Activities Report - ECMI2016 ECMI ACTIVITIES REPORT Page 2 2. Overview The European Capital Markets...
Transcript of Activities Report - ECMI2016 ECMI ACTIVITIES REPORT Page 2 2. Overview The European Capital Markets...
2016
Activities Report European Capital Markets Institute
TABLE OF CONTENTS
1. Message from General Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3. Preview for 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4. Task Force and Research Projec ts 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
A. Nothing ventured, nothing gained: How the EU can boost growth in small businesses and start-ups .... 4 B. Europe’s Untapped Capital Market: Rethinking Integration After the Great Financial Crisis ................... 4 C. Towards a better European securitisation market ............................................................................ 5 D. Eliminating the cost of non-Europe in capital markets ...................................................................... 5 E. More Union for the EU’s IPO Market ............................................................................................... 5
5. Conferences and Seminars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
A. Asset allocation in a low Interest rate Environment: Where do we stand? .......................................... 6 B. How to deal with the resolution of financial market infrastructures? .................................................. 6 C. Capital Markets FinTech: Beyond the hype ...................................................................................... 7 D. Simple, transparent and standardised securitisation (STS): is it possible?........................................... 7 E. 3rd Annual Symposium on EU-Asia Relations in Financial Services ..................................................... 8 F. Asset management in the EU: Which way forward? ......................................................................... 9
ECMI Annual Conference 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
6. Stat i st ica l Package . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
7. About ECMI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
8. Selec ted T it les 2010 -2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
9. Jo in ing ECMI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
10. ECMI Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
2016 ECMI ACTIVITIES REPORT
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1. Message from General Manager
The European Capital Markets Union initiative is going through turbulent times, with the largest capital market in
the EU on the verge of leaving the Union. Speculating on the importance of the 'passport', the impact on financial
centres and CMU, and the new deal that may emerge between both blocs will certainly keep us busy at ECMI too.
ECMI looks back on a successful year, with a variety of activities and publications, a fascinating annual conference,
with Peter Praet of the ECB board and Get-Jan Koopman of the EU Commission as keynote speakers, and
presentations in various financial centres of the report “Europe's Untapped Capital Market.”
Diego Valiante left ECMI after seven fruitful years leading ECMI to new horizons. We wish to thank him for having
set a very high benchmark for ECMI's research and outreach.
Karel Lannoo - General Manager of ECMI
CEO of CEPS
2016 ECMI ACTIVITIES REPORT
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2. Overview
The European Capital Markets Institute (ECMI) is an independent research institute hosted and managed by CEPS,
which is ranked among the world’s leading think tanks.
In 2016, ECMI contributed to the policy debate on CMU by publishing the Final Report of the European Capital
Markets Expert Group – Europe’s Untapped Capital Market: Rethinking integration after the great
financial crisis, as well as timely commentaries and research reports on Brexit, the role of a single European
capital markets supervisor, IPOs, securitisation, venture capital, and the organisation of events on topical issues
such as capital markets-based solutions for non-performing bank loans, the impact of the low interest rate
environment on asset managers, insurance and pension funds, capital markets, FinTech etc. ECMI also continued
its focus on the configuration of EU-Asia relations in financial services and drafted a policy report on improving the
investor base for local currency bond markets in China, India and Indonesia. For the first time, ECMI successfully
organised a call for papers, which culminated in the award of two prizes to young academics who presented their
work on contingent convertible instruments (CoCos) and cyclical investment behaviour across financial institutions
at the ECMI Annual Conference.
In this Activities Report the reader will find a detailed account of the research projects, publications and seminars
held by ECMI in 2016, together with an overview of its 2017 research programme and more information about
the Institute, its researchers and governance.
ECMI in 2016 – ACTIVITIES in NUMBERS
• Number of total visits to ECMI webpage569 971
• Average daily visits to ECMI website per month43 728
• Participants in annual conference469
• Corporate and institutional members41
• Studies and publications8
• Events organised 7
• Research projects2
• Task Force completed1
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3. Activities in 2017
Advancing with CMU is even more important in the current economic and political environment. Brexit is likely to be a
game-changer as the country that hosts Europe’s largest capital markets will no longer be part of the project. Overall,
bolder actions are needed in the coming years, and the mid-term review of the CMU Action Plan (scheduled for 2017)
should not be relegated to a mere tick-box exercise. To this end, ECMI will continue to monitor the initiatives that aim
to provide alternative market-based funding opportunities for companies, in particular SMEs, and better choices for retail
and institutional investors.
