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.

Cross-Industry Consensus on EU Equity Consolidated Tape

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

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.

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.

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Related publications

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?

Publication

Capital Markets

Benchmarks

Data

International agenda

09 June 2021

Global Memo: Benchmark Data Costs

A key purpose of the financial system is to allocate capital and risk in a manner that supports sustainable economic development and growth, including through the provision of financing, investment and hedging products. Financial benchmarks/indices are fundamental to the functioning of financial markets and are widely used in both retail and wholesale markets. In particular, benchmarks are a valuable tool helping market participants to set prices, measure performances, or work out amounts payable under financial contracts or instruments.

Publication