

MIFID

02 May 2022

EFAMA’s reply to ESMA’s consultation paper on the opinion on Trading Venue Perimeter

We welcome this opportunity to comment on a review of the TV perimeter, and support ESMA’s objective of clarifying when systems and facilities qualify as multilateral.

Policy Position

Capital Markets

EMIR

08 April 2022

EFAMA views and recommendations on ESMA's consultation on the review of EMIR RTS on APC margin measures

The European Fund and Asset Management Association (EFAMA) welcomes the opportunity to respond to this important review of RTS 153/2013 and accompanying guidelines, in light of the procyclicality witnessed during the peak volatility of the Covid crisis. European CCPs already have standard anti-procyclicality tools in their rulebooks and this did lead to less volatile moves in margin in Europe versus other jurisdictions.