Work streams 2017
Launch of a Taskforce on Challenges and Opportunities in the Area of Asset Allocation: a medium to
long-term perspective
Launch of a series of seminars on MiFID II implementation (impact of transparency requirements on fixed
income markets, transaction and trade reporting obligations, provision of investment services)
Diversification of funding sources for SMEs
Retail Distribution Review
Capital markets Fintech
Review of ESAs
Impact of Brexit on financial services
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4. Task Force and Research Projects 2016
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RESEARCH REPORT
A. Nothing ventured, nothing gained: How the EU can boost growth in small businesses and start-ups
ECMI Research Report| November 2016
Venture capital can be a lifeline to innovative and growth-oriented start-ups and small businesses in need of external
capital. In this ECMI Research Report, the author argues that the recently proposed changes to the Regulation on
European Venture Capital Funds (EuVECA) fail to address three important issues that could further boost financing:
the extension of the EuVECA Regulation to third-country managers; the reduction of the €100,000 entry ticket
(without further compromises on investor protection); and the harmonisation of rules on managing requirements.
He proposes a number of measures that could facilitate access to financing for start-ups and SMEs.
BOOK
B. Europe’s Untapped Capital Market: Rethinking Integration After the Great Financial Crisis
CEPS Paperbacks | February 2016
In the aftermath of the great financial crisis, the lack of risk diversification in
the European financial system, i.e. limited cross-border banking and capital
markets activities, is the main cause of the rapid retrenchment of capital flows
within national boundaries. Europe needs private risk-sharing mechanisms to
withstand asymmetric shocks such as the recent financial crisis. An EU-wide
action to promote competition among national capital markets could free up
to €1.8 trillion in cash and deposits to invest cross-border in more profitable
and riskier projects to create growth and jobs. In December 2014, ECMI and
CEPS formed the European Capital Markets Expert Group (ECMEG) with the
aim of providing a long-term contribution to the debate on the Capital Markets
Union (CMU) project, proposed by the European Commission.
After an intensive, year-long research effort and in-depth discussions with
ECMEG members, this final report aims to rethink financial integration policies
in the European Union and to devise an EU-wide plan to remove the barriers
to greater capital markets integration. It offers a methodology to identify and
prioritise cross-border barriers to capital markets integration and provides a
set of policy recommendations to improve its key components: price discovery, execution and enforcement. This
report was drafted by Diego Valiante, Head of Financial Markets and Institutions at CEPS and Head of Research at
ECMI, based on extensive research and discussions with the members of ECMEG, chaired by Francesco Papadia,
former Director General of the European Central Bank and other international experts. ECMEG interacted with a
broader Task Force including members from industry, observers from EU institutions, national authorities and
academia. Launch events were organised in Brussels, London, Paris, Milan, and Madrid.
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COMMENTARIES
C. Towards a better European securitisation market
ECMI Commentary | November 2016
The European securitisation market experienced constant growth for almost a decade before the financial crisis,
but it then plunged sharply and has never fully recovered. Since 2009, in an effort to revive securitisation and
channel funds to the real economy, European authorities have introduced a considerable amount of new
regulations/legislation, for example, in the areas of banking, insurance, asset management and credit rating
agencies. In this ECMI Commentary, Apostolos Thomadakis finds that these measures have not in fact achieved
the expected results and calls for more to be done. In concrete terms, he calls upon Europe to: 1) issue securitisation
products with transparent and easy-to-understand structures, 2) issue securitisation products with transparent and
easy-to-understand structures, 3) devise smart ways of making cross-border investments easier.
D. Eliminating the cost of non-Europe in capital markets
ECMI Commentary | November 2016
Capital markets in Europe currently lack the necessary depth, scale and integration to provide the funds for
innovative firms to grow, thereby imposing a high cost on both firms and investors. In response to this grave
deficiency, Karel Lannoo calls upon the European Commission to undertake a radical upgrade of the Capital Markets
Union (CMU), along the lines of the Single Supervisory Mechanism (SSM), but with a focus on strengthening the
role of the European Securities and Markets Authority (ESMA) and the European supervisory authorities (ESAs).
Given that much of the rulemaking is complete, he observes that an empowered capital markets supervisor is the
only way to deliver the benefits of a single market.
E. More Union for the EU’s IPO Market
ECMI Commentary | March 2016
In his assessment of the latest draft prospectus Regulation, Karel Lannoo argues that the text goes somewhat
further than the European Commission had previously entertained, but falls short of creating a European market.
In his view, the Commission is hostage to its own (or member states’) unwillingness to expand the powers of the
European Securities and Markets Authority (ESMA) to become an EU-wide listing authority. In short, the EU’s
ambition of creating a Capital Markets Union still seems rather remote.
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5. Conferences and Seminars
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A. Asset Allocation in a Low Interest Rate Environment: Where do we stand?
