THE EUROPEAN FORUM OF SECURITIES ASSOCIATIONS (EFSA) ENCOURAGES FAIR, EFFICIENT, COMPETITIVE AND SUSTAINABLE EUROPEAN SECURITIES MARKETS THAT PROMOTE THE REAL ECONOMY.
What we do and who we are
EFSA is a forum of European Securities Associations for information sharing and fostering mutual understanding. EFSA itself is not a legal entity but a self-organising working-group. As such, it also helps to deliver joint messages on policy issues in European securities markets to policy makers, regulators, industry representatives and the interested public who we hope might benefit from such a coordinated approach. EFSA complements the existing activities of its member-associations.
EFSA comments and initiatives
28 August 2023
EFSA position on Retail Investment Strategy and the European Commission’s “Have Your Say-Consultation”
The European Forum of Securities Associations (EFSA) participates in the European Commission's “Have Your Say-Consultation” on the proposed Retail Investment Strategy
An appropriately constructed Consolidated Tape could help to build deeper and more open capital markets in Europe
EFAMA and EFSA welcome the publication of Market Infrastructure Partners’ Study on the Creation of an EU Consolidated Tape which addresses the challenges, demand, benefits and proposed architecture for consolidating European financial market data.
Reasonable Market Data Costs Benefits the Real Economy
The European Fund and Asset Management Association (EFAMA) and the European Forum of Securities Associations (EFSA) jointly publish a statement on the benefits of reasonable market data costs fort he real economy.
MiFID 2/R, in conjunction with Level 2 and Level 3, forms the cornerstone of financial regulation for securities markets in EU. However, there are some areas of MiFID2/R which need recalibration in order to deliver the intended policy outcome and to avoid unintended harm to the market, liquidity and investor choice. Considering that the timeline for the Commission’s reports on certain parts of MiFID 2/R is approaching, EFSA members would like to contribute to the discussion by highlighting a number of issues which we believe should be a priority in the context of a review.
EFSA wrote to the finance ministers of states participating in the enhanced cooperation procedure for the European financial transaction tax (FFT). EFSA spells out the highly negative consequences that the FTT would have not only for the economy – it would put a damper on growth – but also for issuers and investors, who are the end-users of financial markets. These findings are based on a report by Oliver Wyman titled The impact of the EU-11 financial transaction tax on end-users.
US and European Financial Services Trade Associations Statement on TTIP
ESMA members, together with other financial market trade associations, issued a statement in support of a Transatlantic Trade and Investment Partnership (TTIP) that includes financial services regulatory coordination, in advance of the March 26 EU‐US Summit attended by US President Barack Obama, European Council President Herman Van Rompuy and European Commission President José Manuel Barroso.
Bringing together securities associations from across Europe
Asociacion de Mercados Financieros (ACI Spain)
One year after the publication of the Decree of July 1961, which established the external convertibility of the peseta, the Spanish Forex Club was born, changing its name in June 2001 to ASOCIACION DE MERCADOS FINANCIEROS, ACI-SPAIN, which initially brought together a small number of people belonging to the most important banking institutions established in Spain and especially linked to activity in the wholesale financial market. Subsequently, the ASSOCIATION has gradually broadened its membership by including all types of financial institutions and institutions that operate duly registered in the financial markets or manage and supervise them.
Association française des marches financiers (AMAFI)
The Association française des marches financiers (AMAFI) represents financial market participants based in France. Reflecting the diversity of our member firms, we are an analysis and advocacy organisation serving an industry that is vital to the financing of the economy, the allocation of savings and investment, and economic growth.
ASSOCIAZIONE INTERMEDIARI MERCATI FINANZIARI - ASSOSIM represents the interests of intermediaries active in the Italian financial markets, namely, Italian investment firms, investment banks and subsidiaries of foreign investment services providers. ASSOSIM carries out advocacy and advisory activities, training and organizes conferences and seminars.
Its members account for nearly the entire amount of the transactions carried out on the Italian stock markets and more than 80% when considering cross border transactions. Since 2007, the membership has been extended to law firms, consulting, IT solutions companies, and other service providers to financial intermediaries.
Belgian association of stock exchange members (ABMB/BVBL)
The Belgian association of stock exchange members, Association Belge des Membres de la Bourse (ABMB) / Belgische Vereniging van Beursleden (BVBL), is the professional association that mainly represents the stock brokers and investment firms established in Belgium.
It is a constituent association of Febelfin, the Belgian federation of the financial sector.
Capital Market Denmark, which was founded on 10 September 1987, is open to members of a regulated market and others which main activities are related to the Danish securities market.
The association stipulates the following objectives:
• To promote a positive development within trading in securities by attending the common interests of its members
To represent the securities dealers and promote their economical and professional interests facing the Government, the Danish parliament (Folketinget) and other public authorities, as well as national and international organizations relevant to the market such as regulated markets, Clearing and settlement providers
• To provide service and assistance to members.
German Federal Association of Investment Firms (bwf)
The Bundesverband der Wertpapierfirmen e.V. (bwf) protects and promotes the common professional interests of Germany’s investment firms on a national, European and global level.
The association assists and informs its members in all matters that concern them in connection with their activity as licensed and regulated investment firms. The bwf furthermore works closely together with national and international industry associations of the banking and capital markets sector.
In 1996, with the decision to dissolve the ZDM ZBP (Brokerage Houses Group of the Polish Bank Association), an independent brokerage organisation was established: the Chamber of Brokerage Houses (IDM). The establishment of the Chamber opened a new chapter in the self-organisation of the environment and its possibilities for action.
Currently, the Chamber has 18 members. Membership in the IDM is voluntary.
The Swedish Securities Markets Association (SSMA) was founded in Stockholm on 15 December 1908. Ever since, the SSMA has an important role to play in Swedish securities markets, by fostering dialogue between market participants, the infrastructure, regulators and policymakers, by developing self-regulatory standards, and by providing information about Swedish securities markets in and outside of Sweden.