Otc derivatives Counterparty risk has assumed a fundamental role within the risks assumed by Sifis, Sistemically Important Financial Institutions. Different Counterparty risk management procedures have been introduced by regulatory provisions and market best practices. Moreover, the European...

The financial crisis has stopped the process of globalization, producing an opposite effect in various banking systems.The new trend is toward a reduction in cross-border activities of banks and an increased focus on domestic markets.

Do rating models embody correctly the impact of macroeconomic variables on debtors’ solvency, determining a lag in downgrading? In pre-crisis periods, when interest rates increases are recorded as well as decreases in real growth rates, rating assessments fail to register risk increases in...

Since the beginning of the financial crisis, multinational banks have been accused of being among the major causes of the financial system’s destabilization. But the available empirical evidence on the relationship between international diversification, value creation and riskiness of...

The Islamic banking has been transformed over the last three decades in a sector of significant size, although the theoretical basis for this innovative method of finance are still poorly known in most Western countries. In Europe, Great Britain has gained the more significant experience in the...

This paper investigates the characteristics of the premiums of a sample of traditional and synthetic Asian Etfs traded on the Italian market Etfplus. Asynchronous trading generates large premiums.The absence of barriers to arbitrage should, however, guarantee that this mispricing between the Nav...

This paper tests the hypothesis of the creation of one large Stock Exchange in the Uae and examines the potential implications for the holdings (Borsa Italiana-London Stock Exchange and Nasdaq-Omx). The analysis shows that the contraction in both market capitalization and trading value in the...

MiFid has fostered competition between stock exchanges and alternative trading systems by removing the option for Eu Member States to impose that equities must be traded only on regulated markets (so-called concentration rule). The success of alternative trading venues is mainly due to the...

Recent developments in the traditional and synthetic Exchange-Traded Funds industry in Europe gave rise to new risks and represent a serious threat to the stability of the financial system. Derivative products reduced simplicity and transparency, the two traditional flagship qualities of Etfs....

The legislation on dividends paid by companies resident in Italy to residents of other European countries has been modified after the remarks concerning disparity of treatment.These amendments focused on the tax options available to the operators concerned and the current legislation recognizes...