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
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
Press Release
Capital Markets
Data
04 February 2025
European Stock Exchanges' Over-Reliance on Equity Market Data Revenues: Stifling Growth and Innovation
Rising data fees to offset declining trading revenue burden market participants with surging costs
Policy Position
Capital Markets
EU Fund regulation
05 December 2024
EC Targeted consultation on the functioning of the EU securitisation framework
The EU Securitisation Regulation, which aimed to enhance transparency and strengthen trust, is undergoing a very timely review. EFAMA supports the European Commission’s initiative to engage stakeholders in shaping key improvements to this critical framework.
Related publications
Publication
Capital Markets
Capital Markets Union
Distribution ＆ Client Disclosures
EU Fund regulation
Management Companies
23 June 2017
Annual Report 2016
Publication
Capital Markets
Capital Markets Union
Competitiveness
EU Fund regulation
International agenda
Management Companies
AIFMD
Tax ＆ Accounting
24 May 2017
Asset Management Report 2017
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.
Contact
Deputy Director, Capital Markets and Digital
