Letter on keeping European markets open – need for joint statement

Dear Executive Vice-President Dombrovskis, Chancellor Sunak, Minister Scholz, Minister Le Maire, Minister Hoekstra, Minister Gualtieri, President Lagarde, Chair Maijoor, Chair Campa,

The undersigned associations are writing to emphasise the importance of keeping the European financial markets open during this extraordinary time of the COVID-19 health crisis.

Financial markets are critical infrastructure for the European economy. The markets continue to serve the needs of participants to raise capital, manage investments, access cash and manage risk that affects both retail and institutional investors. Under your stewardship these markets are prepared to withstand the extraordinary volatility and stress under which they are now operating.

Closing the markets would have a devastating impact on the European economy. Even persistent rumours about closing the markets are themselves causing adverse effects. Market participants are taking steps, which they otherwise would not, to mitigate against a market closure. We believe a joint statement by you to signal that European markets will continue operating is essential to build market confidence, and to emphasise that markets are needed most during times of economic uncertainty.

Further, it is imperative that essential personnel from our member firms have access to market, clearing or settlement operations sites.

We would be pleased to further discuss our concerns with you.

Sincerely,
Rick Watson, Managing Director, AFME
Jack Inglis, Chief Executive Officer, AIMA
Guillaume Prache, Managing Director, Better Finance
Tanguy van de Werve, Director General, EFAMA
Florence Bindelle, Secretary General, EuropeanIssuers
Rainer Riess, Director-General, Federation of European Securities Exchanges (FESE)
Patrice Berge-Vincent, Managing Director, ICI Global
Michaela Koller, Director General, Insurance Europe
Bryan N. Corbett, President and CEO, Managed Funds Association (MFA)
Nandini Sukumar, CEO, World Federation of Exchanges (WFE)