The Market in Financial Instruments Directive (MiFID) is nothing short of a revolution. Introduced on 1 November 2007, it will have a profound, long-term impact on Europe's securities markets. It will see banks operating as exchanges for certain activities, offering alternative execution services that more closely resemble the structure of over-the-counter markets, and will lead to the decentralisation of order execution in an array of venues previously governed by concentration rules. Crucially, MiFID will also have a profound impact on the organisation and business strategies of investment firms, exchanges, asset managers and other financial markets intermediaries. Until now, analysis has focused on the directive's short term implementation issues. This book focuses on the long term strategic implications associated with MiFID, and will be essential reading for anybody who recognises that their firm will need to make constant dynamic readjustments in order to remain competitive in this challenging new environment.
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.
The financial crisis has led to a far-reaching redesign of the European regulatory and supervisory framework. Following the commitments made in the context of the G-20, but also reacting to internal shortcomings, the EU engaged in a massive program to re-regulate financial markets. The EU furthermore redesigned the structure for supervisory cooperation, initially through the European Supervisory Authorities, and later in its ambition to form the Banking Union. In The Great Financial Plumbing, Karel Lannoo systematically assesses the new regulatory and supervisory framework. The book’s structure follows the big questions on the agenda: 1) What is Banking Union? 2) How have the concerns of the G-20 been addressed by the EU (oversight of credit-rating agencies, better capital for banks, the re-regulation of securities and derivatives markets, asset management, depositor protection and bank resolution)? 3) How were uniquely EU rules on state aid applied to the banking sector? This book is designed to give professionals, policy-makers and students a better understanding of the new regulatory framework and insights into the policy context that has led to the new rules governing financial markets in Europe.
The authors predict that the impact will be far-reaching, leading to a more liquid, mature and efficient capital market. The structure of capital markets in Europe and the behaviour of actors in these markets will be fundamentally affected, leading to a more integrated market. For monetary union to achieve its real objective, policy makers will need to address a wide variety of outstanding issues, in particular the taxation of savings income, accounting standards, capital market regulation and financial supervision. The start of monetary union on 1 January 1999 launched a process of radical change in the structure of capital markets in Europe. Whereas previously, Europe had been fragmented into many diverse national markets, a single Euro capital market is now emerging. This book focuses on the long-term impact that the introduction of the euro will have on European capital markets and spells out implications for the financial sector and the wider economy. It discusses what further steps need to be taken to achieve a fully integrated market. In particular, the book examines: * The institutional and regulatory framework for European capital markets * The structure of European capital markets on the eve of EMU * The regional differences and the contrasts with the US capital market * The central role played by banks in European capital markets and the likelihood that a more market-based system may emerge * The implications of EMU for organised securities markets * The consequences for governance and policy, and more in particular for the taxation of savings income, securities market regulation and financial supervision
Asset management has quickly become one of the European Commission's key points on the post- Financial Services Action Plan (FSAP) agenda. The combination of Europe's demographic decline and the poor state of public finances means that asset management will play an increasingly important role in securing retirement income for the masses, as well as in channeling personal savings to productive investments. At the same time, the internal market for asset management is a project still very much under construction. While the commission's work has largely focused on supply-side considerations with a view to improving overall market integration and efficiency, this report tackles some key demand-side issues. The authors take a longer-term approach to the critical challenges that will arise following release of the European Commission's White Paper in the fall of 2006.
At the end of the 1997-1998 academic year, Professor Karel Dobbelaere was awarded emeritus status by the Catholic University of Leuven. For four decades, he contributed and gave shape to academic sociology in Flanders. During this period, he showed students how to find their way into general sociology and sociological research at the Catholic University of Leuven and the University of Antwerp. At the same time, he brought the sociology of religion in Flanders to maturity. With indefatigable dedication, he defended the autonomy and the necessity of a scientific, empirical study of churches, denominations, sects, and religious beliefs from a sociological perspective. Karel Dobbelaere managed to reconcile harmoniously a permanent presence in Flemish sociology with an international scientific career. He enjoys great recognition within the world community of sociologists of religion and within its representative organization.
