The purpose of the contract is to obtain a comprehensive analysis of primary and secondary equity markets in the EU, focusing in particular on listing/delisting decisions and the drivers of liquidity. The aim is to identify the problems that impede the development of these markets and possible options for public intervention to improve market development and the use of market-based equity financing by EU companies.

The contractor is expected to:

1) Provide an overview of EU equity markets and their characteristics;

2) Provide an in-depth analysis of the functioning of the primary market in the EU, in particular reasons for listings and delistings;

3) Provide an in-depth analysis of the functioning of secondary market the EU, in particular reasons for success or failure of trading venues to attract liquidity, having regard to what incentives different types of market participants to provide liquidity or trade on a trading venue;

4) Develop scenarios outlining possible development paths for the future architecture of primary and secondary equity markets in the EU, considering different policy choices as well as technological developments that can lead to changes in the equity markets in the EU.