The Federation of European Securities Exchanges (FESE) represents 35 exchanges in equities, bonds, derivatives and commodities through 19 Full Members from 28 countries, as well as 1 Affiliate Member and 1 Observer Member.
FESE is a keen defender of the Internal Market and many of its members have become multi-jurisdictional exchanges, providing market access across multiple investor communities. FESE represents public Regulated Markets. Regulated Markets provide both institutional and retail investors with transparent and neutral price-formation. Securities admitted to trading on our markets have to comply with stringent initial and ongoing disclosure requirements and accounting and auditing standards imposed by EU laws.
At the end of 2015, FESE members had 9,201 companies listed on their markets, of which 6% are foreign companies contributing towards the European integration and providing broad and liquid access to Europe’s capital markets. Many of our members also organise specialised markets that allow small and medium sized companies across Europe to access the capital markets; 1,299 companies were listed in these specialised markets/segments in equity, increasing choice for investors and issuers. Through their RM and MTF operations, FESE members are keen to support the European Commission’s objective of creating a single market in capital markets.
Through its members’ activities on a global scale, FESE enjoys links with the regulatory community and industry from around the world and and works closely with the European Association of Central Counterparty Clearing Houses (EACH) and European Central Securities Depositories Association (ECSDA) in particular in the context of the Code of Conduct on Clearing and Settlement. FESE's main counterparts at the European level are the European Commission, European Parliament, EcoFin Council, the European Securities Committee, and the European Securities Markets Authority (ESMA). At the international level, FESE engages in a dialogue especially with the CFTC, the SEC, and IOSCO.
In all of its activities, FESE is guided by the following overarching objectives:
- Fostering the global competitiveness of European exchanges
- Promoting public recognition of the exchanges and their contribution to the European and global economy;
- Providing a forum for open and forward-looking debate on capital markets.
As a trade association, FESE adheres to a strict set of principles and believes in full disclosure, objectivity and representativeness in all its activities. In line with these principles, FESE has registered with the European Commission's 'Register of Interest Representatives'.FESE enjoys links to various pan-European and global organisations, including the World Federation of Exchanges. In addition, it is a founding member of the multi-sectoral industry group European Parliamentary Financial Services (EPFSF).