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After the crisis, it is necessary to promote in organizations a compliance cuIture in order to guide management behaviours. But also the choice of the supervision style by the Banking Union will be crucial in order to properly and effectively orient the relations between supervisors and...
Persistent link: https://www.econbiz.de/10010857875
In Italy the use of bond covenants is restrained by the predominance of SMEs, the significant role of relationship banking, the high costs related to public placements, the lack of investors‘ financial culture, the low amount of loans normally requested by each firm and the lack of liquidity...
Persistent link: https://www.econbiz.de/10008518005
The financial crisis shows the limits of a fragmented surveillance scheme and points out the need of new architectures characterized by simplicity, applicability of rules, lower costs of compliance, lower conflicts of interests, absence of regulatory arbitrage and universality. For this purpose,...
Persistent link: https://www.econbiz.de/10005089686
This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their...
Persistent link: https://www.econbiz.de/10008458479
The solutions of the financial crisis in Europe must necessarily involve the support to banks by governments and the coordinated action among supervisory authorities. But an important role can be played by a stronger cooperation between a small number of European countries who have common...
Persistent link: https://www.econbiz.de/10008459799
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...
Persistent link: https://www.econbiz.de/10008478999
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...
Persistent link: https://www.econbiz.de/10008479001
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...
Persistent link: https://www.econbiz.de/10010579500
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...
Persistent link: https://www.econbiz.de/10010579501
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...
Persistent link: https://www.econbiz.de/10008926992