Tanya Pieters-Gorissen’s Post

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)

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

Secondary markets matter Why? Well-functioning secondary markets are an essential part of the European capital market. They provide a reliable transparent price discovery process to determine fair market prices. Liquid secondary markets allow investors to buy and sell financial instruments efficiently. Companies may raise additional funds for further growth. They also ensure investor protection guaranteeing fair trading practices and a detailed regulatory framework. Thrilled to have been selected as a member of the Secondary Markets Consultative Working Group of the European Securities and Markets Authority (ESMA). I am very much looking forward to interacting with #ESMA experts and all esteemed members of the group. Important topics to further strengthen European secondary markets as well as more broadly the Savings and Investments Union (#CMU) will be on the agenda during the next European legislative cycle.

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 

The Futures Industry Association European Principal Traders Association (FIA EPTA), representing Europe’s leading Principal Trading Firms, has released its policy recommendations for 2024-29 under the title Tide of Change: Enhancing Liquidity Provision to the European Economy. The association emphasises the urgent need for the EU to strengthen its capital markets to achieve its strategic objectives for a safer, greener, and more prosperous future. https://lnkd.in/gjWHyNZw #FIAEPTA #principaltradingfirms #capitalmarkets #EUmarkets #liqudity #ESMA FIA European Principal Traders Association

IIAC Newsletter – September 03, 2024 – Beyond Our Borders: U.S. RISKS IN EU FINANCIAL MARKETS REMAIN ELEVATED: EUROPEAN SECURITIES MARKET AUTHORITY On August 29, 2024, the European Securities and Markets Authority (ESMA) reported on the trends, risks and vulnerabilities facing EU financial markets. The report notes that risks remain at high or very high levels. In fixed income markets, corporate bond spreads have continued to fall, especially for high-yield corporates, while the credit quality of high-yield non-financials has continued to decline, particularly real estate. This may indicate search-for-yield behaviour with a possible underestimation of risks in some high-yield debt… Read More: https://lnkd.in/gNstpj8z ------ MARKET DATA: STRONG GOVERNANCE NEEDED FOR EU CONSOLIDATED TAPE PROVIDERS: EUROPEAN FUND AND ASSET MANAGEMENT ASSOCIATION As the European Securities and Markets Authority (ESMA) market data consolidated tape consultations came to a close, the European Fund and Asset Management Association (EFAMA) urged the EU regulator in a September 2, 2024 press release to establish a robust governance framework for consolidated tape providers. EFAMA has persistently called for the establishment of consolidated tapes for… Read More: https://lnkd.in/gtWeq4_M #news #newsletter #education #advocacy #leadership #investing #EU #ESMA #market #marketdata #securities #asset #funds #europe

The Futures Industry Association European Principal Traders Association (FIA EPTA), representing Europe’s leading Principal Trading Firms, has released its policy recommendations for 2024-29 under the title Tide of Change: Enhancing Liquidity Provision to the European Economy. The association emphasises the urgent need for the EU to strengthen its capital markets to achieve its strategic objectives for a safer, greener, and more prosperous future. https://lnkd.in/ghpFiJBQ #FIAEPTA #principaltradingfirms #capitalmarkets #EUmarkets #liqudity #ESMA FIA European Principal Traders Association

The Shanghai Stock Exchange Global Investors Conference 2024 was attended by around 260 renowned domestic and overseas investment institutions on Nov 7th. Mr. Shen Bing, head of the fund and intermediary supervision department of the China Securities Regulatory Commission, said the CSRC is continuing to promote two-way opening-up, improve the investment environment and enhance market attractiveness.   The CSRC is working with Ministry of Commerce, China (MOFCOM) to provide further guidance on the tax breaks available to sovereign wealth funds investing through the Qualified Foreign Institutional Investor scheme. The CSRC is also in the process of revising relevant trading rules relating to short-term trading and algorithmic trading etc., to eliminate the uncertainties faced by foreign investors participating in the Chinese stock market.#China #stockmarket #openup #regulators #foreigninvestors #algotrading #highfrequencytrading

IIAC Newsletter – October 29, 2024 – International News EUROPEAN SECURITIES AND MARKETS AUTHORITY CONSULTS ON RESEARCH BUNDLING On October 28, 2024, the European Securities and Markets Authority (ESMA) launched a consultation on proposed amendments to MiFID II related to the payment for research and execution services. The paper makes “recommendations is to help revitalise the market for investment research whilst balancing this objective with investor protection. To reach such objective, the recommendations further clarify the conditions that must be met by payments for research so that research may not be considered as an inducement.” ESMA will consider all comments received by January 28, 2025. Read more: https://lnkd.in/gN5B3uc3 #ESMA #MiFIDII #InvestmentResearch #InvestorProtection #FinancialRegulation #MarketConsultation #EUFinance #SecuritiesMarket #ResearchPayments #FinancialServices