The Regulatory and Supervisory Framework for Fixed Income Markets in Europe
This paper looks at the development and regulation of fixed income securities markets in Europe. Fixed income securities markets in Europe have historically been characterized by a number of national markets that were interconnected by way of forei...
| Main Authors: | , |
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, D.C.
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2004/05/4991828/regulatory-supervisory-framework-fixed-income-markets-europe http://hdl.handle.net/10986/14165 |
| Summary: | This paper looks at the development and regulation
of fixed income securities markets in Europe. Fixed income
securities markets in Europe have historically been
characterized by a number of national markets that were
interconnected by way of foreign exchange markets. They are
presently undergoing major changes in size, infrastructure,
and regulation. The authors describe the current state of
the ongoing European regulatory and supervisory reform and
the main drivers behind it. They conclude that European
fixed income securities market regulation and infrastructure
are not (yet) homogeneous. In some countries fixed income
market regulation has been developed after intense political
reflections on ways and means of promoting safe and
efficient capital markets. In other countries, fixed income
market regulation is a product of learning-by-doing (such as
ad hoc reflections based on negative market experiences and
financial scandals). To illustrate the heterogeneity in the
European fixed income markets, the authors include two
examples: France as an example of a country from the euro
area, and Denmark as an example of a country outside the
euro area. |
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