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Author: Jean-Pierre Casey
Publisher: CEPS
ISBN: 9290795964
Category : Business & Economics
Languages : en
Pages : 142
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Book Description
Assessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.
Author: Jean-Pierre Casey
Publisher: CEPS
ISBN: 9290795964
Category : Business & Economics
Languages : en
Pages : 142
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Book Description
Assessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.
Author: Vincenzo Bavoso
Publisher: Oxford University Press
ISBN: 0198893272
Category : Law
Languages : en
Pages : 257
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Book Description
Debt capital markets have been at the heart of regulatory and policy debates since the global financial crisis of 2008. In this work, Vincenzo Bavoso explores the role financial markets and products have in fuelling episodes of crises and financial instability. Focussing on the law and regulation, but also drawing on current economics and finance scholarship, Debt Capital Markets examines both the pre-2008 regulatory environment, and the framework that has emerged from post-crisis regulatory corrections since. Charting the evolution of debt capital markets and the transformation and liberalisation of the financial markets throughout the 1980s and 1990s, the book outlines how debt capital markets - from bonds to more sophisticated forms of securitised credit - have become engines of private debt creation, excessive levels of leverage, and inevitably, financial instability. It covers all the main channels of debt intermediation in capital markets (bonds, commercial paper, covered bonds, securitisation, collateralised debt obligations, collateralised loan obligations), and explains relevant synergies with adjacent markets and products (such as credit derivatives, repurchase agreements, or FinTech lending). Bavoso argues that the regulatory response after the 2008 global financial crisis has been insufficient so that debt capital markets remain the main locus of financial instability today. His book provides a complex analysis of financial markets that accounts for theoretical, practical, and regulatory aspects. It provides a multifaceted and contextual appraisal of the role of debt capital markets, together with the legal and regulatory challenges posed by their development.
Author: Daniel Mügge
Publisher: OUP Oxford
ISBN: 0191506869
Category : Business & Economics
Languages : en
Pages : 237
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Book Description
The European Union (EU) has emerged as a central actor in financial governance. Hardly any corner of European financial markets remains untouched by EU rules, and key regulatory competences have been shifted from national authorities to supranational ones. At the same time, the global context has become ever more important for how and to what effect the EU regulates its financial markets. On the one hand, EU policymaking is embedded in global initiatives such as the Basel Committee on Banking Supervision. On the other hand, the EU now rivals the USA in its ability to shape global rules. Scholars and practitioners cannot make sense of EU rulemaking without studying its links to global financial governance, just as to understand how global initiatives evolve they have to appreciate the rise of the EU as a global regulatory force. This book charts and analyses this centrality of the European-global link in financial governance for the first time. Its chapters, written by experts in the specific fields, cover the whole breadth of financial markets. They range from banking, auditing and accounting to derivatives trading, money laundering, and tax governance. This book offers comprehensive coverage of: how and why global and European financial governance have co-evolved over time; how global and European rules, institutions, and actors are linked today; and what this implies for future global and European financial governance. It is essential reading for anyone who wants to understand the dynamics of either global or European financial regulation.
Author: Diego Valiante
Publisher: Centre for European Policy Studies
ISBN: 9781786600448
Category : Capital market
Languages : en
Pages : 0
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Book Description
This book builds on a year-long discussion with a group of academics, policy-makers and industry experts to provide a long-term contribution to the Capital Markets Union project, launched by the European Commission in 2015. It identifies 36 cross-border barriers to capital mar...
Author: John Grahl
Publisher: Edward Elgar Publishing
ISBN: 1848449178
Category : Business & Economics
Languages : en
Pages : 343
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Book Description
'This book provides an excellent critical account of the relationship between global financial developments, the emergent European financial system, and the implications of the operation of these for the European social model and its future. The chapters carefully analyze the characteristics of current financial relationships and show how these impinge on a whole range of policy areas from employment and social protection thought to economic stability and retail financial markets. The book builds up a systematic picture of the pressures being experienced throughout European society as financial engineering has gathered pace, and provides telling suggestions as to how to combat the most threatening aspects of these developments for European policy makers. This book is a "must read" for anyone concerned about the possible consequences of recent tumultuous events that have shaken the global financial system.' – Grahame Thompson, The Open University, UK and Copenhagen Business School, Denmark With global finance reshaping the world economy, this insightful new book provides a full account of the EU's financial integration strategy, together with a critical assessment arguing the case for social control over global finance. Written by acknowledged experts in European finance, this book discusses key issues from finance to general social developments, encompassing social security systems, employment relations, household saving and borrowing, and the question of economic stability. Thus far, America has been pre-eminent both in global financial markets and international banking – so how should the European Union meet this challenge? Global Finance and Social Europe constructively argues that an active response is required and highlights the importance of an integrated European financial system. Aimed at an international audience, this book will strongly appeal to researchers, academics and readers who share an interest in European integration and global economic issues.
