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

22 December 2021

EFAMA’s response to ESMA’s Review of the MiFID II framework on best execution reports

This is a timely and necessary review to which we hope to contribute in a constructive manner. As already recognised in the consultation paper and in the MiFID Quick Fix proposal, RTS 27 and RTS 28 currently fall short of the objective of providing valuable and comparable datasets for investment managers and the investing public. We appreciate the present effort to revise reporting requirements to produce more meaningful reports.

Policy Position

Capital Markets

CSDR

22 December 2021

Industry Approach to CSDR Settlement Discipline Regime

The Joint Associations¹ welcome clarification from ESMA that national competent authorities are expected not to prioritise supervisory actions in relation to the application of the CSDR buy-in regime.²

Policy Position

Capital Markets

MIFID

15 December 2021

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,

Buy-side experts worried that mandatory active accounts for EU clearing could increase systemic risks, not lower them

EFAMA is pleased to share the link to the educational webinar it organised on 14 June with leading buy-side clearing experts, including Allianz Global Investors, Aviva Investors, BlackRock and Nordea Asset Management, to discuss the main findings of EFAMA's recent analysis on mandated active accounts for EU clearing.

Press Release

Picture of the hemicycle of the European Parliament with the EU flag blowing in the wind

Capital Markets

MIFID

Capital Markets Union

03 May 2023

Policymakers threaten to backtrack on pre-trade data for EU consolidated tape

European asset managers continue to urge policymakers to support the European Parliament’s proposal for an Equities/ETFs consolidated tape which includes 5 layers of real-time pre-trade data. Market participants, including the European buy and sell-sides have consistently maintained that a post-trade only equities/ETFs consolidated tape will not meet with the market demand required to make the tape commercially viable. Tanguy van de Werve, Director General of EFAMA, stated: “This would

Press Release

Capital Markets

21 February 2023

EFAMA statement on European exchanges’ bid to run a consolidated equities tape

EFAMA welcomes the recent proposal by European exchanges to build a consolidated tape. This affirms the buy-side’s long standing view that a European consolidated tape is key to completing the objectives of the Capital Markets Union and ensuring that European capital markets remain globally competitive.

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Related publications

Publication

Capital Markets

Data

EU Fund regulation

Management Companies

AIFMD

Tax ＆ Accounting

26 November 2020

Asset Management in Europe - An Overview of the Asset Management Industry - November 2020

The report aims to provide a unique and comprehensive set of facts and figures on the state of the industry at the end of 2018 but also to highlight the fundamental role of asset managers in the financial system and wider economy.

Publication

Capital Markets

Capital Markets Union

Competitiveness

Data

Distribution ＆ Client Disclosures

EU Fund regulation

International agenda

Management Companies

Pensions

Stewardship

Supervision

Sustainable Finance

Tax ＆ Accounting

11 June 2020

Annual Review June 2019-June 2020

"It gives me great pleasure to provide you with an overview of our activities since our Annual General Meeting in Paris last year. While we were very much looking forward to hosting you all in Brussels this week, the current crisis and associated travel restrictions has forced us to improvise and turn our meeting into a virtual AGM.

Publication