selection

capital markets

This tag is associated with 17 posts

Sustainable finance – EU taxonomy: A framework to facilitate sustainable investment [EU Legislation in Progress]

In March 2018, under its capital markets union project and as part of a broader initiative on sustainable development, the European Commission presented an action plan on sustainable finance, in order to facilitate investments in sustainable projects and assets across the EU. Continue reading

Enabling SMEs’ access to capital markets [EU Legislation in Progress]

Making it easier for small and medium-sized enterprises (SMEs) to access financing through public markets lies at the heart of the capital markets union – the plan to mobilise capital in Europe. Continue reading

Prudential requirements and supervision of investment firms [EU Legislation in Progress]

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. Continue reading

Covered bonds – Issue and supervision, exposures [EU Legislation in Progress]

Covered bonds are debt securities issued by credit institutions and secured by a pool of mortgage loans or credit towards the public sector. They are characterised further by the double protection offered to bondholders, the segregation of assets in their cover pool, over-collateralisation, and their strict supervisory frameworks. Continue reading

Plenary round-up – Strasbourg, October II 2017

The highlights of the October II plenary session included a debate on the conclusions of the last European Council meeting and the presentation of a new agenda for EU leaders, as well as the presentation of the 2018 Commission work programme. Continue reading

Securitisation and capital requirements [EU Legislation in Progress]

As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized enterprises. Continue reading

Common rules and new framework for securitisation [EU Legislation in Progress]

In autumn 2015, the European Commission proposed a regulation on securitisation, in the context of the Capital Markets Union initiative. Continue reading

Reviving risk capital: The proposal to amend EuVECA and EuSEF [EU Legislation in Progress]

In its 2016 review, the Commission noted that these funds remain small and concentrated in a few Member States and that, while the take-up of EuVECA could be considered successful, the EuSEF results have been disappointing. Continue reading

Regulation of OTC derivatives: Amending the European Market Infrastructure Regulation (EMIR) [EU Legislation in Progress]

The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the ‘over-the-counter’ (OTC) derivatives market during the 2007-2008 financial crisis. Continue reading

Amending the bank resolution framework – BRRD and SRMR [EU Legislation in Progress]

Written by Andrej Stuchlik (1st edition), The completion and implementation of the significant overhaul of the financial regulatory framework in response to the financial crisis, including the revision of the resolution framework for banks, remains a major area of the European Commission’s work. On 23 November 2016, the Commission proposed amending the Bank Recovery and … Continue reading

Amending capital requirements: The ‘CRD-V package’ [EU Legislation in Progress]

Despite significant progress since the financial crisis of 2007-2008, the overhaul of the financial regulatory framework remains a European Commission priority. Continue reading

Understanding equivalence and single passport in financial services: Third country access to the single market [Policy Podcast]

Written by Marcin Szczepański, Alongside closer integration of the single market in financial services on the one hand and the more general globalisation of the sector on the other, the issue of access for third-country institutions has become increasingly important – not least recently in relation to the question of access to the continent for … Continue reading

Capital Markets Union [What Think Tanks are thinking]

Written by Marcin Grajewski, Since the 2008 financial crunch and the ensuing recession, the European Union has been overhauling its regulation of financial markets to try to avoid any repetition of the crisis and to shore up economic growth. The current European Commission has prioritised the creation of Capital Markets Union, which would encourage companies … Continue reading

The case for a European public credit rating agency

Written by Christian Scheinert, The ‘Big Three’ credit rating agencies – Standard & Poor’s, Moody’s, and Fitch – enjoy an oligopolistic position on the market for the rating of private and public debt. In the run-up to the financial crisis, we now know, they were over-optimistic with their ratings, but once the crisis hit, their … Continue reading

Understanding Securitisation: Background − benefits − risks

Written by Angelos Delivorias Securitisation is a financing technique by which homogeneous income-generating assets − which on their own may be difficult to trade − are pooled and sold to a specially created third party, which uses them as collateral to issue securities and sell them in financial markets. This presents advantages to issuers (e.g. … Continue reading

Capital Markets Union [What Think Tanks are thinking]

Written by Marcin Cesluk-Grajewski On 18 February, the European Commission unveiled further details of its proposed Capital Markets Union (CMU), its flagship plan to strengthen the economy of the euro area and the European Union by making it easier for companies to raise money on stock and bond markets. Publishing a Green Paper, the Commission … Continue reading

High Frequency Trading (HFT)

The recent financial crisis and fears of further financial destabilisation have animated the debate about the benefits and dangers of High-Frequency Trading (HFT). Supporters of High-Frequency Trading maintain that their activities add liquidity, lower costs for investors and raise volume. On the other hand critics of HFT argue that it holds back traditional traders, makes liquidity … Continue reading

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