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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year

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Policy Position

Capital Markets

Data

14 June 2021

Joint statement by EFAMA and EFSA on Consolidated Tape and market data costs

The appropriate construction, and conditions for the usage, of a Consolidated Tape

Policy position

Capital Markets

MIFID

Distribution ＆ Client Disclosures

11 June 2021

MiFID: EFAMA replies to ESMA consultation on RTS 2 Annual Review

EFAMA replied to a specific question on moving to stage 3 for the determination of the liquidity assessment of bonds.

Policy position

Capital Markets

MIFID

Distribution ＆ Client Disclosures

29 April 2021

ESMA consults on guidelines of the MIFID II appropriateness and execution-only requirements

EFAMA agrees in principle with many of ESMA’s suggested approaches in their consultation on guidelines on certain aspects of the MIFID II appropriateness and execution-only requirements. However, certain, essential elements still require further considerations before finalising these Guidelines.

Joint Statement on EU Commission proposal for revised Market in Financial Instrument Regulation (MiFIR)

We see great value in the creation of a consolidated tape to support Europe’s capital markets. However, we qualify that statement with a reminder that the framework for a successful consolidated tape should

i) address the known market failure around market data costs,

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. 

Publication

Capital Markets

MIFID

16 November 2021

Buy-side use-cases for a real-time consolidated tape

A real-time consolidated tape, provided it is made available at a reasonable cost, will bring many benefits to European capital markets. A complete and consistent view of market-wide prices and trading volumes is necessary for any market, though this is especially true for the EU where trading is fragmented across a large number of trading venues. A real-time consolidated tape should cover equities and bonds, delivering data in ‘as close to real-time as technically possible’ after receipt of the data from the different trade venues.

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Related publications

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Infographic

Capital Markets

MIFID

Capital Markets Union

Data

06 October 2021

Visual | Why do we need a real-time Consolidated Tape in the EU?

The current lack of quality pre- and post-trade data and the fragmentation of data sources remain an obstacle to the completion of the Capital Markets Union. The benefits of a real-time Consolidated Tape are wide-ranging: from market surveillance for supervisors, to best execution and an improved view on trading opportunities for retail investors, to portfolio management and pre- and post-trade analysis for fund managers to name a few.

Publication