The new body - temporarily entitled APCIMS-EASD - will begin moving forward with a programme of briefings with MPs, MEPs and officials to ensure the regulatory, tax and other changes across Europe bring real benefits to the investment community, say the organisations.

Objectives of APCIMS-Easd include:
* influencing decision makers and policy in the development of the European securities industry;
* furthering good corporate governance practices;
* developing a common standard for investor relations and information disclosure by listed companies across Europe;
* encouraging best practices and equality for legal and regulatory standards concerning financial services; and
* lowering transaction costs of clearing and settlement within European debt and equity markets.

Angela Knight, APCIMS-Easd chief executive, says: "The EU is creating a single market in financial services and the Lamfalussy process aims to bring this about in double-quick time. So the securities industry needs a swift and effective, professionally staffed, representative body to ensure these changes benefit investors and reduce costs to firms - especially cross-border costs."

Membership of the association will be open to private client stockbrokers and investment managers in the UK; major European securities houses; their advisers and contractors of outsourced services. The industry body will also establish a network of affiliated trade associations across Europe.

The association will operate out of offices in London and Brussels with a number of professional staff dedicated to European issues. All committees and boards will be supported by a fully professional secretariat.