ECMI - Invest Week event | Brussels | 1 December 2016
In the context of the first ‘Invest Week’ and in
cooperation with Pensions Europe, ECMI staged
an event on Asset allocation in a low interest rate
environment. Moderator (and ECMI General
Manager) Karel Lannoo and his fellow panellists
explored how far current conditions could
undermine the ability of insurance undertakings
and pension funds to fulfil their long-term
financial promises to policy holders and
beneficiaries. On the assets side, it was noted that
the search for yield will remain the norm for years
to come, together with an increasingly high
reinvestment risk. On the liabilities side, a notable
trend is the acceleration of the move towards
unit-linked insurance products and defined contribution pension plans, which shifts the risks from the providers to
consumers. Insurance companies have reacted so far by narrowing the duration mismatch and investing in
alternative assets (real estate, infrastructure, renewables and private equity). Furthermore, asset managers reduced
their fees and face declining returns on their portfolios.
Speakers
Dimitris Zafeiris, Head of Financial Stability, EIOPA
Reinhard Eckl, Associate Director, Deputy Head of Regulatory Strategy, Allianz SE
Philippe Ithurbide, Head of Global Research, Strategy and Analysis, Amundi
Karel Lannoo, CEO, CEPS and General Manager, ECMI (moderator)
B. How to deal with the resolution of financial market infrastructures? Launch of CEPS Task Force interim report | Brussels | 19 October 2016
This CEPS Task Force report welcomed international efforts to devise guidelines to facilitate the resolvability of
financial infrastructures, without calling for detailed rules. European rules on the subject should focus on easing
coordination between supervisors; they should call for restraint from authorities before triggering action, because
of the nature of the entities, but also ensure strong vigilance and identify and remedy impediments to FMI
resolvability. The latter should also make sure that the loss allocation (‘waterfall’) process, especially in a CCP, can
be completed, if necessary, over a ‘resolution weekend’, and that the default fund can be replenished.
As banks become resolvable, attention is now shifting to financial market infrastructures. High on the policy agenda
is the question of how to deal with trouble in central counterparties (CCPs), the entities with net out derivatives
exposures of counterparties in derivatives trading. The European Commission is expected to release a proposal on
this subject very soon, but market participants are concerned that it will further increase the requirements already
set out in the rules on market infrastructures (EMIR). This timely and authoritative report is the result of
deliberations in a CEPS Task Force that examined the rules on resolution of banks and financial market
infrastructures. The group is chaired by Thomas Huertas and attended by financial sector representatives, experts
and officials.
Speakers Thomas F. Huertas, Partner, EY & Chairman of the CEPS Task Force Patrick Pearson, Head of Unit, DG FISMA, European Commission Dennis McLaughlin, Chief risk Officer, LCH Clearnet Karel Lannoo, CEO, CEPS and General Manager, ECMI (moderator)
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C. Capital Markets FinTech: Beyond the hype
ECMI-CEPS Half-day conference | Brussels | 28 June 2016
Panellists debated the issue of automation in financial advice (so-called ‘robo advisors’), and the application of
distributed ledger technology in the trading and post-trading space, in two separate discussion sessions. Robo-
advisers have already stormed the market, but are mostly based on exchange-traded funds (ETFs). Contrary to
popular belief, the field is populated with ‘hybrid’ models, combining algorithm-based investment techniques with
traditional human professional advice. The impact of automated financial advice is likely to be greater for retail
investors than for institutional investors and high-net-worth individuals, as the latter will still require a higher degree
of sophistication. Reduced cost, increasing access to advice, and better product choice were mentioned as being
among the potential benefits of automated advice. Nevertheless, flaws in the algorithms, mis-selling risks and
privacy and data protection concerns could negatively impact the take-up of automated financial advice. Distributed
ledger technology offers multiple opportunities to improve operational processes in the financial services industry,
provided that the different players in the financial ecosystem understand that this is the sustainable alternative
from now on. To this end, trading and post-trading infrastructure operators have already started to test such
technologies and to integrate them into their business models. Questions around the robustness, governance,
supervision, interoperability and cyber security are yet to be answered.
With respect to regulatory approaches on financial innovation, it was noted that a number of supervisory authorities
in Europe (e.g. the UK, BE, CH) have put in place regulatory ‘sandboxes’ through which they encourage businesses
to test innovative products, services, business models and delivery mechanisms without immediately incurring all
the normal regulatory consequences of pilot activities.
