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

22 December 2021

EFAMA’s response to ESMA’s Review of the MiFID II framework on best execution reports

This is a timely and necessary review to which we hope to contribute in a constructive manner. As already recognised in the consultation paper and in the MiFID Quick Fix proposal, RTS 27 and RTS 28 currently fall short of the objective of providing valuable and comparable datasets for investment managers and the investing public. We appreciate the present effort to revise reporting requirements to produce more meaningful reports.

Policy Position

Capital Markets

CSDR

22 December 2021

Industry Approach to CSDR Settlement Discipline Regime

The Joint Associations¹ welcome clarification from ESMA that national competent authorities are expected not to prioritise supervisory actions in relation to the application of the CSDR buy-in regime.²

Policy Position

Capital Markets

MIFID

15 December 2021

Joint Statement on EU Commission proposal for revised Market in Financial Instrument Regulation (MiFIR)

We see great value in the creation of a consolidated tape to support Europe’s capital markets. However, we qualify that statement with a reminder that the framework for a successful consolidated tape should

i) address the known market failure around market data costs,

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. 

Publication

Capital Markets

MIFID

16 November 2021

Buy-side use-cases for a real-time consolidated tape

A real-time consolidated tape, provided it is made available at a reasonable cost, will bring many benefits to European capital markets. A complete and consistent view of market-wide prices and trading volumes is necessary for any market, though this is especially true for the EU where trading is fragmented across a large number of trading venues. A real-time consolidated tape should cover equities and bonds, delivering data in ‘as close to real-time as technically possible’ after receipt of the data from the different trade venues.

Announcement

Capital Markets

Capital Markets Union

Competitiveness

EU Fund regulation

International agenda

Investor Education

Management Companies

Sustainable Finance

Tax ＆ Accounting

10 November 2021

Thank you to the Investment Management Forum sponsors | Register now!

Register now for our Investment Management Forum next week! High-calibre panels and keynote speakers promise rich, informative and thought-provoking exchanges between European policymakers, investment managers and regulators on

- the Competitiveness of our industry
- the EU retail investment strategy
- the latest in global standards for sustainability reporting
- challenges and opportunities of alternative investment regulations
- the impact of digitalisation on asset management
- and more...

all news

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