Introduction
The role of the capital markets is key for the allocation of financial resources through the modern economies and therefore to enable a stronger growth and the long term development of the European economies.
Over the last few years, and namely after the world financial crisis after 2007 (that deeply affected the banking system in many countries), the authorities in Europe have put the capital markets efficiency at the centre of their priorities, especially with the launch and implementation of the Capital Markets Union (CMU), a priority within the agenda of the EU Commission.
For years EFFAS has been involved in capital markets subjects, namely through its European Bond Commission, acting on the communication of the major needs of professionals in these areas, in promoting brainstorming regarding the issues and also in developing standards in areas such as indices, performance measurement, etc.
Within this recent environment, the EFFAS EMC also promoted the EFFAS' 1st European Working Paper, on the subject of "The Non-Bank Financing of European Companies", that was completed last year by Universidade Nova de Lisboa (UNL) with EFFAS sponsorship and was already successfully presented last May in Lisbon.
As such, the EFFAS Capital Markets Commission (CMC) is stablished with the following Mission Statement:
- Promoting the role and visibility of EFFAS at the European and international level concerning capital markets issues
- Monitoring the situation and the evolution of capital markets in Europe, specially the path towards CMU
- Advising the EMC in consultation requests made by the European authorities or in providing advice to those authorities whenever requested
- Proposing to the EMC the organization of regular events about these subjects
- Promoting discussions and brainstorming amongst the NMS about these issues or gathering and putting together the professionals' views regarding the priorities for the development of CMU and of capital markets in general
The composition of members of the CMC should combine experienced professionals and prestigious academics in capital markets areas, as such trying to achieve the best possible functioning of the Commission and the optimization of its role within EFFAS strategy". As in all other commissions the participation is on an honorary basis and travel expenses are not supported by EFFAS, therefore most of the activity will be done electronically and via conference call.
Chairman
Raul Manuel Nunes da Costa Simões Marques
After completing his Economics Degree at ISEG in 1983, Raul was the Head of the Financial Department of CIMPOR-Cimentos de Portugal until 1989. In late 1989 he became Head of Research at Gestifundo, at the time a leading and innovative fund management company in Portugal, where he was later promoted to Director and Chief Investment Officer. In 1994 Raul moved to BPI Fundos, where he was General Director until late 1995.
Between 1995 and early 1999 he was Managing Director and CIO at TottaFundos and Totta Pensões, companies of the then Champalimaud Group, later acquired by Santander. In 1999 he became General Director and later Managing Director at BIG-Banco de Investimento Global, a highly innovative bank created in 1999. Between 2002 and mid 2015 Raul was Managing Director at Banif Investimento and its affiliates in asset management and private equity businesses.
Since May 2016 he has been Managing Director at Real Vida Seguros (a life insurance company) and Real Vida Pensoes (a pension fund management company).
Raul Marques was also Director and President of APAF-Associação Portuguesa de Analistas Financeiros from 2006 until 2015, member of the Advisory Council of CMVM (Stock Exchange Commission) from 2009 to 2011 and is a Board Member of Ordem dos Economistas. Raul has been a Member of the EMC of EFFAS from 2014 to 2017.

Deputy Chairman
Prof. Dr. Leef H. Dierks
Dr. Dierks (40) was appointed Professor for Finance and International Capital Markets at Lübeck University of Applied Sciences in winter semester 2013/14. Guest professorships led him to Chiang Mai University in Thailand and the Zhejiang University of Technology in Hangzhou, China, amongst others.
In between 2010 and 2013 Dr. Dierks served as Global Head of Covered Bond Strategy at US-investment bank Morgan Stanley in London. Previously, from 2006 to 2010, he worked as a Vice President analysing the European fixed income markets at Barclays Capital in Frankfurt.
In 2006, Dr. Dierks earned a doctoral degree (magna cum laude) for his research on “The impact of trust as a determinant of consumer behaviour under uncertainty – an empirical analysis of consumers’ reactions to a random external shock in Europe” at the Christian-Albrechts-University at Kiel. Following longer stays in Pretoria, South Africa and Mexico-City, Mexico, Dr. Dierks studied economics as well as business administration at the Universidad Torcuato Di Tella in Buenos Aires, Argentina and the Christian-Albrechts-University at Kiel from 1997 to 2003. Within the scope of his diploma thesis, he investigated the “Predictability of Currency Crises” at the Kiel Institute for the World Economy (IfW).
Dr. Dierks has been awarded the Faculty of Economic’s “Lecturer of the Year Award” in 2014, 2015, 2016 and 2017 and is a liaison professor of the German Academic Scholarship Foundation (SddV).

Board Members
Javier Santacruz Cano, IEAF (Spain)
Javier Santacruz Cano is Ph.D in Economics, B.A in Economics and Business Administration and MSc in Econometrics and Mathematical Economics, having studied in academic centres like the University of Essex (UK), London School of Business and Finance (UK), and Universidad Complutense de Madrid (Spain).
Mr. Santacruz is Lecturer in Quantitative Finance at the Stock Exchange Studies Institute of Madrid (IEB), Lecturer in Accounting Methods and Fundamental Analysis at the Madrid Stock Exchange (BME Institute) and Visiting Assistant Professor in Economics at different Business Schools and Universities.
He is senior partner and co-founder of Shijie Shoudu Ltd., a strategic desk based in Beijing, London and Madrid.

Petya Valentinova Lazarova, BIMA (Bulgaria)
Mihail-Dan Stan, AABR (Romania)
Nicolas d' Hautefeuille, SFAF (France)
Nicolas d’Hautefeuille joined Crédit Lyonnais as head of Credit Research in 1998; He became Head of Rating Advisory at Crédit Agricole CIB after the merger with Crédit Agricole-Indosuez. Before joining Crédit Lyonnais, Nicolas has worked as head of Equity Primary Market at Cyril Finance and in M&A at Via Banque (Groupe Compagnie de Navigation Mixte). He is currently global head of client advisory for CA CIB Credit Agricole Group
Nicolas has participated in discussions with Regulators and Central Banks on Rating Agencies’ regulation and the reform of French Covered Bonds. He was invited by the French Senate Committee on rating agencies in 2010. He is currently co chairing the “issuers committee” for the French Society of Financial Analysts (ie SFAF)
He holds a MBA from the Institut d’Etudes Politiques Paris - M-Ph Master in European law from La Sorbonne university - Certified analyst (CIIA)
