Completing
Capital
Markets
Union
Enabling EU-27 markets to play a bigger role in the financing of the Union's economy
CEPS-ECMI provided the background analysis of the report, and do not necessarily endorse or subscribe to the recommendations put forward by AMAFI.
Association française des marchés financiers (AMAFI)
AMAFI is the trade organisation working at national, European and international levels to represent financial market participants in France. AMAFI members consist of investment firms and credit institutions (French, European and global firms), operating in and/or from France (corporate and investment banks (CIBs), brokers-dealers, exchanges, and private banks). As far as financial products are concerned, we mostly represent all issuers/manufacturers of products (CIBs) and, through our private bank members, distributors as well. AMAFI has more than 150 members operating in equities and fixed-income and interest rate products, as well as commodities, derivatives and structured products for both professional and retail clients.
Centre for European Policy Studies
CEPS is one of Europe's leading think tanks and forums for debate on EU affairs, with an exceptionally strong in-house research capacity and an extensive network of partner institutes throughout the world. As an organisation, CEPS is committed to carrying out state-of-the-art policy research that addresses the challenges facing Europe and maintaining high standards of academic excellence and unqualified independence and impartiality. It provides a forum for discussion among all stakeholders in the European policy process and works to build collaborative networks of researchers, policy -makers and business representatives across Europe.
European Capital Markets Institute
ECMI conducts in-depth research aimed at informing the debate and policy-making process on a broad range of issues related to capital markets. Through its various activities, ECMI facilitates interaction among market participants, policy- makers and academics. These exchanges are fuelled by the various outputs ECMI produces, such as regular commen- taries, policy briefs, working papers, statistics, task forces, conferences, workshops and seminars. In addition, ECMI undertakes studies commissioned by the EU institutions and other organisations, and publishes contributions from high-profile external researchers.
2 | AMAFI / 20-40 |
TABLE
OF
CONTENTS
Part A
An ambitious path of reforms to successfully accelerate | |
the market-based financing of the Union's economy | 7 |
Introduction | 8 |
A.1 The structure of EU financial markets | 11 |
Bank based vs market based financial system | 11 |
Equity and debt securities markets | 12 |
Stock markets | 12 |
Bond markets | 12 |
OTC derivatives market | 12 |
The securitisation market | 12 |
The asset management sector | 13 |
Private equity and venture capital | 13 |
Households | 13 |
Non-financial corporations | 13 |
Insurance companies and pension funds | 14 |
In a nutshell | 14 |
A.2 Key challenges for EU-27 financial markets | 15 |
2.1 The four main financing challenges | 15 |
2.1.1 The Union's economic recovery | 15 |
2.1.2 The mitigation of climate change | 16 |
2.1.3 Fostering the development of EU champions especially in the digital
and energy transition spheres | 16 |
Enabling the Union's economic sovereignty | 16 |
Adapting to the digital revolution | 17 |
Ensuring the Union's autonomy for energy transition | 18 |
2.1.4 The ageing of the population | 18 |
3
2.2 Brexit: the importance of the UK in the functionning of EU
financial markets | 19 |
2.2.1 The emergence of London as a global financial centre | 19 |
2.2.2 Trading | 19 |
The primary equity markets | 19 |
The secondary equity markets | 19 |
The primary bond markets | 20 |
The secondary bond markets | 20 |
Foreign exchange | 20 |
Derivative markets | 20 |
2.2.3 Clearing and settlement | 21 |
Clearing | 21 |
Settlement | 21 |
A.3 Reforming EU-27 financial markets | 22 |
Priority 1 Revamping the securitisation market | 22 |
Priority 2 Developing the flexibility of the prudential regulatory | |
framework | 23 |
Priority 3 Managing Brexit and potential hard-Brexit implications | 23 |
Priority 4 Creating an EU safe asset | 26 |
Priority 5 Strengthening supervisory convergence | 26 |
Priority 6 Developing an ecosystem of pension funds | 27 |
Priority 7 Facilitating companies' access to investors | 27 |
Priority 8 Encouraging debt-equity swap transactions | 29 |
Priority 9 Creating the regulatory conditions for the emergence | |
of European champions in the digital and energy | |
transition fields | 29 |
Proposed reforms with a more medium to long term | |
perspective | 31 |
Consolidation of EU post trade infrastructures | 31 |
Harmonizing procedures for repayment of withholding taxes to investors | 31 |
Enabling EU-27 investment banks to play a central role in the financing of EU | 32 |
economy to compete at EU and international levels | |
Simplifying the EU regulatory framework for financial markets | 32 |
The importance of financial literacy for EU citizens | 33 |
A targeted public support from EU institutions | 33 |
Connecting EU trading venues for SMEs | 33 |
Enhancing insolvency regimes | 33 |
Corporate actions | 33 |
Conclusion | 34 |
4
Pour lire la suite de ce noodl, vous pouvez consulter la version originale ici.
Attachments
- Original document
- Permalink
Disclaimer
AMAFI - Association française des marchés financiers published this content on 24 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2020 14:44:03 UTC