scholarly journals Capital Markets Union: Opportunities and Impact on the European Financial Market

2016 ◽  
Vol 11 (2) ◽  
pp. 140-157
Author(s):  
Teodora Cristina Barbu ◽  
Adina Ionela Străchinaru
Keyword(s):  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Added Value ◽  
Conceptual Approach ◽  
Banking Market ◽  
Capital Markets Union ◽  
Potential Impact ◽  
Credit Standards ◽  
The Impact

Abstract In developing this study we started from challenges and debates that capital markets union project engages, launched by the European Commission during 2015, both in academia and the specialists, regulators and investors. The article is structured in three parts, as follows: in the first part are highlighted theoretical and conceptual issues on the need for a union of capital markets, the second part presents empirical evidence from literature relating to this issue and in the third an econometric model is described, which aims to demonstrate the potential that Capital Markets Union may involve on increasing financing through the capital market. The contribution of this article to prior knowledge in the field consists of filling conceptual approach on the impact that Capital Markets Union will actively engage on the European financial market. The added value by our scientific approach is to highlight the complementarity between capital and banking market. Between IPO dynamics, as a representative indicator of capital market and a significant set of indicators of financial market as Stoxx Europe 600 index, the size of capital markets, changes in credit standards and key rate of the monetary policy of ECB is manifested correlations terms denoting the potential impact that Capital Markets Union will have on European financial markets.

Capital Markets Union, Third Countries, and Equivalence

2018 ◽  
Author(s):  
Niamh Moloney
Keyword(s):  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Free Trade Agreement ◽  
Trade Agreement ◽  
Regulatory Requirements ◽  
Governance Regime ◽  
Financial Governance ◽  
Capital Markets Union ◽  
The Eu

The EU currently manages access by non-EU/-EEA states to the EU financial market through its ‘third country’ rules, which typically require that the financial governance regime of the state in question is ‘equivalent’ to the EU regime. However, the UK's departure from the EU by 31 March 2019 has raised questions about how UK, as a ‘third country,’ ensures access to the EU financial market, and how a related Free Trade Agreement (FTA) might be configured. This chapter first considers the current regulatory requirements governing third country access to the EU capital market and their implications for the Capital Markets Union. It then examines the evolution of third country/equivalence-related techniques internationally for capital markets and how they might be relevant for the EU. It also speculates as to how the EU's equivalence arrangements for third countries are likely to develop, including in the context of an EU/UK FTA.

The Capital Market Authority Effectiveness in the Regulation of Financial Markets perspectives from the financial sector actors

2012 ◽  
Vol 02 (11) ◽  
pp. 15-24
Author(s):  
Charles Kombo Okioga
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Financial Regulation ◽  
International Standards ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Market Participants ◽  
New Business

Capital Market Authority in Kenya is in a development phase in order to be effective in the regulation of the financial markets. The market participants and the regulators are increasingly adopting international standards in order to make the capital markets in sync with those of developed markets. New products are being introduced and new business lines are being established. The Capital Markets Authority (Regulator) is constantly reviewing existing regulations and recommending changes to regulate the market properly. Business lines and activities are being harmonized by market participants to provide a one stop solution in order to meet the financial and securities services needs of the investors. The convergence of business lines and activities of market intermediaries gives rise to the diversity of a firm’s business operations to meet multiplicity of regulations that its activities are subject to. The methodology used in this study was designed to examine the relationship between capital markets Authority effective regulation and the performance of the financial markets. The study used correlation design, the study population consisted of 30 employees in financial institutions regulated by Capital Markets Authority and 80 investors. The study found out that effective financial market regulation has a significant relationship with the financial market performance indicated by (r=0.571, p<0.01) and (r=0.716, p≤0.01, the study recommended a further research on the factors that hinder effective financial regulation by the Capital Markets Authority.

scholarly journals Fiscal fault, financial fix? Capital Markets Union and the quest for macroeconomic stabilization in the Euro Area

2018 ◽  
Vol 22 (2) ◽  
pp. 117-138 ◽  
Author(s):  
Benjamin Braun ◽  
Marina Hübner
Keyword(s):  
Capital Markets ◽  
Governance Structure ◽  
Macroeconomic Stabilization ◽  
European Monetary ◽  
Macroeconomic Conditions ◽  
Structural Capacity ◽  
Capital Markets Union ◽  
Fiscal Austerity ◽  
The Business Cycle ◽  
The Impact

This article seeks to situate and explain the European Union’s push for a Capital Markets Union – and thus for a more market-based financial system – in the broader context of macroeconomic governance in politically fractured polities. The current governance structure of the European Monetary Union severely limits the capacity of both national and supranational actors to provide a core public good: macroeconomic stabilization. While member states have institutionalized fiscal austerity and abandoned other macroeconomic levers, the European polity lacks the fiscal resources necessary to achieve stable macroeconomic conditions – smoothing the business cycle, ensuring growth and job creation and mitigating the impact of output shocks on consumption. Capital Markets Union, we argue, is the attempt of European policymakers to devise a financial fix to this structural capacity gap. Using its regulatory powers, the Commission, supported by the European Central Bank (ECB), seeks to harness private financial markets and instruments to provide the public policy good of macroeconomic stabilization. We trace how technocrats, think tanks, and financial-sector lobbyists, through the strategic use of knowledge and expertise, established securitization and market-based finance as solutions to the European Monetary Union’s governance problems.

