Financial Markets

211 - 240 of 428
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

03 April 2007

This policy brief examines the evolution of the hedge fund industry, the industry’s structure and the prospect of regulatory steps looming on the horizon. In the wake of the recent bust of Amaranth and of the increased ‘retailisation’ of the industry, hedge funds have increasingly come under the close scrutiny of regulators. In this ECMI Policy Brief, Charles Gottlieb explores the economic rationale that should be kept in mind for any appropriate policy making in this area.

30 March 2007

The opening-up of the market for equity market data raises the question of whether data will be sufficiently consolidated and of high enough quality post-MiFID, or whether it will become too fragmented, thereby hindering price transparency and the implementation of best execution policies. This policy brief outlines the market for financial market data, the provisions of MiFID and the implementing measures regarding financial data and data consolidation. It also looks at the approaches taken by CESR, the FSA and the US authorities.

01 February 2007

The European Commission’s in-depth inquiry into retail banking is long overdue. Its findings are hardly surprising: for years high fees persisted, market concentration loomed and there was little cross-border competition. Times could now be changing for the better. DG Competition states that it has found ‘widespread competition barriers’ that raise the cost of retail banking, but ‘competition concerns’ are not evidence of breaches of competition law.

16 January 2007

This regulatory commentary argues that as the EU is bringing more competition in securities markets with the implementation of the MiFID directive, and the adoption by the settlement industry of a code of conduct, the ECB is going in the other direction with the creation of a monopoly for securities settlement in the EU. Karel Lannoo sketches four reasons why the TARGET 2 initiative shouldn’t be pursued.

18 December 2006

This regulatory comment argues that EC policy-makers have tried to make equiproportional representation nearly an aphorism tied to corporate egalitarian sentiments but that the proposal fails to justify the move as a value-enhancing technique for EU corporate governance.

12 December 2006

This ECMI Policy Brief attempts to contribute to the ongoing policy debate on MiFID art. 65.1, which tasks the Commission with conducting a study to report on whether the trade transparency requirements that currently apply to share trading ought to be extended to non-equity markets. It presents the pros and cons of introducing greater transparency into the marketplace, including a model on the possible impact of increasing transparency.

15 November 2006

The present Policy Brief paints a portrait of the likely EU securities market landscape post-MiFiD. Much of the available analysis on MiFID has focused on short-term adjustment and compliance costs, especially regarding IT investments. Yet MiFID represents a revolution in European securities markets that is likely to lead to deep and long-lasting structural changes. The analysis in this Policy Brief concentrates on ten predictions that the authors make about the likely impact of MiFID on market structures, and the likely strategic responses of financial services firms.

14 November 2006

Over a three-year period beginning in July 2003, CEPS organised a Task Force, to explore the challenges facing regulation and supervision of the insurance industry in the EU. The Task Force, chaired by Johan Van Der Ende, Director of Structured Investments for PGGM, brought together representatives from the industry and its regulators, industry associations, consultancies, national governments, distinguished scholars, the European Parliament and the European Commission.

05 October 2006

As the European Commission undertakes to publish its White Paper on the enhancement of the EU framework for investment funds (scheduled for November 2006), now is a good time to reflect on whether the UCITS framework needs a radical overhaul if the regulatory landscape is going to adapt itself to the reality of market evolutions. Jean-Pierre Casey contributes to this important debate with the second ECMI Policy Brief, in which he argues that UCITS ought to move to a risk-based approach as opposed to relying on the product approach.

18 September 2006

The Centre for European Policy Studies and PricewaterhouseCoopers LLP co-hosted on 26 June 2006, a high level conference on “Cross-Border Consolidation in the Financial Services Industry in Europe: Developments, Obstacles & Policy Initiatives”.

18 September 2006

As the European Commission is currently in the process of preparing its White Paper on the enhancement of the EU framework for investment funds (scheduled for November 2006), now is a good time to reflect on whether the UCITS framework needs a radical overhaul if the regulatory landscape is going to adapt itself to the reality of market evolutions.

20 August 2006

The key concept underlying the Basel II framework for risk measurement and corresponding equity capital standards is that the existing regulations pertaining to credit risk will be individualised through reference to the internal ratings of banks. In accordance with the regulatory guidelines, Daniel Kaltofen, Stephan Paul and Stefan Stein develop an ‘optimised segmentation approach’ with regard to the credit default event and measure the implications for regulatory capital requirements.

18 August 2006

Based on a sample of 15 European countries, this survey analyses various features of the European IPO (Initial Public Offering) market over the period from 1995 to 2004: listing requirements, IPO-mechanism choices, performance and secondary market liquidity.

08 August 2006

This regulatory commentary comments on the Commission’s decision to solely impose a code of conduct for the Clearing and Settlement Industry as well as on the ECB’s proposal to centralize European settlement systems.

03 August 2006

The proposal by the European Commission (EC) to establish shareholder democracy and mandate the one-share-one-vote (1S1V) rule has drawn much attention and controversy. In the pursuit of enhancing the rule’s popular appeal, EC policy-makers have tried to make equiproportional representation nearly an aphorism tied to corporate egalitarian sentiments underscoring justice, fairness and ethics.

14 June 2006

Much has been achieved in upgrading and integrating the ‘governance’ of the European financial system in recent years. In parallel with the successful adoption of the Financial Services Action Plan (FSAP), the EU managed to reform its regulatory structure, extending what was proposed by the Lamfalussy Committee for securities markets in early 2001 to banking and insurance. This paper by CEPS Chief Executive Karel Lannoo explores what remains to be done.