October 2015

Capital Markets Union survey report


Published by the CFA Institute in 2015, the report summarises responses from approximately 700 CFA members across Europe.

In order to inform the policy debate, the CFA Institute conducted a survey of members in the EU (plus Switzerland) to get input on CMU. The results will be used to provide feedback to the European Commission’s Green Paper on Capital Markets Union and will support the CFA Institute's engagement with policy makers. The online survey was sent to members on 31 March 2015 and closed on 20 April 2015. 20,738 members were invited to participate in the survey. 

Some of the report's findings include:

  • 63% thought differences in legal frameworks around the ownership and transfer of securities was the biggest barrier to developing EU-wide capital markets, the second most common response after differences in local tax treatment (65%)

  • Over 70% of members think greater standardisation of issuances to facilitate secondary market trading on electronic platforms is necessary to promote greater liquidity in corporate debt markets

  • Nearly 50% of members think crowdfunding and peer-to-peer lending platforms are important in the provision of capital to small-to-medium sized enterprises (SMEs)

You can also find the full content in our Library here.