Prospectus Regulation and Prospectus Liability

2020 ◽  
Keyword(s):  
Capital Markets ◽  
Integrated Analysis ◽  
Securities Litigation ◽  
Depth Analysis ◽  
Prospectus Liability ◽  
Capital Markets Union ◽  
The Uk ◽  
Rome I ◽  
The Impact ◽  
The Eu

This book provides integrated analysis of and guidance on the Prospectus Regulation 2017, civil liability for a misleading prospectus, and securities litigation in a European context. The prospectus rules are one of the cornerstones of the EU Capital Markets Union and analysis of this aspect of harmonisation, the areas not covered by the rules, and the impact of Brexit, provides valuable reference for all advising and researching this field. The book discusses the subjects of Prospectus Regulation from both a legal and economic perspective. It focuses on key subjects of the new Prospectus Regulation, providing an in-depth analysis of each issue. The book then moves on to explain the domestic law on liability for a misleading prospectus, this issue being omitted from the Regulation. The law and practice in each of the key capital markets centres in Europe is analysed and compared, with the UK chapter covering the issues and possible solutions under Brexit. A chapter on securities litigation gives full consideration of conflicts of laws issues with reference to the Brussels I regulation, and the Rome I and II Regulations. The book concludes by looking to the future of disclosure practices in connection with securities offerings in the EU.

The Emergence of a National Capital Market in England, 1710–1880

1993 ◽  
Vol 53 (1) ◽  
pp. 1-24 ◽  
Author(s):  
Moshe Buchinsky ◽  
Ben Polak
Keyword(s):  
Eighteenth Century ◽  
Financial Markets ◽  
Interest Rates ◽  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Late Eighteenth Century ◽  
Regional Markets ◽  
Late Eighteenth ◽  
National Capital

Was eighteenth-century London's financial market linked to domestic real capital markets? When did English capital markets cease to be regionally segmented? We compare London interest rates with annual registered property transactions in Middlesex and in West Yorkshire. This evidence, though tentative, suggests that London financial markets were weakly linked to local real capital markets in the mid-eighteenth century. By the late eighteenth century those links were strong. Regional markets were still segmented in the mid-eighteenth century but were integrated by the time of the Napoleonic War.

scholarly journals The Potential Impact of Using Persistence as a Reference Forecast on Perceived Forecast Skill

2008 ◽  
Vol 23 (5) ◽  
pp. 1022-1031 ◽  
Author(s):  
Marion P. Mittermaier
Keyword(s):  
Skill Score ◽  
Skill Assessment ◽  
Added Value ◽  
Forecast Performance ◽  
Additional Degree ◽  
Perceived Performance ◽  
Precipitation Total ◽  
Forecasting System ◽  
Potential Impact ◽  
The Impact

Abstract Skill is defined as actual forecast performance relative to the performance of a reference forecast. It is shown that the choice of reference (e.g., random or persistence) can affect the perceived performance of the forecast system. Two scores, the equitable threat score (ETS) and the odds ratio benefit skill score (ORBSS), were chosen to show the impact of using a persistence forecast, first using some simple hypothetical scenarios and second for actual forecasts from the Met Office Unified Model (UM) of precipitation, total cloud cover, and visibility during 2006. Overall persistence offers a sterner test of true forecast added value and accuracy, but using a more realistic reference may come at a cost. Using persistence introduces an additional degree of freedom to the skill assessment, which may be rather variable for “weather parameters.” Ultimately, the aim of any forecasting system should be to achieve a substantive separation between the inherent skill of the reference (which represents basic predictability) and the actual forecast.

scholarly journals MELACAK INVESTASI SYARIAH: STUDI PERKEMBANGAN SUKUK BAGI PASAR MODAL SYARIAH DI INDONESIA

2020 ◽  
Vol 8 (10) ◽  
pp. 1551
Author(s):  
Afifatul Munawiroh ◽  
Rumawi Rumawi
Keyword(s):  
Content Analysis ◽  
Literature Review ◽  
Ethnic Groups ◽  
Capital Markets ◽  
Capital Market ◽  
Analysis Approach ◽  
Muslim Population ◽  
Historical Approach ◽  
The Impact ◽  
Islamic Investment