Speakers
Rhodri Preece, Head of Capital Markets Policy, CFA Institute
Jeff Salway, Member, Financial Services Consumer Panel
Matthieu Remy, Founder & CEO, Easyvest
Jenny Knott, Chief Executive Officer, Post Trade Risk and Information, ICAP
Pinar Emirdag, Non-Executive Director, Clearmatics
Rhodri Preece-Jones, Head of European Development, Nasdaq
Frank Versmessen, Head of Regulatory Affairs, SWIFT
Jean-Paul Servais, Chairman, FSMA and Chairman of ERC, IOSCO
D. Simple, transparent and standardised securitisation (STS): Is it possible?
ECMI lunchtime meeting | Brussels | 22 June 2016
In an effort to revive securitisation markets, the
European Commission proposed a special ‘STS’
label and related capital charge reductions. The
criteria stipulate: i) simplicity, i.e. the loans must
be bundled and transferred to a special purpose
entity (SPE), ii) transparency, i.e. the data
regarding the performance of the underlying
assets must be readily available to investors and
updated on a regular basis, iii) standardisation,
i.e. the financial management must follow
generally accepted practices. The proposal does
not harmonise the national rules for SPEs, nor
does it tackle the differences in national
insolvency laws that affect the claims on
underlying assets. On the supervisory side, notification of STS products should go to ESMA, which publishes the
information on its website. Market participants indicated that the market performance in European asset-backed
securities has been very good so far and that there had been hardly any defaults in the aftermath of the crisis.
Furthermore, they argued that the current capital charges are too high today in relation to the risk incurred. Banks
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consider securitisation as a vital funding tool that can help free up their balance sheets and allow them to lend
more to households and businesses. Institutional investors stressed that it allows them to achieve the desired
portfolio diversification and exposure to consumers and SMEs.
Critics of the proposal explained that it would not remove the complexities of these securitised products. Most likely,
it would increase interconnectedness, pro-cyclicality and leverage in the financial system rather than create diversity
or contribute to financial stability. In their view, the risk retention should be much higher, at 20% instead of 5%.
The latter element was retained in the European Parliament’s initial report on the proposal, together with an
enhanced role for ESMA in the European Securitisation Data Repository, a single reporting entity for all STS
instruments.
Speakers Almoro Rubin de Cervin, Head of Unit, Financial services policy and international affairs, DG FISMA,
European Commission
Menno van den Elsaker, Head of European ABS at APG Asset Management
Paul Tang, MEP, ECON Committee, European Parliament
Steve Gandy, Managing Director and Head of DCM Solutions, Santander Global Banking and Markets
Nicholas Dorn, Associate Research Fellow, Institute of Advanced Legal Studies (IALS), University of London
Stefan Rolf, Head of Asset Backed Securitisation and Treasury Coordination Asia-Pacific Region,
Volkswagen Financial Services AG
E. 3rd Annual Symposium on EU-Asia Relations in Financial Services ECMI-CEPS Symposium | Beijing | 26-27 May 2016
The implementation of Basel III requirements is impacting banks’ trading books, but the full extent of this is still
unclear; a more proportionate approach could therefore be considered. The over-reliance on the banking sector
remains a threat to financial stability. The development of local currency bond markets in both Europe and Asia is
crucial to diversify the financial system, but significant barriers remain for the development of a sound legal and
market infrastructure, especially in Asia. Meanwhile, shadow banking has developed differently across jurisdictions,
e.g. market-based finance in the US and Europe compared to bank-like financial intermediation in Asia. In China,
this form of unregulated banking service is gradually approaching traditional banking services in size. The shift
towards more inter-institutional shadow banking activities could give rise to potential systemic risks. But volatility
in Asia’s stock markets suggests that more defaults are still to come, especially in China, where the capital-to-output
ratio is at a historical high. Less discretionary actions by local governments and greater diversification of the investor
base for local financial markets in main emerging economies could increase the soundness of the Asian financial
system and the economy overall.
Moreover, companies’ financial technologies (FinTech) are increasingly put to multiple applications, e.g instant
payments, digital currencies and monetary policies, artificial intelligence and advisory services, blockchain and
securities settlement and even regulatory compliance. These new tools redefine the financial industry, but the full
extent of such developments is yet to be fully understood. Asia leads these developments, especially in retail
financial services. The neutrality of technology for regulation has led to a ‘wait and see’ approach by regulators that
aims to balance the need for innovation with risk mitigation actions.
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F. Asset Management in the EU: Which way forward?
CEPS-ECMI Half-day conference| Brussels | 10 March 2016
The European asset management sector remains
highly fragmented, resulting in a suboptimal size of
funds and higher costs for investors. As underlined in
participants’ discussions, much more needs to be done
to achieve a truly Pan-European market that is
competitive, attractive and transparent vis-à-vis its
investors (in particular the retail segment). In this
context, the Retail Distribution Review, which will be
conducted at EU level throughout 2018, aims to
investigate whether the current distribution channels
are fit for purpose. It will also examine whether
adequate incentives have been put in place to induce
new business models to emerge, e.g. cross-border
online platforms.
