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The Federation of European Securities Exchanges (FESE) emphasised that a greater focus is required on the end-users of capital markets and that the EU Single Market must be accessible to companies at all levels - national, regional and pan-European.
FESE also highlighted the importance of the diversity of ecosystems, as well as the way they are impacted by the interaction between listing and trading. A fundamental re-orientation of Europe’s policies is needed towards:
By implementing the recommendations identified in this paper, the goal of reducing frictional costs between issuers and investors will make financing cheaper and returns higher. This will ensure that more capital is channeled into SMEs and more companies are publicly listed. More enterprise financing through capital markets will help Europe achieve higher levels of innovation, savings mobilisation, wealth distribution, risk management, and job creation.
Finally, to achieve the objectives of the Single Market and “Europe 2020”, the EU's growth strategy for the current decade, an overarching mindset is important. This is why FESE propose a high level goal: by 2020, stock market capitalisation should account for 100% of GDP.