This report discusses the IMF/World Bank Financial Sector Assessment Program (FSAP) exercise for China undertaken during June–December 2010. The assessment concluded that reforms in China have progressed well in moving toward a more commercially oriented financial system. Despite success...

This Selected Issues paper on Euro Area Policies reviews the integration of Europe’s financial markets and the challenges faced by the new European Union member states with respect to euro adoption. Markets in the Financial Instruments Directive are expected to become applicable in...

Purpose – The paper discusses how proficiency‐based licensing of professionals may promote a culture of fair play and thus counteract economic and white collar crime in markets characterised by unilateral focus on financial targets and a culture of competition. Design/methodology/approach...

London securities houses wish to improve equity securities marketing to institutional fund managers following major changes in the regulatory environments. There is a lacuna in the literature. Senior level respondents on both sides, from New York, London, Hong Kong and Toronto, participated in...

This paper provides an overview of the new Securities Law (“the Law”) of the People’s Republic of China, promulgated at the end of 1998. The analysis will be based on the objective of providing good quality control. The writer will ask whether the Law is sufficiently clear in setting up a...

Purpose – Taiwan OTC market is an electronic, order driven, call market. The purpose of this paper is to gain understanding of whether trade size or number of transaction provides more information on explaining price volatility and market liquidity in this market. The paper also aims to...

Purpose – The purpose of this paper is to determine if macroeconomic announcements affect the Fama‐French market, size, book‐to‐market risk factors and momentum factor. Design/methodology/approach – Using unexpected announcements of major macroeconomic indicators, a study is made of...

PPurpose – The purpose of this paper is to illustrate the effectiveness of integrating a portfolio simulation-based trading program with the top-down approach to fundamental analysis in a security analysis course. The simulation allows for the application of class material using a combination...