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.

Joint association letter on the CSDR Settlement Discipline implementation timeline

On 14 July 2021, sixteen trade associations, representing buy-side, sell-side and market infrastructures, wrote to ESMA and the European Commission regarding the timeline for implementation of the mandatory buy-in rules as part of the CSDR Settlement Discipline Regime.

The Joint Associations welcome the Report from the Commission on the CSDR Review published in July 2021 and fully support the Commission’s intention to consider amendments to the mandatory buy-in regime, subject to an impact assessment.

Policy Position

Capital Markets

MIFID

07 July 2021

Ensuring a market structure and a transparency regime which facilitate liquidity, investors’ choice, and funding of companies | Joint statement

Well-functioning and liquid capital markets are fostered by an efficient market structure and supporting legislative frameworks. A diverse and efficient market structure reduces the costs of trading whilst promoting best execution. This optimises funding opportunities for issuers and maximises returns for investors and savers.

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?

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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