Oxera commissioned to undertake key study on primary and secondary equity markets in the EU, on behalf of the European Commission, Directorate General for Financial Stability, Financial Services and Capital Markets Union.
As part of the study, we will be undertaking a comprehensive analysis of primary and secondary equity markets in the EU, with a focus on listing/de-listing decisions and what is driving liquidity in the markets.
The aim is to identify any obstacles preventing the development of these markets, and to assess options to improve market functioning, and the use of market-based equity financing by EU companies.
The terms of reference set out four key objectives for the study, to:
‘1) Provide an overview of EU equity markets and their characteristics;
2) Provide an in-depth analysis of the functioning of the primary market in the EU, in particular reasons for listings and de-listings;
3) Provide an in-depth analysis of the functioning of secondary market the EU, in particular reasons for success or failure of trading venues to attract liquidity, having regard to what incentives different types of market participants to provide liquidity or trade on a trading venue;
4) Develop scenarios outlining possible development paths for the future architecture of primary and secondary equity markets in the EU, considering different policy choices as well as technological developments that can lead to changes in the equity markets in the EU.’1
If you wish to contribute to the study, feel free to get in touch with Oxera Partner Reinder van Dijk or Senior Consultant Jonathan Haynes. They will come back to you with more information on how you can get involved.