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

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.

Policy position

Capital Markets

EMIR

08 April 2022

EU Com targeted consultation on the review of the central clearing framework in the EU

EFAMA welcomes the opportunity to respond to the EC’s targeted consultation on the EU’s central clearing framework. We are pleased to find in this consultation document a fair reflection of the complexity of the CCP ecosystem and consistency with the issues raised in previous dialogues held with the European Commission. In that same spirit, we hope in our response to provide feedback that resonates with the EC’s broader policy objectives while minimizing systemic risk and undue harm to our industry.

Policy Position

Capital Markets

EMIR

08 April 2022

EFAMA views and recommendations on ESMA's consultation on the review of EMIR RTS on APC margin measures

The European Fund and Asset Management Association (EFAMA) welcomes the opportunity to respond to this important review of RTS 153/2013 and accompanying guidelines, in light of the procyclicality witnessed during the peak volatility of the Covid crisis. European CCPs already have standard anti-procyclicality tools in their rulebooks and this did lead to less volatile moves in margin in Europe versus other jurisdictions.

Robust governance needed for future consolidated tape providers

ESMA technical standards move one step closer to consolidated tape launch.

ESMA recently closed the consultation for regulatory technical standards that will define the competitive selection process for the consolidated tape, as well as the technical abilities that applicants will be assessed on. In its response for the buy-side, EFAMA stressed that a robust governance framework for the operators of the tapes is critical.

Press Release

Capital Markets

Capital Markets Union

Retail Investment

22 January 2024

Households continue to keep a disproportionate amount of money in bank deposits in most European countries

New report calls for action to be taken to revive the Capital Markets Union project

Publication

kids helping dad put up a frame on the wall

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:

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Related publications

Publication

Capital Markets

MIFID

Data

Distribution ＆ Client Disclosures

04 March 2020

3 Questions to Rudolf Siebel on Market Data Costs

Q #1 Have you witnessed an increase in the cost of market data over the last couple of years? If so, how can it be explained?

Publication

Capital Markets

Capital Markets Union

Competitiveness

EU Fund regulation

International agenda

Management Companies

Sustainable Finance

Tax ＆ Accounting

17 September 2019

Asset Management Report 2019

The EFAMA Asset Management in Europe report aims at providing facts and figures to gain a better understanding of the role of the European asset management industry. It takes a different approach from that of the other EFAMA research reports, on two grounds. Firstly, this report does not focus exclusively on investment funds, but it also analyses the assets that are managed by asset managers under the form of discretionary mandates. Secondly, the report focuses on the countries where the investment fund assets are managed rather than on the countries in which the funds are domiciled.

Publication