Sumary of EU sees ‘decisive moment’ for building single capital market:
- The EU project to create a capital markets union (CMU) suffered a blow when Britain and its large financial sector left the bloc.
- The Commission wants to make it easier to raise money for companies to meet climate goals and recover from the financial blow of the COVID-19 pandemic.
- Brexit also leaves Brussels with a financial competitor on its doorstep.
- “It’s important that we develop our own capital markets,” EU financial services chief Mairead McGuinness said.
- German investment funds association BVI said the proposed European Single Access Point for company information would help asset managers meet increasing reporting obligations in a more cost-effective way.
- The Association for Financial Markets in Europe (AFME), which represents investment banks and funds, said a real-time tape was essential for delivering CMU. Industry officials say Brussels has paid a “ransom” to exchanges by offering them revenue sharing in return for a real-time tape.