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

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Press Release

Capital Markets

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

Policy position

Capital Markets

EMIR

01 March 2023

Joint trade association advocacy paper on equity option margin exemption under EMIR 3

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.

Press Release

EU flag full mast on the Berlaymont background

Capital Markets

MIFID

30 May 2022

Cross-Industry Consensus on EU Equity Consolidated Tape

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

Monday 30 May, 2022 - AFME, BVI, Cboe Europe and EFAMA have today jointly published a position paper which provides a set of key principles needed to ensure the successful creation of an EU Equity Consolidated Tape (CT).

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

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year

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Infographic

Capital Markets

MIFID

Capital Markets Union

Data

06 October 2021

Visual | Why do we need a real-time Consolidated Tape in the EU?

The current lack of quality pre- and post-trade data and the fragmentation of data sources remain an obstacle to the completion of the Capital Markets Union. The benefits of a real-time Consolidated Tape are wide-ranging: from market surveillance for supervisors, to best execution and an improved view on trading opportunities for retail investors, to portfolio management and pre- and post-trade analysis for fund managers to name a few.

Publication