The appropriate construction, and conditions for the usage, of a Consolidated Tape
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
Data
14 June 2021
Joint statement by EFAMA and EFSA on Consolidated Tape and market data costs
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.
Related news
Press Release
Capital Markets
MIFID
Capital Markets Union
Data
21 October 2025
Market data users have identified important gaps in plans for EU consolidated tape
List of recommendations show what is needed to ensure a successful tape.
Publication
Capital Markets
01 July 2025
Advancing EU capital markets: Prioritising key targets for the Savings and Investments Union
Viewpoint
Capital Markets
24 June 2025
Building resilience in capital markets: How to prevent ‘dashes for cash’ during financial crises?
This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
Related publications
Publication
Capital Markets
01 July 2025
Advancing EU capital markets: Prioritising key targets for the Savings and Investments Union
Press Release
Capital Markets
Competitiveness
Retail Investment
27 March 2025
Providing access to ISAs is key for turning European savers into investors
EFAMA emphasizes the importance of a bottom-up approach
Publication
Capital Markets
Capital Markets Union
Retail Investment
22 January 2024
Household Participation in Capital Markets
This report analyses the progress made in recent years by European households in allocating more of their financial wealth to capital market instruments (pension plans, life insurance, investment funds, debt securities and listed shares) and less in cash and bank deposits. It also includes policy recommendations on improving retail participation in capital markets, including for the Retail Investment Strategy currently under discussion.
Some key findings include:
Past events
Contact
Deputy Director, Capital Markets and Digital
