Financial Markets


181 - 210 of 410
30 September 2008

Observing that we are living in extraordinary times, Daniel Gros and Stefano Micossi warn in a new CEPS Commentary that policy-makers in Europe cannot continue to muddle through. They put forward simple proposals aimed to putting the euro area ahead of events in the unfolding crisis. Daniel Gros is Director of the Centre for European Policy Studies in Brussels. Stefano Micossi is Director of Assonime, a business association and think-tank in Rome.

29 August 2008

In spite of the growing importance of commodity derivatives markets in the financial services industry, precious little is known about their impact on commodity spot prices and their functioning and structure. This ECMI Commentary calls for greater information and transparency on a number of fundamental questions related to these markets.

07 August 2008

This Commentary by CEPS Chief Executive looks at the financial crisis that has gripped Europe since the massive liquidity injection by the European Central Bank on 9 August 2007. One year on, he notes that some clear shifts are discernible in the institutional set-up, but they have probably not been explicitly acknowledged. At the same time, the crisis has brought to the fore important gaps in the European and global supervisory architecture.

24 July 2008

In this commentary, CEPS Associate Fellow Paul De Grauwe looks at the lessons that can be learnt from the financial crisis, arguing that tighter market regulations should be re-introduced, and that new macroeconomic models will have to be developed in order to factor in financial stability as a new target.

27 June 2008

In this commentary, CEPS Chief Executive Karel Lannoo calls for a consolidation of the EU Financial Markets’ supervisory framework.

23 June 2008

Following a period of protracted turbulence, regulators on both sides of the Atlantic face the challenge of re-evaluating prudential standards in the midst of implementing the new so-called ‘Basel II’ rules, issued by the Basel Committee on Banking Supervision. Indeed, the 2007 subprime lending crisis and other scandals have cast doubt on the credibility of banks’ internal governance and risk assessment and management systems and the role of credit rating agencies in externally assessing the risk of complex structured products.

03 June 2008

This paper starts with a bird’s eye view of retail financial markets in the EU today and their degree of integration. It reviews the EU measures affecting retail financial markets and how rule-making has evolved over the last 15 years. A third section discusses issues raised by EU rule-making in retail financial markets and concludes with recommendations for policy.

08 April 2008

The European fund management industry has undergone profound changes since the 1985 Directive on Undertakings for Collective Investment in Transferable Securities (UCITS). Today, there are about 32,000 UCITS products, representing over €6 trillion of assets under management. These facts point to the success of the UCITS brand as one that is operational and reliable, all the while securing a high degree of investor protection.

03 April 2008

There remains considerable confusion as to how exactly the MiFID and UCITS directives will interact in the long run. This uncertainty reflects the growing pains of a regulatory transformation that represents no less than a tectonic shift from intense and prescriptive product regulation to a more flexible, principles-based regulation of management functions. Unlike UCITS, MiFID is a horizontal directive that cuts across the entire financial services industry (except for insurance).

21 March 2008

By slowing the spiral that is driven by the practice of ‘marking to market’, Paul De Grauwe, CEPS Associate Senior Research Fellow and Professor at KU Leuven, argues that innocent bystanders will stop being caught in the whirlwind of today’s financial markets.

04 February 2008

As European financial markets continue to feel the aftershocks of the US subprime crisis, CEPS CEO Karel Lannoo argues in this commentary that European authorities should agree on a set of easily understandable standards to measure the quality of a bank's finances.

25 January 2008

This ECRI Commentary details the latest progress made by the proposed Consumer Credit Directive (CCD) through the legislative process and explains the lingering reservations harboured by some member states towards the controversial initiative. In the process, ECRI researcher Filipa Figueira also attempts to educate the reader on the complicated EU procedure known as co-decision.

16 January 2008

Three years after a fiery lift-off, the European Company Statute (ECS) is anything but popular. Although the numbers appear to be improving gradually, only a few companies have actually taken the leap to become certified as a European Company (SE). CEPS’ aim in producing this report, and more generally in initiating a Task Force on the issue, has been to examine the problems that inhibit companies from choosing the ECS as a vehicle for simplifying their structures.

20 December 2007

The intention of this article is to subject European financial centres to a SWOT analysis, assessing their Strengths, Weaknesses, Opportunities and Threats. We start with a closer definition of the term financial centre and a classification of the different kinds of financial centres found in Europe. A second section analyses the extent to which EU legislation and in particular the Financial Services Action Plan (FSAP) may lead to an intensification of financial centre competition. In a final section, we make some assessments for the future.

