AFME (Association for Financial Markets in Europe)

After the success of last year's European Sustainable Finance Conference, AFME is delighted to announce that the conference is returning to Amsterdam on 21-22 May 2025. As the industry convenes for another year, you will have the opportunity to meet with the major banks, funds, capital markets experts, investors, standard setters and policy makers shaping sustainable finance markets. 2025 agenda highlights include: discussions on critical themes, including progress in financing the transition, enhancing the usability of the EU Taxonomy, and reflections on the first year of CSRD reporting. Attendees will also explore sustainable investment labels, the future of sustainable bond markets, and strategies for delivering credible net-zero pathways. Register now: https://bit.ly/4faHSxm

AFME is pleased to partner with Linklaters in helping financial institutions navigate and implement regulatory requirements as it relates to MiFIR/D II. Our publication covers key changes in secondary capital markets in both the EU and UK. We have analysed the key regulatory and implementation issues related to areas such as market structure, transparency, market data, consolidated tape, investment research and execution of client orders. Our guide is primarily written for sell side firms operating in wholesale secondary markets, however, it may be of wider interest to other market participants. Download the Implementation Guide here: https://lnkd.in/d8pn_DY7

On 19 November 2024, AFME and its partners will publish the 7th edition of our “Capital Markets Union: Key Performance Indicators” report at an exclusive launch event in Brussels. This event will provide the opportunity to reflect on the main findings of this year’s CMU KPI report, examine structural issues which may be holding back progress and delve into the next Commission’s emerging agenda for a Savings & Investment Union. Register now to confirm your attendance: https://bit.ly/3YyrCRf Please note that places are limited and will be allocated on first come first served basis.

Don't forget to register for AFME's 19th Annual European Government Bond Conference in Brussels on 13 November 2024. This event will bring together industry leaders and experts to discuss the latest trends and developments in primary and secondary government bond markets. Panel discussions such as "Market impact of the changing profiles of Investors & Liquidity providers" will provide the opportunity to hear from leaders in the industry: Olivier PUJAL, Senior Advisor to the Chief Financial Officer at ESM - European Stability Mechanism, Nathalie Fillet, Primary Dealership Manager at BNP Paribas, Emanuele Caloia, Head of Markets at Element Capital Management, Zoeb Sachee, Head of Euro Linear Rates Trading at Citi, Rodérick Joniaux, European Government Bonds (EGB) Product Manager at Tradeweb, Sergio Colantuono, Head of EUR Rates Trading at Citadel Securities. Register now: https://bit.ly/3UkpzxD

AFME has today published its Securitisation Data Report for the second quarter of 2024, which has found that European securitisation issuance reached €66.6 bn during this quarter. Access the data report here: https://bit.ly/3BR5Hft

AFME's European High Yield and Private Debt Forum has come to a close after in-depth discussions and expert insights into the rapidly evolving high yield and private debt markets. Our keynote speaker Bert Colijn, ING's Chief Economist of The Netherlands, provided a comprehensive macroeconomic update, touching on global interest rate trends, the lingering effects of the pandemic, energy crises, and inflationary pressures. He highlighted the resilience of the European economy in the face of these significant shocks, though he warned of stagnation. Despite easing inflation and the avoidance of recession, weak bank lending and slow wage recovery remain concerns. Mr Colijn projected that long-term structural pressures, such as rising input costs, would continue to impact inflation and growth. Panel discussions provided a deep dive into market performance in 2024 for high yield bonds and leveraged loans, examining the impact of European CLOs on supply and demand, and forecasting key trends for 2025. Later, discussions shifted to private debt, highlighting the expansion of non-bank lending and the competitive landscape between banks and alternative lenders. In closing, the forum underscored the continued transformation of the European high yield and private debt landscape, with both opportunities and challenges for investors and issuers alike. AFME thanks delegates for their attendance, our speakers and keynote for their insightful discussions, and our partners for their valued support.

Good morning and welcome to AFME's European High Yield and Private Debt Forum in #Amsterdam. We begin the day with a Breakfast Briefing on "Recent Trends in Investor Pushback on Covenants." The discussion examines the effectiveness of investor resistance to borrower flexibility in the current market conditions. Panellists also consider how lenders can ensure they have sufficient information and time to negotiate terms effectively. #EHYPD2024

AFME and UK Finance welcome the opportunity to respond to the Financial Conduct Authority's CP24/12: Public Offers and Admissions to Trading Regulations regime. We are grateful for the FCA’s ambition to modernise UK capital markets. Adequate disclosure plays a significant role in ensuring that investors have sufficient and reliable information with which to make informed investment decisions, and we support the efforts to make the public offers and admission to trading more efficient. The FCA’s consultation paper is an important step in strengthening this framework. Our members are supportive of the overarching framework that the FCA intends to put in place by implementing the proposals and the FCA’s general approach that the rules should broadly maintain the existing requirements as set out in the UK Prospectus Regulation. Our members are of the opinion that the proposals should be focusing on those requirements that fail to achieve the right outcomes or that adversely affect the competitiveness of the UK regime. Our members, therefore, recommended balanced adjustments to ensure that the operation of the public offers and admissions to trading regime reflects objectives that sits behind it. We thank A&O Shearman for their assistance. Read the full consultation response here: https://bit.ly/4f8A678

AFME has today published its Q2 2024 Government Bond Data Report, which has found that outstanding amount of European ESG government bonds reached EUR 502 bn in 2Q24. Access the data report here: https://bit.ly/3AcFlDV

AFME has responded to the European Securities and Markets Authority (ESMA) Consultation on Technical Standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies. In our response we urge ESMA to leverage the existing legal architecture to the greatest extent possible and also state three overarching concerns with the proposed draft RTS: 👉 Consolidated Tape data should not be mandatory to consume 👉 There are no clear benefits to clients from the proposed overly prescriptive requirements 👉 The draft RTS scope does not consider the differences, or provide the necessary carve-outs, between client categories or asset classes, where appropriate Access the consultation response here: https://bit.ly/3YoPEya