We explain the importance of Market Microstructure in the study of the Financial Markets, and then describe the Market Participants who collectively comprise the Financial Market. After a short history of capital markets, we describe the transition of the trading activities from the physical...

The present article contains a brief but comprehensive overview of the development of the Capital Markets Union (CMU) project in the EU to further deepen EU capital markets’ integration. After the Introduction, it first discusses the Commission’s 2015 CMU Action Plan and its follow-up,...

We study the impact that lower complexity in bank securitisations has on mortgage quality before and during the COVID-19 pandemic. We find that mortgages issued after the introduction of the new European regulation in 2018 that aims to reduce deal complexity are characterised by up to 0.10%...

The experience of the recent financial crisis leads to reflections on the relevant mechanisms of risk reduction of an investment firms activity. Within the European Union, the Directive 2010/76/EU (CRD III) has introduced new rules regarding the remuneration policy for investment firms. The main...

We analyze the economic consequences of disclosure and regulation within a context of significant information asymmetry and lenient regulation. In Canada, firms can enter the stock market at a pre-revenue stage by fulfilling each of the requirements of an initial public offerings or using...

MiFID's key objectives are market efficiency, market integrity, and fairness. By defining a new trading venue classification (i.e., Regulated Markets, Multilateral Trading Facilities, and systematic internalisers) and by enabling these venues to compete on a level playing field in terms of fees,...

The experience of the recent financial crisis leads to reflections on the relevant mechanisms of risk reduction of an investment firms activity. Within the European Union, the Directive 2010/76/EU (CRD III) has introduced new rules regarding the remuneration policy for investment firms. The main...

On 26 July 2011 Korea's Financial Services Commission (FSC) published a bill revising Korea's Financial Investment Services and Capital Markets Act (FSCMA), which is modeled on Japan's Financial Instruments and Exchange Law etc.The bill contains five main provisions: (1) a new category of...

The research seeks to gauge the global competitiveness of Central and Eastern European (CEE) financial markets. The assessment is made using quantitative and hybrid metrics of financial centre development while placing particular emphasis on competitiveness drivers relevant to the activity of...

As a response to multiple financial shocks, international standards have disappointed. Consensus-seeking has stifled innovation, perpetuating outdated regulatory concepts at a time of rapid market change. Different forces are at work now. Markets are complex and idiosyncratic; they may not be...