ECMI is an independent non-profit organization created to provide a forum in which market participants, policymakers and academics alike can exchange ideas and opinions concerning the efficiency, stability, liquidity, integrity, fairness and competitiveness of European capital markets and discuss the latest market trends. These exchanges are fuelled by the publications ECMI regularly produces for its members: quarterly newsletters, annual reports, a statistical package, regular commentary and

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... search papers, as well as occasional workshops and conferences. ECMI also advises European regulators on policy related matters, acts as a focal point for interaction between academic research, market sentiment and the policy-making process, and promotes a multidisciplinary and multidimensional approach to the subject. ECMI is managed and staffed by the Centre for European Policy Studies (CEPS) in Brussels. Its membership is composed of private firms, regulatory authorities and university institutes. www.eurocapitalmarkets.org | info@eurocapitalmarkets.org Place du Congrès 1 | 1000 Brussels | Tel: + 32 2 229 39 11 | Fax: + 32 2 219 41 51