At present, the differences in the general notification procedure, registration fees, local paying agent requirements,
review of marketing materials by national regulators, additional obligations around investor disclosure and even
different tax treatment of foreign vs local funds simply make it more burdensome and ultimately more costly for
providers to distribute funds on a cross-border basis. The growth of the asset management sector has also drawn
the attention of policymakers to the industry’s business model and the different risks involved, including risks to the
system, to individual institutions and to clients. The rules currently applicable to asset managers are much more
related to the conduct of business than micro- and macro-prudential rules. Panellists agreed that steps should be
taken to avoid regulatory spillovers from the banking sector to the asset management sector. Nevertheless, the
existing links between asset managers and banks need to be analysed much more carefully. Increased information
on liquidity and leverage risk across asset managers is essential to understanding the risks posed to financial stability
by the asset management sector.
Speakers Diana Mackay, CEO, Mackay Williams LLPPatrick Pearson, Head of Unit, DG FISMA, European
Commission Jonathan Lipkin, Director of Public Policy, The Investment Association
Carsten Detken, Head of Financial Stability Surveillance Division, DG Macro-Prudential Policy & Financial
Stability, European Central Bank
Sheila Nicoll, Head of Public Policy, Schroder Investment Management
Joanna Cound, Head of Government Affairs and Public Policy, Europe, BlackRock
Guillaume Prache, Managing Director, Better Finance
Sven Gentner, Head of Unit, Asset Management, DG FISMA
Ronald W. Anderson, Professor of Finance, London School of Economics and Political Science
Gerben Everts, Member of the Executive Board, Netherlands Authority for the Financial Markets
Sven Kasper, Director EMEA, Regulatory, Industry and Government Affairs, State Street
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ECMI Annual Conference 2016
Towards the Right Policy Mix for a Thriving European Capital Market
9 November 2016 • National Bank of Belgium
The 2016 ECMI Annual Conference was jointly organised by the European Capital Markets Institute and the Brevan Howard Centre for Financial Analysis at Imperial College Business School. Hosted by the National Bank of Belgium, this high level event brought together over 30 speakers (academics, policymakers, and market participants) to share their expertise with more than 300 participants from across Europe and beyond and to discuss the challenges of creating a genuine European capital market.
Sessions
What is the impact of negative interest rates on Europe’s financial system? How do we get back to normal? Market-based solutions to bank restructuring: Can active financial markets help to clean up banks’ balance
sheets? Reshaping the governance of Europe’s capital markets: Is enforcement the ‘weakest link’? Blockchain and other new technologies: What will capital markets look like as the 21st century unfolds?
ECMI Call for papers
28 submissions (Europe, North and South America, Asia, Africa) from academia, industry, public authorities, national central banks
2 rounds of review 2 winning papers (€2,500 prize, publication in the ECMI working papers series)
Winning Papers
Stephanie Chan, University of Amsterdam: “Contingent convertible instruments (CoCos): Design, Risk Shifting Incentives and Financial Fragility” (with Sweder van Wijnbergen) Yannick Timmer, Trinity College Dublin: “Cyclical Investment Behaviour across Financial Institutions”
2016 ECMI ACTIVITIES REPORT
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Keynote Speakers
Peter Praet Miles Kimball Gert-Jan Koopman Fernando Restoy Sébastien Raspiller Andrei Kirilenko
Peter Praet, Executive Board Member and Chief Economist, European Central Bank
Miles Kimball, Eugene D. Eaton Jr. Professor of Economics, University of Colorado Boulder Gert-Jan Koopman, Deputy Director-General for State Aid, DG Competition, European Commission
Fernando Restoy, Deputy Governor, Governor, Banco de España
Sébastien Raspiller, Deputy Director, Corporate Financing and Financial Markets Division, Directorate General of the Treasury, French Ministry of Economy and Finance
Andrei Kirilenko, Director of the Centre for Global Finance and Technology, Imperial College London
Conference Report
A full report of the ECMI Annual Conference is available at http://www.eurocapitalmarkets.org/2016AC together
with the presentations of the speakers.
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6. Statistical Package
Access content @ eurocapitalmarkets.org
The most comprehensive overview of Europe’s capital markets
The ECMI Statistical Package is a comprehensive collection of the most relevant data on various segments of
European and global capital markets. It enables users to track trends and highlight the ongoing transformation of
capital markets, including the structural changes brought about by competitive forces, innovation and regulation.