Author: Daniel Mügge
Publisher: ECPR Press
ISBN: 178552092X
Category : Political Science
Languages : en
Pages : 134
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Book Description
EU capital markets have changed radically over the past 20 years. In the 1980s, countries had their own financial industries and rules. Now there is one 'Champions League' of banks, and member states have transferred crucial regulatory powers to Brussels. Drawing on policy documents and more than fifty in-depth interviews, Widen the Market, Narrow the Competition argues that financial industry interests have been key to this power shift. Continental banks initially feared a single European market, and governments followed their protectionist impulses. In the 1990s the mood changed, and the likes of ABN AMRO and Deutsche Bank rushed into international investment banking. They emerged as the crucial lobby for the supranational governance in place today. Linked by the interests of centrally placed firms, EU financial integration and supranational governance have been two sides of the same coin. At the same time, national parliaments and ordinary citizens have been pushed to the sidelines.
Author: Eilis Ferran
Publisher: OUP Oxford
ISBN: 0191651141
Category : Law
Languages : en
Pages : 531
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Book Description
Corporate finance theory seeks to understand how incorporated firms address the financial constraints that affect their investment decisions. This is achieved by using varied financial instruments that give holders different claims on the firm's assets. Recent scholarship in this area explores precisely how legal mechanisms affect corporate finance and the development of financial markets. The legal environment is crucially important in explaining the choices that companies make about their capital structure. This book combines company law, capital market regulation and commercial law to give readers a detailed understanding of the legal and regulatory issues relating to corporate financial transactions. Informed by insights from the theoretical and empirical work of financial economists, the book examines, from a legal perspective, key elements of corporate financing structures and capital markets in the UK. The authors' practical experience of transactions and regulatory issues ensures that thorough scholarly inquiry and critical reflection are complemented by an assured understanding of the interface between legal principles and rules as they are documented and in their actual operation.
Author: Eilís Ferran
Publisher: Oxford University Press, USA
ISBN: 0199230501
Category : Business & Economics
Languages : en
Pages : 632
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Book Description
How do companies address the financial constraints that affect their investment decisions? This book explores the relationship between law and corporate finance, providing analysis of the new UK and European law on corporate finance, the broader policy framework and incorporating cutting edge research.
Author: Pierre Schammo
Publisher: Cambridge University Press
ISBN: 1139496328
Category : Law
Languages : en
Pages : 415
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Book Description
Pierre Schammo provides a detailed analysis of EU prospectus law (and the 2010 amendments to the Prospectus Directive) and assesses the new rules governing the European Securities and Markets Authority, including the case law on the delegation of powers to regulatory agencies. In a departure from previous work on securities regulation, the focus is on EU decision-making in the securities field. He examines the EU's approach to prospectus disclosure enforcement and its implementation at Member State level and breaks new ground on regulatory competition in the securities field by providing a 'law-in-context' analysis of the negotiations of the Prospectus Directive.
Author: Kamil Liberadzki
Publisher: Springer
ISBN: 113758971X
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
Hybrid capital securities or 'hybrids' offer various benefits. They offer flexibility equity without shareholder dilution, provide protection to senior creditors, are a stable source of long-term funding for healthy companies, and help insurers and banks meet regulatory and rating agency capital requirements. Risks and features of hybrid securities are expressed in the credit spread of some relatively new financial instruments, but no structural fundamentals exist for to price hybrids precisely. This book proposes a model for the pricing of hybrids. It begins by explaining the concept of hybrids as well as their equity- and debt-like characteristics. Different types of hybrids are presented, including preference shares, convertible bonds, contingent convertibles (CoCos) and bail-in bonds. The authors then present analysis of regulatory regimes' impact on hybrids. They discuss the types of hybrid bonds that are contemplated in the Capital Requirements Regulation (CRR) and Banking Union mechanism. They then present an in-depth examination of hybrids pricing and risk assessment techniques. The book provides a comprehensive analysis from mathematical, legal and financial perspectives in order to look at relatively new financial instruments and address problems with the pricing models of hybrids which are as yet unsolved.
