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

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.

Policy Position

Capital Markets

CSDR

12 March 2021

Joint trade association letter regarding Implementation of CSDR SDR

On 11 March 2021, EFAMA and 14 trade associations representing a wide range of stakeholders in the European and global financial markets wrote to the European Commission and ESMA raising concerns about the implementation of the mandatory buy-in requirement under the EU’s CSDR Settlement Discipline Regime.

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.

Press Release

hands on laptop keyboard against tradingfloor style background and virtual charts

Capital Markets

02 September 2024

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

all news

Related publications

Publication

Capital Markets

Benchmarks

06 July 2021

3 Questions to Jean-Louis Schirmann on the use of EURIBOR

Q #1 How was Euribor impacted by the adoption of the Benchmark Regulation (BMR) and what are the relevant features of the reformed Euribor for investment managers?

Publication

Capital Markets

Benchmarks

30 June 2021

3 Questions to Christophe Binet on LIBOR Transition

Q #1 When will LIBOR phase out and which rates will be replacing it?

The London Interbank Offered Rate, also known as LIBOR®, is a widely-used index for short-term interest rates that is commonly found in

Publication

Capital Markets

Benchmarks

Data

International agenda

09 June 2021

Global Memo: Benchmark Data Costs

A key purpose of the financial system is to allocate capital and risk in a manner that supports sustainable economic development and growth, including through the provision of financing, investment and hedging products. Financial benchmarks/indices are fundamental to the functioning of financial markets and are widely used in both retail and wholesale markets. In particular, benchmarks are a valuable tool helping market participants to set prices, measure performances, or work out amounts payable under financial contracts or instruments.