It represents an important step towards overcoming the existing data fragmentation on the evolution of European
capital markets by offering a ‘one-stop-shop’ for market participants, regulators, academics and students. The 2016
version contains data on equity markets, debt securities, securitisation, covered bonds, exchange-traded and over-
the-counter derivatives, asset management, mutual funds, insurance companies and pension funds, and global
comparative data. Each table has a corresponding illustrative figure that gives a visual overview of the most
important trends, and user-friendly navigation is embedded throughout the programme.
The package is available in Excel format at www.eurocapitalmarkets.org/statistics free of charge for ECMI members.
Non-members may purchase it via the bookshop of CEPS at www.ceps.eu.
ECMI Statistical Package 2015
Provides Covers
Over 150 tables
Over 120 figures
Data for over 40 stock exchanges
Data for 40 Countries
Covering up to 25 years (1990-2015)
Equity market
Debt securities market
Exchange-traded derivatives market
Over-the-counter derivatives market
Comprehensive data on asset management
Gross domestic product
Exchange rate
Global comparative data
2016 ECMI ACTIVITIES REPORT
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7. About ECMI
Access content @ eurocapitalmarkets.org
Informing Policy on European Capital Markets
The European Capital Markets Institute (ECMI) conducts independent research and informs debate and policymaking on a broad range of issues relevant to capital markets. Through its various activities, ECMI facilitates interaction among market participants, policymakers and academics.
ECMI was established as an independent non-profit organisation in 1993, in a collaborative effort by the European Federation of Financial Analysts Societies (EFFAS), the Federation of European Securities Exchanges (FESE) and the International Capital Market Association (ICMA). Membership of ECMI is open to private companies/ organisations, regulatory authorities and university institutes. Since 2005, ECMI has been managed and staffed by CEPS, a highly reputed, independent think tank in Brussels.
Through its Commentaries and Policy Briefs, ECMI analyses the latest regulatory developments and puts forward proposals and recommendations to help shape the regulatory and policy debate. ECMI also produces detailed Research Reports on key policy issues and market developments. As well as conducting in-house research, ECMI responds to calls for proposals from external entities and hosts contributions from high profile researchers.
ECMI regularly organises workshops, seminars and Task Forces on a variety of issues facing European capital markets. Participation in ECMI events offers multiple networking opportunities. The Annual Conference is a unique event in Brussels, bringing together over 30 high level speakers and more than 300 participants.
The yearly edition of the Statistical Package is a comprehensive collection of the most relevant data on various segments of European and global capital markets, covering equity markets, debt securities, securitisation, covered bonds, exchange-traded and over-the-counter derivatives, asset management, mutual funds, insurance companies and pension funds.
ECMI also publishes a quarterly Newsletter to inform members of recent and upcoming research projects, task
forces, conferences and meetings, and other relevant information on European capital markets.
Chairman of ECMI
Fabrice Demarigny, Global Head of Financial Advisory Services and Capital Markets, Mazars,
Board of Directors
Karel Lannoo, CEO, CEPS
Ramon Adarraga, Director, Bolsas y Mercados Españoles (BME)
Joanna Cound, Managing Director, Government Affairs & Public Policy, BlackRock
Godfried De Vidts, Head of European Affairs, ICAP
Patrik Karlsson, Director, Market Practice and Regulatory Policy, ICMA
Rhodri Preece, Head, Standards & Financial Market Integrity, EMEA, CFA Institute
Rainer Riess, Director General, Federation of European Securities Exchanges, FESE
Tanguy van de Werve, Managing Director, Advocacy, Association for Financial Markets in Europe, AFME
Andrew Douglas, Chief Executive Officer, DTCC Derivatives Repository Ltd, Managing Director of
Government Relations for Europe and Asia
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Academic Committee Members
Florencio López de Silanes, Professor of Finance, EDHEC Business School
Marco Lamandini, Professor of Commercial Law, University of Bologna
Pierre-Henri Conac, Professor of Commercial and Company Law, University of Luxembourg
Jesper Lau Hansen, Professor of Financial Markets Law, University of Copenhagen
ECMI Researchers
Karel Lannoo has been CEO of CEPS since 2000. His publications include books,
numerous articles in newspapers, specialised magazines and journals on general
European public policy, and specific financial regulation and supervision matters.
Karel’s latest book The Great Financial Plumbing, From Northern Rock to Banking
Union, was published in 2015. He is a regular speaker at hearings for national and
international institutions (i.e. the EU Commission, European Parliament), at
international conferences and in briefings for executives. He is also rapporteur for
many CEPS task forces, chaired by senior European officials and business leaders.
