The securities markets in central and eastern Europe are small: the capitalisation in domestic shares in the 10 acceding countries represents barely 4 per cent of the capitalisation in Euronext. The capitalisation of these markets as share of the gross domestic product is still weak. However,...

The ECB has an obligation to provide statistical information of the highest quality to the public and this third edition of the publication u0093Bond markets and long-term interest rates in non-euro area Member States of the European Union and in accession countriesu0094 serves to contribute to...

We analyse the potentially vulnerable and systemically relevant financial intermediation chain established by hedge funds and prime brokers. Our dataset covers the 306 largest global hedge funds and their prime brokers over the period July 2001 to December 2011. The study illustrates that hedge...

The price of derivatives (and hence of structured products) can be calculated as thediscounted value of expected future payoffs, assuming standard hypotheses on frictionless and complete markets and on the type of stochastic processes for the price of the underlying. However, the probabilities...

The European Securities and Markets Authority (ESMA) has published its Annual Report 2013 (Report) on credit rating agencies (CRAs) in the European Union (EU). The Report also outlines ESMA’s supervisory work plan for this year.ESMA has found that CRAs continue to progress in how they comply...

The updated Q&A provides clarifications regarding the publication of sovereign ratings and conflict of interests concerning investments in CRAs.The purpose of this Q&A is to provide clarity on the requirements and practice in the application of the CRA Regulation and in particular, the CRA 3...