Financial Markets and Institutions
CEPS Staff involved
Next is the list of our inhouse experts working in this unit.
Apostolos Thomadakis is a Research Fellow and Head of the Financial Markets and Institutions Unit…
Fredrik Andersson is a Researcher in the Financial Market and Institutions unit at CEPS. Interested…
Judith Arnal is Board member at the Bank of Spain, as well as a member…
Gabriele Freo is a Researcher in the Financial Markets and Institutions Unit at CEPS. Previously,…
Agustina Korenblit is an Associate Researcher in the Financial Markets and Institutions Unit at CEPS.…
Karel Lannoo has been Chief Executive of CEPS since 2000, Europe’s leading independent European think…
Alice Orlandini works in Communications and Events for the Financial Markets and Institutions (FMI) unit…
Beatriz Pozo is Unit Coordinator of the Financial Markets and Institutions (FMI) Unit at CEPS.…
Related Events
Here are the latest events organised by this unit.
Related Expert commentaries
Here are the latest items related by this topic.
The likelihood of severe contractions in an asset’s liquidity can feed back to the ex-ante risks faced by the individual…
International institutions such as the World Bank have shown that data sharing on borrowers contributes to improving the risk profile…
This paper investigates the behaviour of credit rating agencies (CRAs) using a natural experiment in monetary policy. Specifically, we exploit…
While ESG data has come a long way, investors acknowledge multiple challenges related to materiality, reliability, and comparability. This policy…
The Mifid II rules are leading to broader participation in capital markets by Europe’s savers. This will far outweigh the…
Related Publications
Here are the latest publications related to this topic.
Establishing the 28th regime in Europe
A unified legal framework to support growth and business
From free-riders to front-loaders
Why the EU’s defence awakening must be matched by economic coherence
Related Projects
Here are the latest projects by this unit.
Late payments in commercial transactions have multiple damaging effects, particularly amongst SMEs, causing one out of four bankruptcies in the…
According to the Non-Financial Reporting Directive (NFRD), public interest entities (PIEs) are obliged to publish a non-financial statement with material…
CEPS role in this project is to provide secretariat work and coordination for the Network of Independent Fiscal Institutions (IFI).…
The EU-GCC Dialogue on Economic Diversification project initiated its activities in April 2018. Its overall objective is to contribute to…
The purpose of the project is to: - Identify potential redundancies, inconsistencies, overlaps and gaps in the regulatory disclosure, suitability…
As part of Deliverable 6 a workshop with relevant stakeholders i.e. the MFSA – resolution and supervisory functions/employees, the MFIN,…
About one in twelve European households is having difficulties meeting their payment commitments, whether these relate to secured or unsecured…
The general objective of this service contract is to contribute to institutional, administrative and growth sustaining structural reforms in Slovakia,…
The objective of the study will be to provide data and analysis to the Commission services/DG FISMA on the implementation…
RRRG is a research project backed by a high level group of experts (EU institutions, national governments and academics). It…
The objective of the study is to evaluate the adequacy of the information listed in points (a) to (f) of…
The main objective of this project is to conduct a new version of the ACCIS annual Membership Survey. While the…
In the past decade, asset management companies (AMCs) have been an effective tool for relieving banks of large portfolios of…
The uncertainty about the impact of the finalised Basel III reforms, raises questions on what the impact of the reforms…
The mission of the Structural Reform Support Service (SRSS) of the European Commission is to provide support for the preparation…
Following the Financial Regulation (EU) No 2018/1046 the European Commission has set up a database with information of the recipients…
The Energy Efficiency Directive (EED) places an obligation on Member States to promote the availability to final customers of high-quality…
The VAT is a tax levied on all goods and services bought and sold for use or consumption within the…
The World Employment Confederation-Europe and UNI Europa, in the context of their updated work programme for the sectoral social dialogue…
In recent years, sustainability has risen in scope and importance on the agenda of policymakers. In Europe, this has translated…
The 2007/08 financial crisis demonstrated the significant lack of adequate tools at the Union and national levels for dealing effectively…
The Directorate general for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) has commissioned Centre for European Policy…
The Centre for European Policy Studies (CEPS) provided academic support to the French Financial Markets Association (AMAFI) in elaborating policy…
DG FISMA has commissioned a consortium led by the CEPS to conduct a Feasibility study on the creation of a…