Karel manages the European Capital Markets Institute (ECMI) and the European
Credit Research Institute (ECRI), both under the auspices of CEPS. He is also an
independent director of BME (Bolsas y Mercados Espanoles), the listed company that
manages the Spanish securities markets. Karel is also a member of the Euribor
Steering Committee, European Money Markets Institute (EMMI) and a non-executive
director of Lannoo Uitgeverij Group.
Dr. Apostolos Thomadakis joined ECMI as Researcher in October 2016. His
research focuses on issues related to capital markets (access to capital, capital
markets union, regulation and securitisation) and financial markets (identification of
regimes, contagion and predictability). Previously he was a Visiting Scholar at the
Applied Macroeconomic Research Division at the Bank of Lithuania (BoL) and at the
Foreign Research Division at the Austrian National Bank (OeNB). Apostolos has held
academic positions and taught Econometrics and Finance courses at the University of
Warwick, the London School of Economics, the University of Bath and the University
of Surrey. He has also completed a Traineeship in the Capital Markets and Financial
Structure (CMT) Division of the European Central Bank (ECB) and a PhD Internship
in the Country and Financial Sector Analysis Division of the European Investment
Bank (EIB). He holds a PhD in Economics and an MSc in Business Economics and
Finance from the University of Surrey, and a BSc in Physics from the Aristotle
University of Thessaloniki.
Cosmina Amariei, Researcher, joined ECMI in May 2014. Her main research areas
are: trading and post-trading market infrastructure, asset management, retail and
institutional investors, corporate finance, Fintech. Cosmina closely follows a series of
legislative dossiers, such as CMU, MiFID 2/MiFIR, MAR, EMIR, CSDR, UCITS, AIFMD,
PRIIPS. In the past, she participated in training programmes for young professionals
at the National Bank of Romania (EU Affairs department) and the Romanian
Commercial Bank - Erste Group Bank AG (Financial Institutions division). She has an
MSc in International Economics and EU Affairs (Bucharest University of Economic
Studies and) and a BSc in Economics (Babeş-Bolyai University of Cluj-Napoca) and
participated in an Erasmus exchange programme in International Finance (University
of Leuven - Campus Brussels).
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8. Selected Titles 2010-2016
CEPS-ECMI Task Force Reports
How to deal with the Resolution of Financial Market Infrastructures, Interim Report, Thomas
Huertas, October 2016
Europe’s untapped capital market: Rethinking integration after the great financial crisis, Report
of the European Capital Markets Expert Group (ECMEG), Diego Valiante, Cosmina Amariei, Jan-Martin Frie,
February 2016
Price Formation in Commodities Markets: Financialisation and Beyond, Diego Valiante, September
2013
Saving for Retirement and Investing for Growth, Mirzha de Manuel Aramendía, September 2013
Rethinking Asset Management: From Resilience to Investor Protection and Economic Growth,
Mirzha de Manuel Aramendía and Karel Lannoo, April 2012
MiFID 2.0: Casting New Light on Europe’s Capital Markets, Diego Valiante and Karel Lannoo,
February 2011
Restoring Investor Confidence in European Capital Markets, Report of the European Investors
Working Group (EIWG) and ECMI, in collaboration with the Centre for Financial Market Integrity (CFA),
February 2010
CEPS-ECMI Paperbacks
The Great Financial Plumbing: From Northern Rock to Banking Union, Karel Lannoo, October 2015
A Legal and Economic Assessment of European Takeover Regulation, Christophe Clerc, Fabrice
Demarigny, Diego Valiante and Mirzha de Manuel Aramendía, December 2012
ECMI Research Reports
Policy Report on Improving the investor base for local currency bond markets in China, India and
Indonesia (for GIZ - the German International Cooperation Agency) - forthcoming
Nothing ventured, nothing gained: How the EU can boost growth in small businesses and start-
ups, Apostolos Thomadakis, November 2016
Supporting Access to Finance by SMEs: Mapping the initiatives in five EU countries, Federico
Infelise, April 2014
MiFID Implementation in the midst of the Financial Crisis: Results of an ECMI Survey, Diego
Valiante and Bashir Assi, February 2011
Shaping Reforms and Business Models for OTC Derivatives: Quo vadis? Diego Valiante, April 2010
ECMI Working Papers
Contingent convertible instruments(CoCos): Design, Risk Shifting Incentives and Financial
Fragility, Stephanie Chan (January 2017)
Cyclical Investment Behaviour across Financial Institutions, Yannick Timmer (forthcoming)
A Life Cycle Approach to Investor Protection, Mirzha De Manuel Aramendía, Diego Valiante, September
2014
ECMI Policy Briefs
No. 22 Which Union for Europe’s Capital Markets?, Karel Lannoo, 13 February 2015 No. 21 A Proper Yield Curve for Greece to Kick-Start Financial Intermediation, Christian Kopf and
