Financial Markets


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Task Force Report published, see www.ceps.eu/books.



Ales studied European integration and economics at Sciences Po Paris and London School of Economics. He was trained in the Financial Services Unit of the Council of the European Union.



Third in a series of high-level roundtables bringing together researchers, industry experts, and key policy-makers to debate the future design and potential consequences of forthcoming financial regulatory frameworks.



Third in a series of high-level roundtables organised by the CEPS Financial Institutions Unit on the future of financial regulation in Europe. These will gather researchers, industry experts, and key policy-makers to debate the future design and potential consequences of forthcoming financial regulatory frameworks.



Financial market infrastructures are key promoters of competitiveness and market efficiency. Business models are currently striving to gather the best in-house technological expertise to minimise technological glitches under highly volatile market conditions and confront sweeping changes from upcoming regulatory overhaul in MiFID and EMIR. These reforms will result in additional changes to the global trading landscape while competition among platforms moves rapidly across asset classes.



The recent Greek debt restructuring raised questions around the complexity of derivative contracts and the potential implications of a credit event. This seminar will discuss the process through which the ISDA Credit Derivatives Determinations Committee decides whether a credit event has occurred, in specific factual circumstances, and the detail of standardised CDS contracts. The event will assess potential conflicts of interest in this process and how they are managed, and will also examine political pressures therein, and what these mean for market efficiency and integrity.



Second in a series of high-level roundtables organised by the CEPS Financial Institutions Unit on the future of financial regulation in Europe. These will gather researchers, industry experts, and key policy-makers to debate the future design and potential consequences of forthcoming financial regulatory frameworks.



On the occasion of the launch of their report «Rethinking Asset Management» ECMI-CEPS and the CFA Institute will host a debate in Paris on retail investor protection, with the participation of AMF’s Edouard Vieillefond and MEP Jean-Paul Gauzés [tbc]. Click here to see the programme.



For more information on the event please visit: www.eurocapitalmarkets.org/independence

This event is organised with the support of ICAEW.

Participation in this meeting is a benefit of ECMI membership. Members of CEPS are also admitted for free. Non-members may be admitted for €150, paid in cash at registration. A sandwich lunch will be served before the event, from 12:30 onwards (€6).



In today’s world, financial and technological innovations are changing the space of information and the increasing use of electronic commerce is creating new demand for credit data and its security. The proposal for data protection regulation adopted by the Commission is therefore intended to provide a solid ground for functioning digital markets and protection for consumers.



This is the first of a series of high-level roundtables organised by the CEPS Financial Institutions Unit on the future of financial regulation in Europe. These will gather researchers, industry experts, and key policy-makers to debate the future design and potential consequences of forthcoming financial regulatory frameworks.

This first roundtable will discuss the legislative proposal for CRDIV, which is currently scheduled to be adopted by the European Parliament by the summer of 2012, and a variety of technical details that will be filled in the upcoming years.



After several months of intense work, CEPS will present on April 19 the final report of its task force 'Rethinking Asset Management'. With the participation of Tilman Lueder, Head of Unit at the European Commission, this event will present the policy recommendations put forward by task force members and the main conclusions of the ambitious report drafted independently by ECMI and CEPS.



With steps towards an ever-closer union and emerging proposals to address budgetary concerns, tax policy is perhaps more than ever at the forefront of policy debate in the EU. The impact of fiscal policies on economic growth and stability, proposed reforms for improving the design of taxation and the cross-border implications of domestic tax systems are among the many questions that receive increased attention.



Eurozone sovereign bond markets are in the eye of the storm. High borrowing costs and a fragmented sovereign issuances in Europe may be overcome in the future if fiscal consolidation and structural reforms deliver economic growth and greater integration by filling gaps in competitiveness among member states. Yet, time runs short as borrowing costs remain high, despite ECB intervention, and contagion may spread to countries considered so far relatively ‘safe’.



Joint CEPS-ECRI event. Participation in this event is free of charge for ECRI and CEPS members, non-members may be admitted for €100. A sandwich lunch (€6) will be served before the event, from 12.30 onwards.



This CEPS - ECRI event will provide a forum to discuss the effects that the Capital Requirements Directive and the respective regulation will have on banks’ business models. The ‘one size fits all’ approach of Basel III poses the same requirements for all banks, regardless of their risk levels and structures. This raises concerns especially from the perspective of cooperative banks with a retail business model, which have an important role as lenders to the economy.



After months of discussions, the European Commission has officially released the draft level 1 text of the new Market in Financial Instruments Directive (MiFID) and Regulation (MiFIR) on October 20th. This legislative action is bound to ignite sweeping changes in European financial markets. An ECMI lunch-time seminar will bring regulators, experts and market participants to discuss the details of the legislative proposal and its impact on markets.



CEPS is a member of a consortium led by SOFRECO, and with CIDOB and ICMPD. Areas covered by this lot include European Neighbourhood Policy in the southern Mediterranean; EU bilateral and multilateral relations with the Mediterranean and Middle East; Barcelona Process.

 



CEPS’ contribution to this study led by CASE was to carry out a Business perception survey and to provide an analysis of different business sectors in selected Euromed countries. 



Joint CEPS-VoteWatch.eu monthly debriefing. Participation in this meeting is free of charge. A sandwich lunch (€6) will be served before the event, from 12.30 onwards.



The study sheds light on ‘credit life cycles’ in seven European countries (Austria, Belgium, Germany, Italy, the Netherlands, Spain and Sweden), analyzing the business processes of the largest banks, credit registries/bureaus and credit management service companies (engaging in the business of debt recovery). Further, the report reviews existing legislation governing (credit) data protection, debt recovery and consumer bankruptcy proceedings, deriving thereof country-specific time-lines.

 



The objectives of the study are to understand the performance of cooperative banks in selected countries and to compare the developments and roles of cooperative banks in these countries with other banking groups (profit-making institutions) within national financial systems.

 



On the occasion of the 50th anniversary of the World Federation of Exchanges, CEPS partnered with the WFE and Larry Harris to produce a definitive volume of essays to take a look at the historic role exchanges have played in the global economy, highlighting pivotal innovations that shaped this role, and to lay out prospective ways in which exchanges will continue to shape the global economy in the future.

 



CEPS contributed to the collection and analysis of data on current accounts across Europe.

 



The objective of this study is to review the current regulatory framework and its decision-making process and to assess the role of industry associations in this context.

 



The main goal of the CEPS-IEMed Working Group is to conduct an independent assessment of the obstacles facing access to finance to the SMEs in the region, and to examine practical avenues to improve the status quo. As noted by Ambassador Senén Florenza (IEMed), Chairman of the Working Group and Rym Ayadi (CEPS), Rapporteur, in their introductory remarks, the outcome of the Working Group will serve as a “repository of reflections”, which will fill a serious gap by offering an in-depth analysis of the key issues and remain a reference for future initiatives.



This project collected data to distinguish between the business models of the most prominent banks in the EU. Using the collected data, the study sought to highlight existing weaknesses associated with each model. The aim was to assess whether the recent reforms in the financial sector will effectively address some of these weaknesses inherent in some models without hampering the banks’ capacity to continue serving their main functions as financial intermediaries.
Funded by: Green Group of the European Parliament