In the last two years, the major jurisdictions for equity trading, the U.S. and the E.U., introduced significant reforms in their market structure regulation, following diametrically opposite approaches. While the E.U. effort is deregulatory and decentralized, aiming to facilitate competition...

This report surveys recent empirical research on the state and development of retail banking integration in Europe. It finds a broad consensus that retail banking integration is still limited, although integration seems to have gained momentum more recently. At the same time, the survey finds...

This paper argues that transparency-boosting measures specifically tailored to commodity and commodity derivatives markets are much needed. In particular, encouraging the creation of a clearing infrastructure for OTC commodity and commodity derivatives markets would be desirable. Moreover, EU...

This paper analyses the implications of a continued divergence of TARGET2 balances for monetary policy in the euro area. The accumulation of TARGET2 claims (liabilities) would make the ECB’s liquidity management asymmetric once the TARGET2 claims in core countries have crowded out central bank...

The EU financial services industry has experienced an enormous regulatory adaptation over the past decade. The dust that had been thrown up by the 1992 programme had barely settled when a new regulatory programme was announced covering 42 measures that had to be implemented by 2005. Exchange...

The aim of this paper is to analyse the effects of the implementation of the Internal Market Programme and to propose ideas on how its potential can be better exploited. First, the paper offers a broader perspective to the analysis of the Internal Market by exploring its close links to the...

[From the Introduction]. This paper reviews single market regulation, with particular reference to the financial sector and uses this as a foundation to consider the process whereby a European market is developing. Unlike much previous analysis which has emphasized the role of state interests...

The IFRS 8 standard on operating segments was included in the IASB-FASB convergence program in February 2006 and subsequently adopted by the IASB in November 2006, in spite of widespread negative sentiment about it among investors and other users of financial statements, which the IASB should...

Now that the worst of the financial storm is over, regulators are setting new strategies to deal with the systemic importance of the €427 trillion ($604 trillion) over-the-counter (OTC) derivatives market. This paper explores the three major sources of disruptive effects in OTC derivatives:...

The article attempts to evaluate the main influences on how money and capital markets have affected corporate finance and treasury in the Czech Republic. There are 5 primary factors identified, which at various times have been suspected of exerting significant influence over corporate financial...