Miranda Xafa, December 2013 No. 20 Europe’s New Post-Trade Infrastructure, Karel Lannoo and Diego Valiante, November 2012 No. 19 Pending issues in the review of the European market abuse rules, Carmine Di Noia, February 2012 No. 18 NYSE Euronext-Deutsche Börse Merger, Diego Valiante, March 2011
No. 17 What reforms for the credit rating industry? A European perspective, Karel Lannoo, October 2010 No. 16 The MiFID Metamorphosis, Karel Lannoo and Diego Valiante, April 2010 No. 15 Regulatory Challenges for the EU Asset Management Industry, Karel Lannoo, April 2010
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No. 14 Comparing EU and US Responses to the Financial Crisis, Karel Lannoo, January 2010
ECMI Commentaries No. 45 Towards a better European securitisation market, Apostolos Thomadakis, November 2016 No. 44 Eliminating the cost of non-Europe in capital markets, Karel Lannoo, November 2016 No. 43 EU Financial Market Access after Brexit, Karel Lannoo, September 2016 No. 42 More Union for the EU’s IPO Market, Karel Lannoo, March 2016 No. 41 Brexit and the City, Karel Lannoo, January 2016 No. 40 Light and shadows in Europe’s new Action Plan for Capital Markets Union, Diego Valiante, 6 October 2015 No. 39 Detailed CMU Action Plan, but more (ambition) is required, Karel Lannoo, 4 October 2015 No. 38 Keep capital markets union simple, Karel Lannoo, 15 July 2015 No. 37 Why the regulatory witch-hunt for ‘closet trackers’ is a dead-end, Jean-Pierre Casey, 9 December 2014 No. 36 The OTC derivatives markets after financial reforms, Cosmina Amariei and Diego Valiante,
23 May 2014 No. 35 Why a more accurate EU definition of SMEs matters!, Federico Infelise, Diego Valiante, 15 November
2013 No. 34 Implementing the AIFMD: Success or Failure?, Mirzha de Manuel Aramendía, 28 March 2013 No. 33 Will the PRIPs’ KID live up to its promise to protect investors?, Mirzha de Manuel Aramendía, 7
July 2012 No. 32 The Euro Prisoner’s Dilemma, Diego Valiante, 24 February 2012 No. 31 The gloomy scenario of Italy’s default, Diego Valiante, 16 December 2011 No. 30 MiFID 2.0 Unveiled, Karel Lannoo, 4 November 2011 No. 29 Commodity Price Formation in Boom-and-Bust Cycles, Diego Valiante, June 2011
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9. Joining ECMI
Why become a member? Becoming a member of ECMI allows you to:
Stay well-informed on the latest market and regulatory developments in European capital markets Support policy-oriented research to enhance the growth potential of European capital markets Benefit from our in-house expertise through meetings, conference calls or webinars with our staff Engage with extensive networks of market participants, regulators and academics Gain preferential access to Task Forces, with up to 70% discount over non-member fees Attend our events (annual conference, seminars, workshops, symposia) at no extra cost Become a partner/co-host in the organisation of dedicated events Participate at public consultations (interviews, questionnaires, roundtables)
Receive regular updates with our publications (commentaries, policy briefs, working papers) Gain free access to our statistical package, a comprehensive overview of Europe’s capital markets Subscribe to our quarterly newsletter including our recent and forthcoming activities Participate in the board meetings and/or annual general meeting of members
Membership options Membership is open to institutions, associations and corporations as well as universities and business schools. There
are three different types of membership options at ECMI:
Corporate/Institutional EUR 3,000/year (36 months) EUR 5,000 (12 months)
Board EUR 5,000/year (36 months)
Academic/University EUR 500 (12 months)
You will be invoiced for the annual fee every 12 months, on the date you become a member. Minimum duration of membership is 12 months or 36 months, depending on the option above, and will
be renewed tacitly afterwards. Notice of cancellation is required at least 3 months in advance of the issuance of the next invoice (for the 36-month option, after the first 24 months).
Please note that 21% VAT may apply to your membership fee, in accordance with Belgian tax law. Only undertakings whose business focus is capital markets will be admitted to membership of ECMI,
separately from CEPS. Please contact us if you have any questions in this respect.
Next steps Learn more at http://www.eurocapitalmarkets.org/about-ecmi/membership. For more information please contact
us at our email address [email protected] or phone as at +32 2 229 39 82.
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10. ECMI Members
www.eurocapitalmarkets.org | [email protected]
Tel: +32 2 229 39 78 | Fax: +32 2 219 41 51 | 1 Place du Congrès - 1000 Brussels
European Capital Markets Institute
Informing policy on European capital markets