Capital Market Access and Financing of Private Firms*

This chapter discusses the possibility of developing an energy market in Turkey. Turkey currently serves as an energy transit corridor, with the Baku-Tbilisi-Ceyhan (BTC) and Kirkuk-Ceyhan pipelines and with its seaborne oil trade, where large volumes are carried by tankers through its straits. Turkey also has the potential to become an energy market with new projects connecting producers in Central Asia, the Middle East, and the Caucasus, and major consumers of oil and natural gas in Europe and other regions of the world. Two recent megaprojects, The Trans Anatolian Natural Gas Pipeline Project (TANAP) and Turkish Stream will move Turkey closer to fulfilling this dream. Turkey, however, needs to meet some requirements to be considered a mature energy market. These are related, among others, to factors such as its infrastructure, storage capacity, market reforms, and easy market access for private firms to actively participate in the energy market.

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The Shanghai-Hong Kong Stock Market

East Asian Policy ◽

10.1142/s1793930515000264 ◽

2015 ◽

Vol 07 (03) ◽

pp. 36-45

Author(s):

Jing WAN

Keyword(s):

Hong Kong ◽

Stock Market ◽

Capital Markets ◽

Capital Market ◽

Stock Markets ◽

Market Access ◽

Mainland China ◽

Opening Up ◽

Hong Kong Stock Market ◽

The Capital Market

The Stock Connect scheme launched on 17 November 2014 was the first mutual market access between mainland China and Hong Kong stock markets. It is the biggest move ever in the opening up of the capital market. Experiences accumulated will be of great value to mainland regulators who will decide on how these experiences could be utilised for China’s future opening up of its capital markets and for accelerating renminbi internationalisation.

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Reflections on the EU Third Country Regime for Capital Markets in the Shadow of Brexit

European Company and Financial Law Review ◽

10.1515/ecfr-2020-0002 ◽

2020 ◽

Vol 17 (1) ◽

pp. 35-71

Author(s):

Niamh Moloney

Keyword(s):

Capital Markets ◽

Capital Market ◽

Financial Services ◽

Market Access ◽

European Parliament ◽

Direct Application ◽

The Political ◽

Economic Context ◽

Legislative Reforms ◽

The Eu

This article considers the recent evolution of the EU’s third country regime for capital market access in light of Brexit, the important series of legislative reforms adopted in March 2019 as the 2014-2019 European Parliament/Commission term closed, and the emergence of the European Securities and Markets Authority (ESMA) as a material technocratic influence. The article suggests that while the capital market third country regime is changing (with Brexit a key but not exclusive driver of change), it is not being radically recast, although it is tightening. The regime remains broadly based on the more-or-less liberal ‘deference’ model which has long characterised EU third-country financial services policy. But it is becoming increasingly ‘on-shored’ by means of the direct application of EU rules and by ESMA’s oversight/supervision of certain third country actors. The significantly more restrictive approach being taken to third country central clearing counterparties is a marked development, but here the political and economic context is distinct. The implications of the overall shift towards a more ‘on-shore’, centralised, and potentially restrictive access regime are considered, and a modest reform prescription is offered.

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