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

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

EU Com targeted consultation on the review of the central clearing framework in the EU

EFAMA welcomes the opportunity to respond to the EC’s targeted consultation on the EU’s central clearing framework. We are pleased to find in this consultation document a fair reflection of the complexity of the CCP ecosystem and consistency with the issues raised in previous dialogues held with the European Commission. In that same spirit, we hope in our response to provide feedback that resonates with the EC’s broader policy objectives while minimizing systemic risk and undue harm to our industry.

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.

EFAMA urges changes to MBI implementation timetable

Following the publication of the European Commission report confirming the settlement discipline regime will be reviewed, Susan Yavari, Regulatory Affairs Adviser at EFAMA, commented:

Publication

Capital Markets

Benchmarks

30 June 2021

3 Questions to Christophe Binet on LIBOR Transition

Q #1 When will LIBOR phase out and which rates will be replacing it?

The London Interbank Offered Rate, also known as LIBOR®, is a widely-used index for short-term interest rates that is commonly found in

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

all news

Related publications

Publication

Capital Markets

Benchmarks

Management Companies

Supervision

26 July 2016

Closet Index Funds

EFAMA has reviewed ESMA’s statement “Supervisory work on potential index tracking”, which sets out research to determine whether any indication of closet indexing could be found at EU level. To contribute to the debate on this matter, EFAMA has prepared a paper, which highlights the limits of identifying closet index funds through a statistical analysis, drawing on recently published research papers.

Publication