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.

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:

Press Release

Capital Markets

29 June 2023

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 be a legislative se

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Related publications

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.

Publication