The study provided an analysis of the EU’s instruments to tackle aggressive tax planning and harmful tax practices. The study…
FinTech are organizations combining innovative business models and technology to enable, enhance and disrupt financial services. The phenomenon of today…
The feasibility and credibility of bank resolutions depends, among others, on whether the impediments to resolvability are addressed or removed.…
The project aims at assessing the validity of the current SRF contributions and assess potential alternatives for the calibration of…
The “Study to gather evidence on the working conditions of platform workers” funded by the Directorate-General for Employment, Social Affairs…
This Report, a joint effort between Donald Kalff and a group of CEPS researchers led by Andrea Renda, aims at…
The purpose of the study is to assess how national options and discretions under the DGSD are implemented in practice,…
Data sharing between lenders is commonly acknowledged to be one of the core ingredients of successful credit markets. The aim…
This project was an extension of the previous project conducted with Eurofound called “Exploring the employment and working conditions related…
This study consists of a quantitative and qualitative assessment of the application of the super simplified reporting regime for micro…
The project aimed at providing a high-level view of costs of compliance with regulatory reforms and supervisory reporting requirements stemming…
This paper discusses from a legal perspective how, over the past years, the SRB has performed against the main goals…
European insurance companies and pension funds (ICPF) are significant institutional investors within the EU and globally. Their investment decisions are…
This paper addressed two distinct yet interconnected problems. The first is whether the provision of Emergency Liquidity Assistance (ELA) on…
In September 2019 Europe’s financial markets will undergo a revolution. From that date, the Payment Services Directive (PSD2) will require…
The IPEPS project aims at complementing degree-level programmes led by Universities by enriching the background knowledge that students acquire in…
ATMs constitute a critical component in today’s infrastructure for facilitating cash payments. However, ongoing digitalisation (cashless payments, e-commerce and online…
This project was a contribution to Eurofound’s research activities on ‘work and employment in the digital age’ as outlined in…
This study discusses the challenges concerning bank valuation reports in resolution. The resolution mechanism has three types of valuation reports,…
Bank failures have multiple causes though they are typically precipitated by a rapidly unfolding funding crisis. The European Union’s new…
CEPS was commissioned to perform the study-project “Online talent platforms, labour market intermediaries and the changing world of work”, which…
This report presents the assessment of the impacts of a potential EU measure on cash payment restrictions (either a prohibition…
This paper defined critical banking functions and considers whether there is a need for further legal/regulatory clarification if liquidation is…
This study carries out an ex-ante impact assessment of substantial amendments put forward by the IMCO and JURI Committees of…
The first part of the paper considered the effects of pre-empting a resolution procedure for a troubled financial institution by…
In compliance with Article 13 of Regulation (EU) No 250/2014 establishing the Hercule III Programme, the Evaluation Roadmap prepared by…
Digitalisation is transforming business landscapes and the world of work, and redefining the boundaries of production, consumption and distribution. This…
European banks have accumulated more than €1 trillion in non-performing loans (NPLs) on their balance sheets after the burst of…
CEPS and GIZ jointly established a workshop series on the EU-Asia Finance Dialogue. The aim of the project was to…
The Single Resolution Mechanism, which started in January 2016, must ensure that even the largest, most interconnected and complex bank…
Shaping Egypt’s association to the European Research Area and Cooperation Action Plus
Considering Egypt’s research and political landscape, and with the aspiration to address the current challenges of STI cooperation, ShERACA+, is…
The Bank Recovery and Resolution Directive (BRRD) foresees a minimum requirement for eligible liabilities and own funds (MREL) that banks…
The general objective of this study is to complement and support the Commission roadmap following the Green Paper for the…
On the request of DG Grow of the European Commission, CEPS carried out an analysis on the impact of the…
The Joint Research Centre (JRC) requested CEPS to conduct an analysis of an online labour platform in the field of…
The Transatlantic Trade and Investment Partnership (TTIP) is an effort by the United States and the European Union to reposition…
The objective of this cooperation agreement is to carry out research and to organize jointly workshops on “diversity and business…
Cross-border movements of capital are a fundamental pillar of the EU single market, a condition to improve the efficient allocation…
Related Task Forces
Here are the latest task forces organised by this unit.
