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MiFID II Fixed Income and Currencies (FIC) Trading Venues Questionnaire
24 Apr 2017
The purpose of the Questionnaire is to provide a standardised set of questions which can be sent from investment firms to entities that may fall under the scope of MiFID II as Trading Venues (MTFs and OTFs). AFME has also published a separate questionnaire1 that can be sent by MiFID II investment firms to European equities exchanges that are in scope of MiFID II - please be aware that some questions may be repeated in this FIC document.This Questionnaire has been developed with FIC products in mind, and has some asset class-specific questions, but may also encapsulate cross-asset considerations and be relevant for other instruments. The Questionnaire is to be sent bilaterally from investment firms to their broker/Trading Venue counterparts. The information provided in response to the Questionnaire to investment firms is strictly confidential and for the benefit of the recipient firm and its affiliates only. Furthermore, the information provided is valid at the point in time when it is provided. The liability regime for the Questionnaire is established by the Disclaimer included in Annex I, which is to be provided by the responding entity. The Questionnaire is made available to any party to use in a Microsoft Excel format. However, in order to maintain the integrity of the document, we ask users to recognise and respect the numbering and wording of all questions.
Implementing Brexit - Practical challenges for wholesale banking in adapting to the new environment
5 Apr 2017
Following the UK government’s decision to trigger Article 50 last month, AFME has published a new report, Implementing Brexit: practical challenges for wholesale banking in adapting to the new environment. Building on our February study with PwC on operational complexity, this paper seeks to provide EU policymakers with insights on the range of implementation challenges facing wholesale banks, their clients and supervisory authorities. In our latest publication, we have assembled the available evidence to help Europe’s policymakers reach an informed view of the potential challenges in Brexit implementation for wholesale banking and capital markets and how best to mitigate the risks arising to financial stability and market functioning of the two-year timeframe. Click here to read the press release Available in... Spanish French Italian German
Proposal to amend bank creditor hierarchy
15 Mar 2017
Please see attached document.
The Shortage of Risk Capital for Europe’s High Growth Businesses
7 Mar 2017
AFME has published a new report The Shortage of Risk Capital for Europe’s High Growth Businesses. This report was authored by AFME with the support of 12 other European organisations representing various stakeholders involved in risk capital. These include the European Investment Fund (EIF), seven other European trade associations representing businesses (BusinessEurope), business angels (BAE, EBAN), venture capital (InvestEurope), accountants (AccountancyEurope), and crowdfunding (ECN), as well as stock exchanges (FESE, Deutsche Bӧrse, Euronext, London Stock Exchange and Nasdaq). The report also received the support of the European Commission’s Olivier Guersent, Director General at DG FISMA, referenced in the press release, which summarises the key findings of the report. European Commission Vice President Valdis Dombrovskis gave the keynote presentation at the launch event of the report in Brussels on 7 March. The purpose of the report is to outline the existing sources of risk capital for growing businesses, why shortages occur, and to highlight recommendations for European and national policymakers to improve its supply. The report is part of AFME’s broader growth initiatives and is the fourth in a series of publications focusing on unlocking growth and jobs in Europe. Earlier publications include Bridging the Growth Gap, which highlighted the gaps in equity and debt financing for small and mid-sized companies. This was followed by Raising Finance for Europe’s Small and Medium-sized Businesses, translated in six languages. Our goal is for this report to provide a comprehensive and fact-based analysis to assist policymakers’ discussions on ways to further unlock risk capital for Europe’s small and innovative businesses. Click here to download The European funding escalator and “climbing wall” infographic.
AFME The Shortage of Risk Capital for Europe’s High Growth Businesses
7 Mar 2017
AFME views on the resolution aspects of the EU Risk Reduction Measures package
28 Feb 2017
The Association for Financial Markets in Europe (AFME) welcomes the Commission’s proposals to amend the Capital Requirements Regulation (CRR), Capital Requirements Directive (CRD), Bank Recovery and Resolution Directive (BRRD) and Single Resolution Mechanism Regulation (SRMR). This paper sets out our initial views on the resolution aspects of the proposals including the implementation of Total Loss-Absorbing Capacity (TLAC), as set out in the FSB TLAC Principles and Term Sheet (TLAC Standard), amendments to the MinimumRequirement for own funds and Eligible Liabilities (MREL), the proposal to amend the creditor hierarchy and other recovery and resolution issues. AFME has been very supportive of the development of an effective recovery and resolution framework in Europe and closely involved in the implementation of the BRRD, development of TLAC and related issues.
AFME Letter on Creditor Hierarchy Proposal
20 Feb 2017
Please see attached document.
Planning for Brexit - Operational impacts on wholesale banking and capital markets in Europe
3 Feb 2017
// AFME has commissioned a report from PwC, outlining the operational impacts and transformation challenges that Brexit poses to the provision of banking services in the EU. The study aims to provide policymakers and other industry stakeholders with a granular, fact-based exposition of the steps that firms are planning to take in order to maintain uninterrupted service to the users of wholesale banking and capital markets services in Europe during and following Brexit. Key findings of the report include: the Brexit process will be highly complex for wholesale banks and covers many interdependent activities. Firms providing a significant proportion of current industry capacity will need to execute transformation programmes which will extend beyond Article 50 timescales and in many cases up to five years; or even longer if the post-Brexit trading relationship between the EU and UK remains unresolved for a protracted period. in executing their transformation programmes, banks will be heavily dependent upon timely approval of licenses by new EU regulators. This represents a critical step in the implementation of new business models and is likely to occur at a time when regulators will see a peak in requests following Article 50 activation. banks are currently proceeding with two-year tactical plans to maintain continuity of service. However, these plans are likely to be sub-optimal for clients and market effectiveness, and will be dependent on reaching agreement about an interim business model that is acceptable to their new EU27 regulators and can be put in place before the UK leaves the EU. In order to assist the wholesale banking and capital markets industry support European corporates and continue to help growth across all of Europe the report recommends that policymakers: clarify with industry participants as soon as possible the structure of any interim business models that may be deemed acceptable immediately post-Brexit. set out as soon as possible any future permanent terms for the provision of wholesale banking and capital markets services between the UK and EU post-Brexit. following Brexit and agreement of any new market access arrangements provide an implementation period of at least three years to allow banks to complete their adaptation, and 'grandfather' transactions that are in force at the time that the UK leaves the EU. Click here to read the press release
The benefits of capital markets to high-potential EU economies
15 Nov 2016
This report, published 15 November 2016, is a collaboration between New Financial and AFME, which analyses the potential role and benefits of deeper capital markets in the high-potential economies in central and eastern Europe. The report discusses the extensive efforts of national governments and local market participants to encourage the development of capital markets, and the challenges they are addressing. It also makes some policy proposals for further growth. Press releases available in: English French German Italian Polish Romanian Slovenian Spanish
European Primary dealers handbook: Q4 2015
27 Oct 2016
The AFME European Primary dealers handbook is an invaluable reference work for European government bond market participants, as well as policymakers and journalists. The handbook offers a detailed description of the infrastructure of the primary and secondary markets of European countries and the organisation of each of their Primary Dealer systems.
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AFME has commissioned a report from PwC, outlining the operational impacts and transformation challenges that Brexit poses to the provision of banking services in the EU.   
\n                 
\nThe study aims to provide policymakers and other industry stakeholders with a granular, fact-based exposition of the steps that firms are planning to take in order to maintain uninterrupted service to the users of wholesale banking and capital markets services in Europe during and following Brexit.

