Financial Markets

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The European Capital Markets Institute (ECMI) and the Centre for European Policy Studies (CEPS) are inviting market participants, policy-makers and academics to engage in debate on the future of Europe’s capital markets by joining a Task Force that will work with the European Capital Markets Expert Group (ECMEG)

The last 15 years have been a rollercoaster for China´s banking system. From systemic insolvency in the early 2000s, China has moved to a lager and seemingly sounder banking system after a comprehensive restructuring effort. More recently a huge fiscal stimulus and massive borrowing by corporates has again increased Chinese banks’ vulnerabilities while delaying the liberalization process that had been pushed in the second part of the 2000s.

In their first trip to Brussels since the adoption of the SEC's new cross-border derivatives rule (scheduled to be adopted 25 June 2014), Messrs. Bussey and Pan will explain the new rule and speak about ongoing international efforts to address gaps, overlaps and conflicts in the implementation of new OTC derivatives rules in the United States, Europe and other jurisdictions.

European institutions have been working since long time to harmonise rules and integrate market infrastructure. Settlement cycles have been increasingly converging across asset classes and Europe is becoming a leading region for the resilience of its back office, in particular as a result of the pressure to build a pan-European infrastructure. Much has been done, but the Europeanisation process is still incomplete. The event will discuss progress of two paramount initiatives: the Target-2 Securities (T2S) and the Central Securities Depositories Regulation (CSDR).

The 2007-2009 global financial crisis and the consecutive 2010-2012 euro area sovereign debt crisis exposed the banking sector to heavy losses and resulted in higher capital requirements. Not all banks managed to have sufficient buffers to absorb the losses and fulfil the higher capital requirements. The EU Member States intervened, providing capital, asset reliefs, guarantees and other liquidity measures to ailing banks to safeguard financial stability and avoid the consequences of the breakup of the lending chain.

Joint ECFR-CEPS Conference

The event will discuss the main findings of ECFR’s work on banking union and contrast with the analysis by CEPS as well as the position by main political stakeholders and discuss the future of banking union over the coming years.
Click here to see the programme.

Over the past five years, OTC derivatives markets have received heightened regulatory attention aiming at improving transparency, reducing counterparty risk and increasing the resilience of this market segment. The progress in the follow-up of the G20 commitments in the EU (EMIR, MiFID II) and US (SEF, Title VII of Dodd-Frank Act) is of particular importance for the future shape of global derivatives markets, given that these two jurisdictions account for roughly 80% of the global OTC derivatives markets.

The ECRI Task Force (TF) aims to help pave the way in setting the 2014-19 European Commission’s agenda for retail financial services, in particular consumer credit. The objective is for TF to represent all stakeholders, including policy-makers, experts, industry and consumer representatives.

The last five years have witnessed a huge redesign in the regulation of financial markets in Europe, culminating in the transfer of supervision of the largest banks in the eurozone to the European Central Bank (ECB). The regulatory agenda was largely set at the international level in the context of the G-20, while the supervisory change was a specifically European response to shortcomings at the national level. This raises the question: What next?

In recent years, commodities markets have undergone significant changes, rising from relative obscurity to a subject of intense scrutiny by policy-makers and supervisors. In a more global market structure, trading houses play a pivotal role in the supply chain that brings commodities from producers to billions of consumers around the world. As a key part of the infrastructure that performs transformation services, commodities trading houses allow worldwide physical trade of commodities by managing complex risks.

Jan-Martin Frie joined ECMI in February 2014. His research focus is the implementation of MiFID II/MiFIR and market structure issues. Jan-Martin holds a Magister in Economics and Politics from Christian-Albrechts University Kiel and an MA in European Economic Studies from the College of Europe in Bruges. Before joining ECMI, he was a Research Assistant at the Kiel Institute for the World Economy and an Associate Researcher at the German Institute for International and Security Affairs (Stiftung Wissenschaft und Politik Berlin).

Debate on the occasion of the launch of a new book published by Cambridge University Press.

