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HomePrimary and secondary equity markets in the EU
Final report
Primary and secondary equity markets in the EU
Final report
Meiteashonraí an fhoilseacháin
Public equity markets provide substantial social benefits. This study contributes to the evidence base needed to further advance the equity markets in Europe. To assess the functioning of primary and secondary equity markets in the EU, the analysis uses a combination of different research methods, including data collection, structured interviews, and literature review. The data confirms a relative decline of public equity markets in the EU, and the analysis shows that the costs of becoming a public company have risen considerably in recent decades. Although there is room for further modernisation of listing rules, the analysis indicates this is not a primary driver for the decline in listings. Increased M&A activity along with the development of private equity markets are identified as the major driving forces for the decline in listings. The study identifies policies that can help provide a better environment for listing of companies of different sizes, while remaining vigilant to the possibility that private markets could be more efficient in some cases. The analysis also finds that increased competitive pressure since 2009 has led to lower trading costs and more choice for traders and investors, although mostly in larger financial centres. Meanwhile, there is still significant home bias across the markets, and a large share of the cross-border trading activity comes from other EU member states rather than from outside the EU. The study identifies areas aimed at improving liquidity for SMEs and local capital markets, and finishes by assessing the prospects for future market development and the paths that the EU could take to deliver CMU.
- Dáta foilsithe:
- Údar corparáideach/údair chorparáideacha: Ard-Stiúrthóireacht um Chobhsaíocht Airgeadais, Seirbhísí Airgeadais agus Aontas na Margaí Caipitil (An Coimisiún Eorpach) , Oxera Consulting LLP
- Téamaí: Comhtháthú airgeadais – Saorghluaiseacht caipitil
- Ábhar: an tAontas Eorpach , aontas na margaí caipitil , cothromas príobháideach , idirbheart stocmhalartáin , margadh caipitil , riosca airgeadais , saorghluaiseacht caipitil , scairsheilbh
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| ISSN | ISBN 978-92-76-08002-2 | DOI 10.2874/496492 | Uimhir chatalóige EV-02-19-412-EN-N |
- Released on EU Publications:
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