Activities Report 2011

Activities Report 2011

As Chairman of the Board of ECMI I am honoured to present this annual report to you. Throughout the past year ECMI researchers have produced an impressive volume of high quality analysis and data to inform the many debates on capital markets in Europe. Among the research lines undertaken I would like to highlight two that have been particularly successful. In early 2011, ECMI published a Task Force Report on the review of MiFID which focused on transparency, market structure and the provision of investment services. “MiFID 2.0: Casting New Light on Europe’s Capital Markets” has been widely recognised by policy-makers and market practitioners for the quality and depth of its content, its balanced approach and its usefulness in informing the complex discussions spawned by the directive.

The second line of research ECMI pursued in 2011 has been the economic impact assessment on the takeover bids directive carried out for the European Commission. Scheduled to be published in June 2012, this study will play a pivotal role in the debate over the review of the Directive. In carrying out this project, ECMI deeply explored into key issues related to corporate governance from the perspective of capital markets —a field of research that ECMI would like to continue in the future. Moreover ECMI conducted two task forces in 2011: the Task Force “Rethinking Asset Management” will bear fruit in April 2012 with the publication of an ambitious report on the future of the industry after the financial crisis and the AIFMD. The Task Force “Price Formation in Commodity Spot and Derivative Markets” continued to run in 2012 to study the mechanisms that underlie price formation in a diverse selection of commodities.

Beyond these landmark studies, ECMI continued in 2011 to track regulatory developments by publishing a stream of commentaries and organising multiple research seminars and open discussions. It also upgraded its annual conference by bringing together top speakers from academia, policy-making and market practice, to help bridge the gap between these stakeholders. Moreover it expanded the content and analysis in its statistical package, which offers probably the most comprehensive overview of Europe’s capital markets available today.

These achievements would not have been possible without the dedicated and highly professional work of our energetic General Manager, Karel Lannoo and his expert colleagues Diego Valiante and Mirzha de Manuel, who I would like to thank warmly. I would also like to thank the members of the ECMI board for their advice and monitoring —further strengthened in 2011 with the incorporation of four high-calibre academics: Professors Caselli, Lamandini, Silanes and Vermaelen.

It is an honour therefore to present to you this overview of the ECMI activities in 2011, as always characterised by their relevance, quality and independence. May 2012 be as prolific at ECMI if not better.

René Karsenti, Chairman of the Board of ECMI and President of the International Capital Market Association