5

eredmény(ek)

Szó/szavak
Kiadványtípus
Szakpolitikai terület
Kérdésfeltevő
Dátum

Brexit, financial stability and the supervision of clearing systems

15-02-2018

This paper examines the evolution of the supervisory framework of third-country CCPs in the EU making special reference to risks associated with the imminent withdrawal of the United Kingdom from the European Union (Brexit). Its key finding is that the proposed reform is in principle in the right direction but there are still challenges ahead and a more comprehensive package of measures will be required to address them.

This paper examines the evolution of the supervisory framework of third-country CCPs in the EU making special reference to risks associated with the imminent withdrawal of the United Kingdom from the European Union (Brexit). Its key finding is that the proposed reform is in principle in the right direction but there are still challenges ahead and a more comprehensive package of measures will be required to address them.

Külső szerző

Andromachi GEORGOSOULI, Centre for Commercial Law Studies, Queen Mary University of London

Note on the interactions between payment systems and monetary policy

15-02-2018

This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand, Post-Trading-Financial Market Infrastructures. Its basic conclusion is that Payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy.

This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand, Post-Trading-Financial Market Infrastructures. Its basic conclusion is that Payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy.

Külső szerző

Francesco PAPADIA, Bruegel

The euro-area denominated payment systems and the conduct of monetary policy: Some considerations ahead of Brexit

15-02-2018

The framework for euro-denominated payment systems has undergone significant changes in recent years leading to a concentration of payments performed by Central Counterparty Clearing Houses. As it stands, a large part of euro-denominated transactions, derivatives in particular, are cleared through CCPs located in the UK; which poses challenges to the current supervisory framework because of the UK leaving the EU. Against this background, this note discusses the extent to which the current set-up ...

The framework for euro-denominated payment systems has undergone significant changes in recent years leading to a concentration of payments performed by Central Counterparty Clearing Houses. As it stands, a large part of euro-denominated transactions, derivatives in particular, are cleared through CCPs located in the UK; which poses challenges to the current supervisory framework because of the UK leaving the EU. Against this background, this note discusses the extent to which the current set-up bears risks, including for the conduct of the ECB monetary policy.

Külső szerző

Corrado MACCHIARELLI, Mara MONTI, London School of Economics

Derivatives, Central Counterparties and Trade Repositories

04-02-2011

This compilation of briefing papers deals with two crucial questions related to the European Commissions Proposal for a Regulation on OTC derivatives, central counterparties [CCPs] and trade repositories (also known as EMIR the European Market Infrastructure Regulation): 1. possible solutions to regulatory differences between the US Dodd Frank Act - i.e. the US legislation in this area - and the Commission's Proposal, in particular in ensuring equal conditions for market access for EU CCPs. and third ...

This compilation of briefing papers deals with two crucial questions related to the European Commissions Proposal for a Regulation on OTC derivatives, central counterparties [CCPs] and trade repositories (also known as EMIR the European Market Infrastructure Regulation): 1. possible solutions to regulatory differences between the US Dodd Frank Act - i.e. the US legislation in this area - and the Commission's Proposal, in particular in ensuring equal conditions for market access for EU CCPs. and third country CCPs; 2. recommendations for criteria/reference points for the adoption of information and clearing thresholds for non-financial counterparties according to Article 7 of the Proposal, i.e. whether thresholds might be fixed according to the volume of general business and/or the balance sheet of the non-financial counterparty - taking into account the reference period and the period of validity.

Külső szerző

Kern ALEXANDER (Faculty of Law, University of Zurich & The Centre for Financial Analysis and Policy, University of Cambridge) ; Peter O. MÜLBERT (Fachbereich Rechts- und Wirtschaftswissenschaften, Universität Mainz) ; Achim KASSOW (Member of the Board of Managing Directors Commerzbank AG) and István FARKAS (Economist, Independent Advisor, Budapest, Hungary)

Clearing and Settlement in the European Union

14-08-2009

This report examines the role of post-trading clearing and settlement systems in European securities markets and what regulatory risks they pose to financial stability. Although post trade clearing and settlement are sometimes referred to as the ‘plumbing’ of financial markets, this understates their fundamental importance in providing vital linkages among components and participants in the financial system, enabling them to work together smoothly. A well-regulated clearing and settlement system ...

This report examines the role of post-trading clearing and settlement systems in European securities markets and what regulatory risks they pose to financial stability. Although post trade clearing and settlement are sometimes referred to as the ‘plumbing’ of financial markets, this understates their fundamental importance in providing vital linkages among components and participants in the financial system, enabling them to work together smoothly. A well-regulated clearing and settlement system is crucial for the efficient operation of the economy.

Külső szerző

Kern Alexander, John Eatwell, Avinash Persaud and Robert Reoch (Reoch Credit Partners LLP., Centre for Financial Analysis and Policy, University of Cambridge, Cambridge, UK)

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