\n\n

Key findings of the report include:         

\n\n
    \n
  • the Brexit process will be highly complex for wholesale banks and covers many interdependent activities.  Firms providing a significant proportion of current industry capacity will need to execute transformation programmes which will extend beyond Article 50 timescales and in many cases up to five years; or even longer if the post-Brexit trading relationship between the EU and UK remains unresolved for a protracted period.
    • \n
  • in executing their transformation programmes, banks will be heavily dependent upon timely approval of licenses by new EU regulators.  This represents a critical step in the implementation of new business models and is likely to occur at a time when regulators will see a peak in requests following Article 50 activation.
    • \n
  • banks are currently proceeding with two-year tactical plans to maintain continuity of service.  However, these plans are likely to be sub-optimal for clients and market effectiveness, and will be dependent on reaching agreement about an interim business model that is acceptable to their new EU27 regulators and can be put in place before the UK leaves the EU.
    • \n
\n\n

In order to assist the wholesale banking and capital markets industry support European corporates and continue to help growth across all of Europe the report recommends that policymakers:  

\n\n
    \n
  • clarify with industry participants as soon as possible the structure of any interim business models that may be deemed acceptable immediately post-Brexit.
    • \n
  • set out as soon as possible any future permanent terms for the provision of wholesale banking and capital markets services between the UK and EU post-Brexit.
    • \n
  • following Brexit and agreement of any new market access arrangements provide an implementation period of at least three years to allow banks to complete their adaptation, and 'grandfather' transactions that are in force at the time that the UK leaves the EU.
    • \n
\n\n

Click here to read the press release

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The report discusses the extensive efforts of national governments and local market participants to encourage the development of capital markets, and the challenges they are addressing. It also makes some policy proposals for further growth.

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Press releases available in:

\n\n

 

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