Financial Markets


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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:



The European payments landscape is undergoing significant market and regulatory changes. The EU legislators are reviewing the Payment Services Directive and at the same time considering the legislative steps required to promote the efficiency and security of electronic payments and the SEPA Framework. A European single market for card, internet, and mobile payments is essential for the functioning of the digital single market. However, there remain several obstacles for an effective implementation of these forms of payment.



The financial and sovereign crises have hit the foundation of the banking sectors around the globe. This requires policy makers to look beyond the current available regulatory and supervisory toolbox at the structure of the banking sectors. Commissioner Michel Barnier announced therefore in November 2011 to set up a high-level expert group. Led by Governor Erkki Liikanen of the Bank of Finland the experts examined whether the present regulatory reforms in the EU are sufficient or additional structural reforms are required.



Sixth in a series of high-level roundtables organised by the CEPS Financial Institutions Unit on the future of financial regulation in Europe. The roundtables are aimed at bringing together researchers, industry experts, and key policy-makers to debate the future design and potential consequences of forthcoming financial regulatory frameworks.

Click here to see the programme. Click here to register.



Fifth 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.

See the detailed programme here.
 



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



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.