- With the support of Emittenti Titoli -

Socially responsible investments (SRIs) have become an important complement to traditional government aid for global health and development. In the effort to balance a more long-term horizon with wider contextual factors, such as global health and environment, SRIs in recent years have been shaping up in different ways.

Transaction banking is a building block for commerce, global trade and the real economy in general. While the sector has not been singled out for special regulatory attention due to its low risk profile, various pieces of regulation are expected to influence its functioning and present new challenges and opportunities. In addition to new liquidity rules, most importantly set up by Basel III, transaction banking operators have to tackle new differences between jurisdictions as national governments are setting out country-specific requirements.

Launch of the CEPS-ECMI Task Force Report on long-term investing and retirement savings. Follow this link for more information.

***Please note the final date and time for this event: 18 Sep, 15.00-17.00***

Registration conditions

Federico Infelise joined CEPS in September 2012. Part of his activity focused on applying statistical models to the analysis of financial markets time series particularly in the field of commodities price formation. He is now focusing on corporate finance issues and in particular on the exploration of capital markets sources of funding for non financial corporations and SMEs. Federico has BA and MSc in economics from Ca’ Foscari University (Venice) and MA in European Economic Studies from the College of Europe (Bruges).

Join CEPS-ECMI experts for an advance release of this landmark CEPS-ECMI Task Force Report, next Tuesday July 9 over breakfast - open only to members, officials and press. 


See the latest agenda by following this link to the ECMI website:


Following the entry into force of the EMIR regulation and the technical standards issued by the European Securities and Markets Authority (ESMA), market participants are dealing with a complex list of requirements to be fulfilled at different deadlines in the coming months. For market participants, the key challenge will be to meet the central clearing and trade reporting obligations, while regulators strive to ensure consistency with non-EU jurisdictions so as to limit the unintended effects of extraterritoriality.

ECRI will host a conference to assess how the current policy initiatives and regulatory developments meet the challenges of the new market environment. The discussions will be based on the launch of the ECRI Research Report on household debt during the crisis, which analyses the causes and the consequences of the recent development in household debt. The event will focus on the challenges of the post-crisis environment and will address what future legislative initiatives are necessary to promote sustainable household debt.

The asset management industry has become the object of intense regulatory action in the past five years, with three objectives: safeguard financial stability, stimulate market-based finance and improve investor protection. The European Commission has been at the centre of this process, which it strives to complete before its current mandate ends. This ECMI Seminar will draw the balance between the different regulatory initiatives and discuss their progress with Tilman Lueder, Head of the Asset Management Unit at the European Commission.

The financial and economic crises have brought taxation to the forefront of the policy debate in the EU. Levying a targeted tax on the financial sector is one of the most frequently discussed measures to reduce governments’ budgetary pressures. Among policy-makers in the EU, there is a broad consensus that financial institutions should contribute to the cost of fixing the crisis, but member states have not managed to reach a common agreement. In anticipation, some EU member states have already introduced a domestic financial sector tax.

Securitisation can help increase access to finance by converting illiquid pools of assets into securities that can be purchased by investors in capital markets. It can play an important role in the long-term financing of industrial and infrastructure projects, as well as SMEs. It is however also prone to a number of risks driven by volume-based incentives. The excesses of the sub-prime crisis led to the dry-up of most securitisation markets in Europe. This seminar will provide an opportunity to discuss the role and future of securitisation in European capital markets.

Date: 14 June 2005
Speaker: The Hon. John W. Snow, Secretary of the Treasury of the United States
Chairman: H. Onno Ruding, Chairman of the CEPS Board of Directors
Introductory remarks: H.E. Rockwell A. Schnabel, Ambassador of the US to the EU

The ability of citizens and businesses to move freely throughout the EU lies at the heart of European integration and the Single Market. Driven by the availability of jobs and resources, migration is generally demonstrated to result in an increase in aggregate output and income. Therefore, international migration has enormous implications for the growth and welfare of both originating and destination countries.



Launch of the study Marccus Partners and CEPS-ECMI: 'A Legal and Economic Assessment of European Takeover Regulation' (available here for download from 11 December 16:00 CET) 

From the back cover of the book: