Committee for Economic and Markets Analysis (CEMA)


Mișu Negrițoiu


Steffen Kern


The Committee for Economic and Markets Analysis (CEMA) has the responsibility to cover two broad areas:

  • Financial markets monitoring and analysis: pro-active identification, monitoring, and assessment from a micro-prudential level of trends, potential risks and vulnerabilities in financial markets across borders and sectors, including a thorough focus on financial innovations and incentives related to market practices both at the wholesale and retail level.
  • Cost-Benefit Analysis / Impact Assessment: contribution to better regulation by actively supporting ESMA’s commitment to Impact Assessments of existing and planned / proposed regulation and supervisory practice (ex ante and ex post Cost-Benefit Analyses / Impact Assessments).

CEMA Terms of Reference

Members of the CEMA Group of Economic Advisers

The CEMA is supported by an advisory group (GEA) made up of external stakeholder representatives.

Members Title
Santiago Carbó Valverde Professor of Economics and Finance, Bangor Business School, UK
Paolo Colla Associate Professor of Finance, Bocconi University
Sea S. Collins Senior Director, Industry and Financial Analysis, Investment Company Institute (ICI), USA
Gregorio De Felice Chief Economist and Head of Research, Intesa Sanpaolo, IT
Bernard Delbecque Director of Economics and Research, European Fund and Asset Management Association (EFAMA), BE
Alexandra Hachmeister Chief Regulatory Officer, Deutsche Boerse, DE
Frank Hatheway Chief Economist and Vice-President, Nasdaq OMX Group Inc.
Jan-Pieter Krahnen Professor of Finance, Goethe Universitaet Frankfurt
Antonio Mele Professor of Finance and Senior Chair, Swiss Finance Institute, University of Lugano, CH
Carlo Domenico Mottura Professor of Financial Mathematics, Financial Valuation and Risk Management Models, University Roma Tre, IT
Lars L. Nordén Professor of Finance, Stockholm Business School, Stockholm University, SE
Rhodri G. Preece Head, Capital Markets Policy EMEA, CFA Institute, UK
Thierry Roncalli Associate Professor of Economics, University of Evry and Head of Research and Development, Lyxor Asset Management, FR
Jesús Sánchez-Quiñones Managing Director and Member of the Board, Renta 4 Banco, ES
David Thesmar Professor of Finance, HEC, FR
Diego Valiante Head of Capital Markets Research, CEPS, BE