The book begins with a very informative historical introduction. Readers will learn, for example, that (1) Belgium did not become an independent country until 1830; (2) the area that became Belgium had been a focal point of international power politics for hundreds of years; (3) the inhabitants of Flanders, the northern part of Belgium, constitute 60% of the population, while the remainder are French-speaking and, to a far lesser extent, German-speaking; (4) Flemish emigration to the U.S. began in earnest during the last quarter of the 19th century; and (5) today, there are about 350,000 Americans of Flemish descent, most of whom live in the upper Midwest (Michigan and Wisconsin)"--Publisher website (July 2007).
In an epoch in which religion has explicitly and sometimes violently returned to the forefront of the global public scene, the process of secularization that has fundamentally marked Western and particularly European societies demands attention and analysis. This book, written from a sociological perspective, takes up that challenge. The author distinguishes three levels of secularization. Societal secularization which is a typical consequence of the processes of modernity, and of programmes of la cisation promoted by political parties. Individual secularization that is manifested in the decline of church commitment; occurring as individuals re-compose their personal beliefs and practices in a religion la carte ; and as the individual's meaning system becomes compartmentalized and religion is separated from other areas of life. A third level, organizational secularization, covers the incidence of the adaptation of religious bodies to secularized society. The entire work is marked by meticulous description and analysis of numerous theoretical and empirical studies, and by due recognition of the intricate relationship between levels of secularization and the impact of various actors in the many conflicts over religion's roles.
This Element describes the development of an affective economy of violence in the early modern Dutch Republic through the circulation of images. The Element outlines that while violence became more controlled in the course of the 17th century, with fewer public executions for instance, the realm of cultural representation was filled with violent imagery: from prints, atlases and paintings, through theatres and public spectacles, to peep boxes. It shows how emotions were evoked, exploited, and controlled in this affective economy of violence based on desires, interests and exploitation. This title is also available as Open Access on Cambridge Core.
Indigenous Indonesian Catholics increased in number from 27,000 to nearly 550,000 between 1902 and 1942. At first scattered only through Minahasa, the Kai islands and Flores, after four decades Catholic centres were established in most of the archipelago, and there was even a small but well-educated and vocal minority in Central Java. It is this formative period in the growth of Catholicism in Indonesia that Steenbrink describes in detail. Catholics never constituted more than three per cent of the Indonesian population, one-third of all Christians. Steenbrink examines the rivalry of this minority with Protestants and their missionary activities, as well as the race with Islam in many parts of the outer islands, which had come under Dutch rule in the early twentieth century. This comprehensive work includes extensive details on the different European missionary orders and missionaries active at this time. Forty archival documents illustrate the proselytizing efforts in the archipelago. The first volume of Catholics in Indonesia, 1808-1942: A documented history appeared in 2003 (Volume I: A modest recovery, 1808-1903, KITLV Press).
The financial crisis has led to a far-reaching redesign of the European regulatory and supervisory framework. Following the commitments made in the context of the G-20, but also reacting to internal shortcomings, the EU engaged in a massive program to re-regulate financial markets. The EU furthermore redesigned the structure for supervisory cooperation, initially through the European Supervisory Authorities, and later in its ambition to form the Banking Union. In The Great Financial Plumbing, Karel Lannoo systematically assesses the new regulatory and supervisory framework. The book’s structure follows the big questions on the agenda: 1) What is Banking Union? 2) How have the concerns of the G-20 been addressed by the EU (oversight of credit-rating agencies, better capital for banks, the re-regulation of securities and derivatives markets, asset management, depositor protection and bank resolution)? 3) How were uniquely EU rules on state aid applied to the banking sector? This book is designed to give professionals, policy-makers and students a better understanding of the new regulatory framework and insights into the policy context that has led to the new rules governing financial markets in Europe.