Sukuk (Obligasi syariah) merupakan investasi yang ada dalam lingkup pasar modal syariah yang sangat menguntungkan. Oleh Karena itu, perlu adanya penelitian lanjutan supaya sukuk bisa meluas ke seluruh penjuru negeri. Paper ini adalah penelitian yang berbasis pada kajian pustaka, tema yang diambil dalam penelitian ini adalah Sukuk dalam Pasar Modal Syariah. Ada tiga pertanyaan penting: pertama, bagaimana kondisi pasar modal syariah di Indonesia? Kedua, bagaimana investasi syariah dalam mengelola perkembangan sukuk di Indonesia? Ketiga, bagaimana impact adanya sukuk bagi pasar modal syariah di Indonesia? Dengan pendekatan historis untuk mengkaji kondisi pasar modal syariah di Indonesia. Sedangkan, investasi syariah dalam mengelola perkembangan sukuk dan impact adanya sukuk bagi pasar modal syariah di Indonesia dijelaskan melalui pendekatan content analysis. Hasil dari pembahasan ini adalah penurunan dan peningkatan suku di Indonesia sangat berpengaruh terhadap kebutuhan dalam pengembangan Indonesia, terlebih negara ini dihuni oleh mayoritas penduduk muslim. Sehingga, dalam penyebarannya akan semakin cepat dan mudah. Sukuk (Islamic bonds) are investments that exist within the scope of the Islamic capital market which is very profitable. Therefore, further research is needed so that Sukuk can be spread throughout the country. This paper is a research-based on a literature review, the theme taken in this study is Sukuk in the Islamic Capital Market. There are three important questions: first, what is the condition of the Islamic capital market in Indonesia? Second, how is Islamic investment in managing the development of Sukuk in Indonesia? Third, what is the impact of the existence of Sukuk for the Islamic capital market in Indonesia? With a historical approach to assessing the condition of Islamic capital markets in Indonesia. Meanwhile, Islamic investment in managing the development of Sukuk and the impact of the existence of Sukuk for the Islamic capital market in Indonesia is explained through a content analysis approach. The result of this discussion is the decline and increase in ethnic groups in Indonesia is very influential on the needs in the development of Indonesia, moreover, the country is inhabited by a majority of the Muslim population. Thus, the spread will be faster and easier.

scholarly journals Capital Market Integration In Some Asean Countries Revisited

2018 ◽  
Vol 22 (2) ◽  
pp. 205 ◽  
Author(s):  
Robiyanto Robiyanto
Keyword(s):  
Financial Crisis ◽  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Market Integration ◽  
Global Financial Crisis ◽  
Asian Financial Crisis ◽  
Capital Market Integration ◽  
Financial Market Integration ◽  
Asean Countries

Financial market integration in Southern Asia especially in ASEAN main member countries still attractive to scrunitized. Most of these countries were devastated during severe regional financial crisis in 1997 but global financial crisis in 2008 have different impact toward these countries. The finding shows that comovement were exist among Indonesia, Malaysia, Singapore and Thailand’s capital market during January 1997 to December 2013 period. Comovement still exist during post Asian financial Crisis 1997 and post global financial crisis 2008 period. This study conclude also that degree of integration between some ASEAN capital markets have fading out after global financial crisis in 2008. Hence, investor could formulate a portfolio which consist of stocks across ASEAN capital markets.

Part II The Transatlantic Dialogue, 7 The New European Capital Markets

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
Financial Market ◽  
Capital Markets ◽  
Market Regulation ◽  
Technical Expertise ◽  
The European Union ◽  
New Paradigm ◽  
Financial Market Regulation ◽  
Capital Markets Union ◽  
Single Rulebook ◽  
Regulatory Models

This chapter looks at the new European capital markets. The creation of the European Securities and Markets Authority (ESMA) was ‘an epochal date for EU financial market regulation’. Whereas ESMA's role is primarily one of overall supervision and promotion of supervisory convergence, the 2007–09 financial crisis, which led to its birth, continues incrementally to push the European legislator toward reinforcing ESMA's powers and capturing increasingly more activities under the ‘Single Rulebook’. With the proposal of a Capital Markets Union and Brexit, this trend is likely to continue. Potentially, the European Union is now well placed to forge a new paradigm for the regulation of capital markets, given the increased focus and the technical expertise which ESMA brings to bear. At least in theory, the EU should no longer be beholden to US or international models for its regulatory models.

The impact of an urban facilities management summer school on the participants

Facilities ◽  
2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dave Collins ◽  
Coline Senior ◽  
Mina Jowkar ◽  
Alenka Temeljotov Salaj ◽  
Agnar Johansen
Keyword(s):  
Knowledge Creation ◽  
Summer School ◽  
International Student ◽  
Educational Programs ◽  
Added Value ◽  
Facilities Management ◽  
Content Type ◽  
Potential Impact ◽  
The Impact

Purpose The purpose of this paper is to investigate how an Urban Facilities Management (Urban FM) focused summer school in Norway in 2019 impacted knowledge creation, as well as the host and foreign educators, along with the international student participants. Design/methodology/approach This paper’s data collection is formed as a “post-event study” using interviews and a quantitative survey from both the students and educators to look at the impact of the summer school on the student and the associated educational programs. Findings The outcomes of this study indicate that the impact on educators and their educational programs was substantial with regard to their teaching experiences. The study confirmed that foreign experience allowed not just for greater potential for cross institution cooperation for the future but also allowed for the usage of the summer school case studies in host and guest educational programs. For the students, the added value was in the international experience primarily and a chance to study on a case study project. The study was also successful in the dissemination of Urban FM knowledge. Originality/value This paper also offers added theoretical value in the development of a model in future projects on how to capitalize on the potential impact of the summer school on educators and students. The possibilities for increased dissemination and knowledge creation in Urban FM is also significant.

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