Supervisory authorities around the world are currently engaged in a policy debate over how to improve the information available on repurchase agreements (repos) and securities lending markets. Repo and securities lending transactions commonly referred to as securities financing transactions...

Securities financing transaction (SFT) markets and the management and usage of collateral are elements of the financial system which are of systemic relevance. As such, there is a clear need for enhanced transparency and regulatory oversight. The European Systemic Risk board (ESRB) mandated a...

Artículo de revista ; Energy derivatives markets were thrown into turmoil following Russia’s invasion of Ukraine, as the prices of natural gas and power soared amid high volatility and a significant deterioration in market liquidity. Prices surged in March 2022, before declining in Spring and...

Artículo de revista ; Los mercados de derivados energéticos se vieron sumidos en turbulencias tras la invasión de Ucrania por parte de Rusia, ya que los precios del gas natural y de la electricidad se dispararon, en un contexto de volatilidad elevada y de deterioro significativo de la...

The objective of this report is to shed further light on the extent of high-frequency trading (HFT) in EU equity markets. We use unique data collected by ESMA, covering a sample of 100 stocks from nine EU countries for May 2013. Our study complements the HFT literature by looking at equity...