Informing policy on European capital markets

The European Capital Markets Institute (ECMI) is an independent think tank that undertakes and disseminates research on capital markets and contributes to ongoing policy debates in Europe. ECMI acts as a focal point for academics, market participants and policymakers to exchange ideas on the efficiency, stability, integrity and competitiveness of our capital markets. These exchanges are fuelled by the various outputs ECMI produces, such as regular commentary, policy briefs, research reports, statistics, seminars and conferences.

• Download our 2011 Brochure

2010 Annual Report

A major overhaul of EU regulation took place in 2010. An unprecedented number of legislative measures has been under scrutiny. In most cases, their impact on markets remains difficult to evaluate. As you will see in our Annual Repor, ECMI has managed to track these reforms and provide high-quality input throughout the year and increased the distribution of this input by more than 50% in comparison to the previous year.

• Download our 2010 Annual Report

More about us

In the aftermath of the recent financial crisis, the G20 has committed to leave no area of the financial markets unregulated. As a result, a sweeping wave of regulatory initiatives has made policy research on European capital markets even more important. The European Capital Markets Institute (ECMI) conducts original research into European capital markets, thereby informing current debate and policy-making. Through its various activities, ECMI acts as a focal point for interaction between market participants, policy-makers 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 the institute is composed of private firms, regulatory authorities and university institutes. Since 2005, ECMI has been managed and staffed by the Centre for European Policy Studies (CEPS), a highly reputed, independent think tank in Brussels.

Through the publication of commentaries and policy briefs, ECMI analyses the latest regulatory developments and puts forward proposals at the vanguard of regulatory debates. ECMI also produces detailed research reports on key policy issues and market developments. In addition to conducting in-house research, ECMI responds to calls for proposals from external entities and hosts contributions from high-profile external researchers.

ECMI regularly organises workshops, seminars and task forces on a variety of issues facing European capital markets. Participation in ECMI events offers the chance to take part in workshops with senior business representatives and regulators on critical themes; to size up market developments that will shape the future of European capital markets and to network with lobbyists and academics from the regulatory community.

In addition, ECMI compiles a yearly statistical package with a substantial set of charts and tables that trace the evolution of European capital markets over time. Bond, equity and derivatives markets are also covered in the package, together with asset management related data. This gives members a ‘one-stop shop’ or broad snapshot of where European capital markets stand. The package compares trends across asset classes, market segments and countries, so as to track market growth, integration and convergence. All data is presented in intuitive and visually appealing forms.

ECMI also produces a quarterly newsletter. The purpose is to inform members of recent and upcoming research projects, task forces, conferences and meetings, and other relevant information on European capital markets.

Board of Directors

• René Karsenti, Chairman, ECMI
• Karel Lannoo, CEO, CEPS
• Philippe Breyer, Managing Director, Euroclear
• Fabrice Demarigny, Head of Capital Markets Activities, Mazars
• Godfried De Vidts, Head of European Affairs, ICAP
• Giampaolo Trasi, Chairman, EFFAS
• Mark Austen, Interim CEO, AFME
• Ramon Adarraga, Director, BME
• Charles Cronin, Head EMEA, CFA Institute Centre for Financial Market Integrity
• Stefano Caselli, Professor of Finance, Bocconi Universtiy
• Marco Lamandini, Professor of Commercial Law, University of Bologna
• Florencio López de Silanes, Professor of Finance and Law, EDHEC Business School
• Theo Vermaelen, Professor of Finance, INSEAD
• Click here to learn more about the academic members of the board

History

The European Capital Markets Institute (ECMI) was established as an independent non-profit organisation in October 1993 in Madrid, Spain, in a collaborative effort by the European Federation of Financial Analysts Societies (EFFAS), the Federation of European Securities Exchanges (FESE) and the International Securities Market Association (ISMA), now the International Capital Market Association (ICMA). Besides the three original members FESE, EFFAS and ICMA, five other organisations became founding members in 2007. These are ICAP, BME, Euroclear, SIFMA and CEPS. ECMI's membership base comprises financial services firms, stock exchanges, regulatory bodies and university institutes. Since January 2006, the Centre for European Policy Studies (CEPS) – a highly reputed, independent think tank based in Brussels – has managed ECMI's activities and research programme. ECMI's legal entity and budget have been transferred to Brussels, Belgium.