This paper empirically investigates the relationship of securitization and covered bonds with bank stability and highlights that this relation varies with the level of a bank's involvement in a specific instrument. The study uses the data from 46 securitizing and covered bond issuing listed...

We use administrative and supervisory data at the bank and loan level to investigate the impact of the introduction of covered bonds on the composition of bank balance sheets and bank risk. Covered bonds, despite being collateralized by mortgages, lead to a shift in bank lending from mortgages...

This Final Report includes the feedback from the second consultation and the proposed changes made by ESMA in key areas. It covers the draft RTS and ITS on CSD requirements, and the draft RTS and ITS oninternalised settlement. For each section, a reference is made to the relevant Article in CSDR...

This Technical Advice provides a background to steps taken so far to reduce reliance on credit ratings by market participants, ESMA’s views in respect of the use of ratings across certain member states, the views of market participants on credit ratings and potential alternative indicators,...

This final report incorporates the feedback received to the consultation on the CDS classes and explains the reasons for reflecting or not the stakeholders roposals to the draft RTS. It follows the same structure as the consultation paper.Section 3 provides explanations on the procedural aspects...