Position paper - Review of the European Market Infrastructure Regulation

The Capital Markets Union and similar initiatives make the EU more attractive for capital markets business. However, although punitive regulatory localisation requirements might be considered as a short-term panacea, they would weaken the attractiveness of EU financial markets in the long term. As such, the narrative on EU open strategic autonomy, including for financial services and clearing, may harm the significant non-EU investor base, reinforcing the need for EU policymakers to come with positive proposals to develop European markets and capabilities.