Martin Wagener’s Post

ESMA Capital Markets Union Position Paper: The European Securities and Markets Authority (ESMA) has published its Position Paper on “Building more effective and attractive capital markets in the EU” which includes 20 recommendations to strengthen EU capital markets and address the needs of European citizens and businesses. ESMA’s recommendations for a well-functioning capital market focus on three dimensions: citizens, companies and the EU regulatory and supervisory framework. The actions proposed in this paper go beyond changes to financial regulation and are thus directed not only to capital market supervisors but also to EU Member States, the European Commission and EU Co-legislators as well as to the financial industry. 👉Read the Paper here: https://lnkd.in/eh73Hes7 #ESMA #CMU #CapitalMarketsUnion #ComplianceInstitute 

𝐀 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐦𝐚𝐫𝐤𝐞𝐭: 𝐭𝐢𝐦𝐞 𝐭𝐨 𝐚𝐜𝐭 The need for a single European capital market is not new – it is long overdue. In his article for our semi-annual report Kurvenlage, Karel Lannoo, CEPS (Centre for European Policy Studies), writes that despite decades of effort, progress has been held back by gold-plating, regulatory inconsistencies and a lack of enforcement. Reports such as the ECB's Financial Integration 2024 made it clear how far we have fallen behind. The EU must now take bold steps: Eliminate regulatory arbitrariness and create a powerful, single supervisory authority modelled on the US SEC. We need a genuine capital markets union that promotes competition, investor protection and seamless market integration in all member states. #EU #CMU #Investment #Europe Deutsches Aktieninstitut

#GoodReads | ESMA report on the EU Securities Markets offers insights into European market dynamics, focusing on changes in market infrastructures, trading activities, and liquidity in equity and bond markets during years 2021 and 2022 → https://lnkd.in/gyXJVzFC. 💡 Key findings: 🔵 continued increase of the share of on-exchange turnover for equity markets since the UK’s withdrawal from the EU 🔵 significant decrease in the role of Systematic Internalisers (SI) 🔵 in bond markets, the concentration of volumes in the top four trading countries accounted for 69% of on-exchange and SI volumes in 2022 This report plays a vital role in contributing to #ESMA's financial stability objectives and its monitoring framework.

Very Good Report! Suggest consider and share your thoughts for next phase ! #ongoing #progression #evolution #insightsfindings #sustainablefinance #sustainableinvesting #capitalgrowth #ESGcriteria #EU#🇪🇺

The European Securities and Markets Authority (ESMA) launched its position paper today (link below) on European capital markets. There's much in there to support and even if quite a lot of the recommendations will rely on a supportive Commission, EP, and Council if they are to be realised, it's no bad thing to have the Single Market's securities supervisors taking the initiative to share their experience on how we can make EU capital markets work better for a wider range of stakeholders. At the launch event I was struck by how supportive Verena Ross was of engaging EU retail investors in these markets: "We need to reassure people that capital markets can serve their investment needs and allow them to benefit from wealth created through these markets". My one (minor) doubt from the comments at the launch event and from reading the paper is whether ESMA is placing too much emphasis on funds and other intermediated products as the route into capital markets for European retail investors. Funds have many benefits and many investors appreciate being able to access the expertise in, say, portfolio construction or risk management that an experienced manager can bring. But those benefits don't come for free and there's merit in giving investors choice in how they access the capital markets. A lot of progress has been made with the EU Listing Act in opening up direct access, but as ESMA advises the incoming Commissioner on the priorities for the next mandate I hope that diversification of, and choice over, routes into capital markets will be part of the story they tell. https://lnkd.in/e8hRJvy5

Yesterday, I had the honor to be invited to speak at the public event for the launch of the ‘Christian Noyer report’ on the relaunching of the Capital Markets Union, #CMU, at the French Ministery of Finance. With key notes by Bruno Le Maire, Christine Lagarde, Kristalina Georgieva and Pascal Donohoe. In a panel with Delphine d’Amarzit, Leena Mörttinen, Danuta Hübner, Emmanuel Duclos, Simon Janin, Raoul Salomon and Marie-Anne Barbat-Layani we talked about the role of supervision. The Autoriteit Financiële Markten welcomes the Noyer report. I stressed that centralisation of supervision is not an objective by itself but a means to contribute to more efficient European capital markets, that can support less fragmentation in order to improve the resilience of the EU. A growth model could be a good way to achieve more integrated supervision, including looking at how and where centralised supervision by European Securities and Markets Authority (ESMA) would be best. A good first start would be to have centralized data supervision at ESMA level, leading to a more simple regulatory process, less compliance costs, IT efficiency and a more comprehensive risk overview. Committed to contribute to the CMU goals.

Happy to share that my letter was published in the Financial Times, adding to the debate on the future of #capitalmarket #supervision in Europe! In response to recent calls for a European SEC, I argue that Europe should first 𝐩𝐫𝐢𝐨𝐫𝐢𝐭𝐢𝐬𝐞 𝐬𝐢𝐧𝐠𝐥𝐞 𝐬𝐮𝐩𝐞𝐫𝐯𝐢𝐬𝐢𝐨𝐧 𝐨𝐯𝐞𝐫 𝐚 𝐬𝐢𝐧𝐠𝐥𝐞 𝐬𝐮𝐩𝐞𝐫𝐯𝐢𝐬𝐨𝐫 to address fragmentation without prematurely centralising oversight. 𝘞𝘩𝘺 𝘴𝘪𝘯𝘨𝘭𝘦 𝘴𝘶𝘱𝘦𝘳𝘷𝘪𝘴𝘪𝘰𝘯 𝘰𝘷𝘦𝘳 𝘢 𝘴𝘪𝘯𝘨𝘭𝘦 𝘴𝘶𝘱𝘦𝘳𝘷𝘪𝘴𝘰𝘳? A phased approach - harmonising supervisory practices while leveraging national expertise - can create more consistent market oversight and lay the groundwork for potential centralisation when the time is right. As Europe builds the Capital Markets Union (CMU) - soon to be renamed the 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐚𝐧𝐝 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐔𝐧𝐢𝐨𝐧 - well-coordinated supervision can foster market confidence and address cross-border regulatory challenges, without the potential disruptions a European SEC could bring. Stay tuned, the full article will be published soon! ECMI - European Capital Markets Institute CEPS (Centre for European Policy Studies)

Are European equity volumes really as low as they appear? We believe they're much better than they look. All that's needed are simple changes to the post-trade transparency rules to capture the full picture of European share trading activity. Read our full paper below for more. #liquidity #WeAreMarketMakers

European Securities and Markets Authority (ESMA) outlines 20 recommendations aimed at strengthening the capital markets within the EU to better serve citizens and businesses. https://lnkd.in/dT9iZDmD

Transparency is key to operating efficient capital markets in Europe. #transparency #equitytrading #CMU #EuropeanCapitalMarkets