EBF Joint Statement on EU Equity Market Structure

EBF Joint Statement on EU Equity Market Structure 

Brussels, 16 September 2026 – The European Banking Federation (EBF), together with EFAMA, EPTA, MFA and AFME, has co-signed a joint industry statement on the ongoing debate on EU equity market structure in the context of the Market Integration and Supervision Package (MISP).

The statement calls for an evidence-based approach focused on measures that can strengthen the efficiency, attractiveness and integration of European capital markets. In particular, it highlights five priorities:

• Regulatory stability is essential to simplification. With the latest MiFIR reform only recently implemented, any further changes to market structure should be targeted and evidence-based.
• Rules pushing trading towards particular venues should be avoided. They address no demonstrated market failure and risk making EU capital markets less efficient.
• End-investor choice must come first. Investors should be free to choose where and how they trade, avoiding higher costs and preserving Europe’s attractiveness.
• The Consolidated Tape should be a regulatory priority. A high-quality tape with venue attribution and five levels of order book depth can further strengthen EU equity markets.
• MISP should address the real barriers to efficient competition, notably excessive market data costs and the lack of choice in clearing and settlement.

Europe’s equity markets are deep, liquid and competitive. The objective should therefore be to build on these strengths by enhancing investor access to liquidity and removing genuine barriers to competition and integration.

Read the full document here

For more information:

Jacopo Borgognone, Head of Capital Markets – j.borgognone@ebf.eu 

Emanuela Manenti, Policy Adviser of Capital Markets – e.manenti@ebf.eu 

About the EBF:

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure, and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.