The authors predict that the impact will be far-reaching, leading to a more liquid, mature and efficient capital market. The structure of capital markets in Europe and the behaviour of actors in these markets will be fundamentally affected, leading to a more integrated market. For monetary union to achieve its real objective, policy makers will need to address a wide variety of outstanding issues, in particular the taxation of savings income, accounting standards, capital market regulation and financial supervision. The start of monetary union on 1 January 1999 launched a process of radical change in the structure of capital markets in Europe. Whereas previously, Europe had been fragmented into many diverse national markets, a single Euro capital market is now emerging. This book focuses on the long-term impact that the introduction of the euro will have on European capital markets and spells out implications for the financial sector and the wider economy. It discusses what further steps need to be taken to achieve a fully integrated market. In particular, the book examines: * The institutional and regulatory framework for European capital markets * The structure of European capital markets on the eve of EMU * The regional differences and the contrasts with the US capital market * The central role played by banks in European capital markets and the likelihood that a more market-based system may emerge * The implications of EMU for organised securities markets * The consequences for governance and policy, and more in particular for the taxation of savings income, securities market regulation and financial supervision
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.
Asset management has quickly become one of the European Commission's key points on the post- Financial Services Action Plan (FSAP) agenda. The combination of Europe's demographic decline and the poor state of public finances means that asset management will play an increasingly important role in securing retirement income for the masses, as well as in channeling personal savings to productive investments. At the same time, the internal market for asset management is a project still very much under construction. While the commission's work has largely focused on supply-side considerations with a view to improving overall market integration and efficiency, this report tackles some key demand-side issues. The authors take a longer-term approach to the critical challenges that will arise following release of the European Commission's White Paper in the fall of 2006.
Capital markets in Europe are in a process of deep restructuring. At last, they are becoming more integrated and truly European. At the same time however, technological advancements are altering the interaction between markets and investors, posing serious challenges to the traditional capital market structure. This CEPS Task Force report reviews the recent developments in the European securities market industry, assessing its regulation and supervision while proposing a series of policy recommendations.
Following the agreement made by Prime Minister David Cameron with the EU on 18-19 February 2016, the day for the referendum for the UK to remain in or leave the EU is set for 23 June 2016. This will be the most important decision taken by the British people in half a century, and whose consequences will live on for another half century. The first edition of this book, published in March 2015, laid the foundations for any objective assessment of the workings of the EU and the UK’s place in it. It was widely acclaimed and rated as “a myth-breaking exercise of the best kind”. This second edition adds a substantial new chapter following Cameron’s agreement with the EU and announcement of the referendum. It reviews both the ‘Plan A’, namely the status quo for the UK in the EU as amended by the new agreement, and three variants of a ‘Plan B’ for secession. The key point is that the ‘leave’ camp have not done their homework or ‘due diligence’ to specify the post-secession scenario, or how the British government would face up to the challenges that this would bring. The authors therefore do the ‘leave’ camp’s homework for them, setting out three Plan Bs more concretely and in more depth than the ‘leave’ camp have been able or wanted to do, or any other source has done. The book is therefore unique and essential reading for anyone concerned with the fateful choice that lies soon ahead.
This paper is the third in a series for a CEPS project on the 'The British Question'. It is pegged on an ambitious exercise by the British government to review all the competences of the European Union on the basis of evidence submitted by independent stakeholders. A total of 32 sectoral policy reviews are being produced over the period 2013-2014, as input into public information and debate, which Prime Minister Cameron would like to lead into a referendum in 2017 on whether the UK should remain in the EU, or secede. This third set of eleven reviews covers a wide range of EU policies: for the single market for services, financial markets, the free movement of people, cohesion, energy, agriculture, fisheries, competition, social and employment policies, and fundamental rights. The declared objective of the Prime Minister is to secure a 'new settlement' between the UK and the EU. From political speeches in the UK one can identify three different types of possible demand: reform of EU policies, renegotiation of the UK's specific terms of membership, and repatriation of competences from the EU back to the member states. As most of the reviews are now complete, three points are becoming increasingly clear: i) The reform agenda--past, present or future--concerns virtually every branch of EU policy, including several cases reviewed here that are central to stated UK economic interests. The argument that the EU is 'unreformable' is shown to be a myth. ii) The highly sensitive cases of immigration from the EU and social policies may translate into requests for renegotiation of specific conditions for the UK, but further large-scale opt-outs, as in the case of the euro and justice and home affairs, are implausible. iii) While demands for repatriation of EU competences are voiced in general terms in public debate in the UK, no specific proposals emerge from the evidence as regards competences at the level at which they are identified in the treaties, and there is no chance of achieving consensus for such ideas among member states.
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