A comprehensive review of the EU’s financial rulemaking process is urgently needed. The framework, originally designed under the Lamfalussy procedure,…
EU payment markets have dramatically evolved in the last few decades. Having initially only relied on cash, payments have seen…
Financial markets have been the object of heavy regulatory activity over the last 15 years. From crisis response, the start…
Issuing a retail central bank digital currency (CBDC) has emerged as a high priority for most of the central banks…
The OECD has been leading the efforts to reach international consensus on corporate taxation rules that are fit for purpose. In this context,…
Faced with the prospect of a long-lasting and traumatic Covid-19 pandemic, we at CEPS decided to step up our efforts…
CEPS has launched a task force on how to achieve progress in the combat against money laundering at EU level.…
BACKGROUND In the coming years, asset allocation will be impacted by the changing macroeconomic environment, evolving investor demographics, technology and…
This task force is now over, you can read the report here. Four years after its launch, opinions on…
CEPS and ECRI launched a Task Force on "Cybersecurity in Finance: Getting the policy mix right!" on 19 September at CEPS. The…
In recent years, digitalisation of the economy has accelerated at a steady pace, and retail financial services for households are…
The CEPS-ECRI Task Force (TF) aims to help pave the way in setting the 2014-19 European Commission’s agenda for retail…
In December 2014, ECMI and CEPS formed the European Capital Markets Expert Group (ECMEG) with the aim of providing a…
Among the many responses to the financial crisis, the most novel has been the insistence on creating resolution frameworks for…
The last five years have witnessed a huge redesign in the regulation of financial markets in Europe, culminating in the…
In today’s world, financial and technological innovations are changing the space of information and the increasing use of electronic commerce…
CEPS and ECMI wish to engage market participants, together with international experts, academics and regulators, in a discussion on long-term…
The Task Force Rethinking Asset Management was set up by the Centre for European Policy Studies (CEPS) and the European…
The recent institutional re-shuffle has charged new internal market Commissioner Michel Barnier with the task of evaluating costs and benefits…
The European Capital Markets Institute and the Centre for European Policy Studies wish to engage in the international debate with…
The new regime whose financial requirements are based on an economic total balance sheet approach, addresses the valuation of liabilities,…
A number of major international banks and numerous banks of lesser size in developed countries still are crippled by large…
The European Investors' Working Group (EIWG) represents a prestigious panel of industry and market experts created by the European Capital…
CEPS Task Force Report: Concrete Steps towards More Integrated Financial Oversight: The EU’s Policy Response to the Crisis Author: Karel…
Since the formation of the euro area, the integration of both wholesale and retail financial markets has been a European…
CEPS Task Force Report: Basel II Implementation in the midst of Turbulence Author: Rym Ayadi Following a period of protracted…
CEPS Task Force Report: Pouring old wine in new skins? UCITS & Asset Management after MiFID Authors: Karel Lannoo (CEO,…
CEPS Task Force Report: Achieving a Common Consolidated Corporate Tax Base in the EU Authors: Malcolm Gammie, Silvia Giannini, Alexander…
Completed without final report. Prospectus Chair: Paul Arlman, Secretary General Federation of European Securities Exchanges (FESE) Rapporteur: Joe McCahery, University…
CEPS Task Force Report: EU Financial Regulation and Supervision beyond 2005 Authors: Karel Lannoo (CEPS CEO) & Jean-Pierre Casey Much…
CEPS Task Force Report: The New Basel Capital Accord and the Future of the European Financial System Authors: Rym Ayadi…
CEPS Task Force Report: Competition, Fragmentation and Transparency: Providing the Regulatory Framework for Fair, Efficient and Dynamic European Securities Markets,…
CEPS Task Force Report: The Emerging Framework for Disclosure Regulation in the EU Authors: Karel Lannoo & Arman Khachaturyan The…
CEPS Task Force Report: Pan-European Asset Management Authors: Karel Lannoo & Mattias Levin After the adoption of the EU pension…
CEPS Task Force Report: Regulating E-Commerce in Financial Services Author: Nuria Diez Guardia The purpose of this report is to…
Chair: Charles Goldfinger, CEO, Global Electronic Finance Rapporteur: Matthias Levin, former CEPS Fellow
CEPS Task Force Report: Updating EU Securities Market Regulation: Adapting to the Needs of a Single Capital Market Author: Karel…
CEPS Task Force Report: Corporate Taxation and the European Company Statute Author: Emrah Arbak, CEPS Three years after a fiery…