17 November 2007

The 2007 ECRI Statistical Package is available in three different forms: in PDF, as an Excel file or a combination of PDF and Excel files.

Orders for the Excel file (either individually or in combination with the PDF) will be dispatched by email as soon as payment is received. Orders for the PDF will be immediately downloadable and accompanied by a print-out dispatched by post.

16 November 2007

The 2007 ECRI Statistical Package is available in three different forms: in PDF, as an Excel file or a combination of PDF and Excel files.

Orders for the Excel file (either individually or in combination with the PDF) will be dispatched by email as soon as payment is received. Orders for the PDF will be immediately downloadable and accompanied by a print-out dispatched by post.

16 November 2007

The 2007 ECRI Statistical Package is available in three different forms: in PDF, as an Excel file or a combination of PDF and Excel files.

Orders for the Excel file (either individually or in combination with the PDF) will be dispatched by email as soon as payment is received. Orders for the PDF will be immediately downloadable and accompanied by a print-out dispatched by post.

15 October 2007

This report surveys recent empirical research on the state and development of retail banking integration in Europe. It finds a broad consensus that retail banking integration is still limited, although integration seems to have gained momentum more recently. At the same time, the survey finds less agreement about how to measure integration. Evidence from various types of integration measures is discussed in detail and the shortcomings of these measures are highlighted.

25 September 2007

The unfolding crisis in Europe’s financial markets is presenting the EU’s new regulatory and supervisory set-up with its first big test, revealing worrying differences in responses to stress, flaws in the enforcement of rules and gaps in the supervisory framework. Although the evidence is limited so far, some clear-cut policy recommendations can be made, which need to be urgently addressed.

18 September 2007

Credit reporting agencies collect and compile highly sensitive information on the millions of consumers in credit markets throughout the world and also increasingly across a variety of industries, such as insurance, retail and telecommunications. In this revised edition, Nicola Jentzsch provides an in-depth analysis of the economics and regulation of financial privacy and a comparative overview of credit reporting systems in the US and the 27 member states of the European Union.

12 September 2007

This book examines the performance of mergers and acquisitions in the banking industry in Europe and introduces a new approach for assessing the phenomenon by considering the various strategies underlying consolidation activity – namely, the initial activities of the banks involved and the geographical dimension of their transactions. The results show that the economic and financial performance of a banking M&A depends on its underlying strategy, which is defined on the basis of the bank’s initial activities and its geographical reach.

04 September 2007

MiFID portends a true revolution in the European financial landscape for both exchanges and financial services firms. Inter alia, the EU legislation abolishes the monopoly position traditionally enjoyed by exchanges and introduces the concept of best execution for service providers. In his survey of the state of preparedness on the part of both member states and firms to implement the MiFID provisions, CEPS Chief Executive Karel Lannoo finds huge diversity.

13 July 2007

This paper explores whether MiFID and Reg NMS could be accepted as equivalents by regulators on both sides of the Atlantic. Apart from many similarities, the most important one being that the main purpose of both measures is to enforce best execution in equity trading, there are many differences as well in the definition of best execution, the structures of the markets, and the role and powers of supervisory authorities.

08 June 2007

Two years of intensive negotiations have ended with the adoption of the Payment Services Directive by the European Parliament in the first reading, and the proposed legislation is due to be adopted shortly by the EU Council. Thus, the process to create an integrated single market in financial services is one step closer to implementation. This Policy Brief underlines the importance of this legislation for the efficient functioning of financial services as well as the creation of a level playing field for competitors in the market.

24 May 2007

In this commentary CEPS Fellows Nicola Jentzsch and Karel Lannoo assess the impact of the Consumer Credit Directive, which was finally agreed at the Competitiveness Council on 21 May. They doubt that this new piece of legislation will in itself suffice to create a more integrated and competitive consumer credit market in Europe.

11 April 2007

This paper explores the reasons why European sovereign bond markets have developed such a high degree of segmentation and considers how this structure could be altered to improve transparency without adversely affecting liquidity, efficiency or the benefits enjoyed by primary dealers and issuers. The author, Peter G. Dunne, a lecturer in Finance at the School of Management and Economics, Queen