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241 entries found on 13 pages. starting on record 1 ending on 20

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Title: The systemic dimension of hedge fund illiquidity and prime brokerage
Abstract
We analyse the potentially vulnerable and systemically relevant financial intermediation chain established by hedge funds and prime brokers. Our dataset covers the 306 largest global hedge funds and their prime brokers over the period July 2001 to December 2011. The study illustrates that hedge funds and prime brokers act as complementary trading partners in normal times. However, we observe that this form of financial intermediation may be severely impaired in times of market distress. This can be explained by the hoarding of liquid securities by prime brokers who are eager to avert runs by their clients.[Author vide Copyright]
Author: Hespeler, Frank
Series Title: European Securities and Markets Authority - ESMA working paper ; 2014,2
Publisher: European Securities and Markets Authority
Year: 2014
ISBN / ISSN / Kat.Nr: ESMA/2014/ WP-2014-2
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Financial intermediationFinancial marketHedge fundinvestment policybonds or stocks
Subject: Investments. Investment policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authortity (http://www.esma.europa.eu/)
Title: Monitoring the european CDS market through networks : implications for contagion risks
Abstract
Based on a unique data set referencing exposures on single name credit default swaps (CDS) on European reference entities, we study the structure and the topology of the European CDS market and its evolution from 2008 to 2012, resorting to network analysis. The structural features revealed show bilateral CDS exposures describing growing scale-free networks whose highly interconnected hubs constitute both a strength and weakness for the stability of the system. The potential “super spreaders” of financial contagion, identified as the most interconnected participants, consist mostly of banks. For some of them net notional exposures may be particularly large relative to their total common equity. Our findings also point to the importance of some non-dealer/non-bank participants belonging to the shadow banking system.[Author vide Copyright]
Author: Clerc, Laurent
Series Title: European Securities and Markets Authority / ESMA working paper ; 2014,1
Publisher: European Securities and Markets Authority
Year: 2014
ISBN / ISSN / Kat.Nr: WP-2014-1
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Financial marketCreditCredit insurance
Subject: Financing. Private finance. Financial policyInvestments. Investment policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authority (http://www.esma.europa.eu/)
Title: Real-world and risk-neutral probabilities in the regulation on the transparency of structured products
Abstract
The price of derivatives (and hence of structured products) can be calculated as thediscounted value of expected future payoffs, assuming standard hypotheses on frictionless and complete markets and on the type of stochastic processes for the price of the underlying. However, the probabilities used in the pricing process do not represent “real” probabilities of future events, because they are based on the assumption that market participants are risk-neutral. This paper reviews the relevant mathematical finance literature, and clarifies that the risk-neutrality hypothesis is acceptable for pricing, but not to forecast the future value of an asset. Therefore, we argue that regulatory initiatives that mandate intermediaries to give retail investors information on the probability that, at a future date, the value of a derivative will be higher or lower than a given threshold (so-called “probability scenarios”) should explicitly reference probabilities that take into account the risk premium (so-called “real-world” probabilities). We also argue that, though probability scenarios may look appealing to foster investor protection, their practical implementation, if based on the right economic approach, raises significant regulatory and enforcement problems.[Author vide Copyright]
Author: Giordano, Luca ; 1046532863 | Siciliano, Giovanni ; 171826183
Series Title: European Securities and Markets Authority - ESMA working paper ; 2015,1
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2014/ WP-2015-1
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Financial marketinvestment policybonds or stocks
Subject: Investments. Investment policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authortity (http://www.esma.europa.eu/)
Title: Final report : draft RTS on prospectus related issues under the Omnibus II Directive
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1014
Language: en
Ressource: Einzelne Berichte, Studien
Subject: Financing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Opinion : ESMA assessment of Israeli laws and regulations on prospectuses
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1015
Language: en
Ressource: Einzelne Berichte, Studien
Subject: Financing. Private finance. Financial policy
Countries Scheme: Europe. General ResourcesIsrael
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Final report : the extension of the scope of interoperability arrangements
Abstract
First this report details how the concept of interoperability has emerged in the EU and the general EU regulatory framework applicable to it as described mainly in EMIR Articles 51 onwards and in the Guidelines and Recommendations for establishing consistent, efficient and effective assessments of interoperability arrangements 1 (the Guidelines and Recommendations).Then it provides a mapping and a description of the current interoperability arrangements between EU CCPs for different product types i.e. EU equities, EU government bonds and EU Exchange Traded Derivatives (ETDs).Finally it examines the reasons for extending the current EMIR framework to derivatives taking into account the corresponding costs and benefits to then conclude on the opportunity of such extension and its scope, i.e. restrict ed to ETDs and not yet to OTC derivatives.[Author vide Copyright]
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1067
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: EU countriesFinancial derivative
Subject: Financing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Final accounts of the European Securities and Markets Authority : financial year 2014 ; financial statements reports on
the implementation of the budget
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/MB/38
Language: en
Ressource: Einzelne Berichte, Studien
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Report on budgetary and financial management : financial year 2014 ; Paris, 23 June 2015
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/MB/39
Language: en
Ressource: Einzelne Berichte, Studien
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Opinion : renewal of emergency measure by Greek HCMC under Section 1 of Chapter V of Regulation No 236/2012 on short
selling and certain aspects of credit default swaps
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1104
Language: en
Ressource: Einzelne Berichte, Studien
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Public statement : ESMA registers modeFinance as credit rating agency
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1127
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: credit system
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: SMSG Advice on the Commission’s Green Paper “Building a Capital Markets Union” : joint meeting ESMA BOS and SMSG, 25
June 2015
Publisher: European Securities and Markets Authority
Year: 2015
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: EU countriescapital market
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Opinion : Renewal of emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No 236/2012 on short
selling and certain aspects of credit default swaps
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1131
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: GreeceEconomic crisiscapital market
Subject: Financing. Private finance. Financial policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Opinion : Renewal of emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No 236/2012 on short
selling and certain aspects of credit default swaps
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1139
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: GreeceEconomic crisiscapital market
Subject: Financing. Private finance. Financial policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Report : 17th extract from the EECS’s Database of Enforcement
Abstract
The European Securities and Markets Authority (ESMA) is publishing extracts from its confidential database of enforcement decisions on financial statements, with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS).European enforcers monitor and review IFRS financial statements and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law.Publication of enforcement decisions will inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS; that is, whether the treatments are considered as being within the accepted range of those permitted by IFRS. Such publication, together with the rationale behind these decisions, will contribute to a consistent application of IFRS in the EEA.The decisions included in this extract were taken by national enforcers in the period from February 2013 to November 2014. ESMA will continue publishing further extracts from the database on a regular basis, with the next extract expected to be published in the second half of 2015. [Author vide Copyright]
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1135
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: EU countriesfiscal policy
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Consultation paper : guidelines on sound remuneration policies under the UCITS Directive and AIFMD
Abstract
Article 14a(4) of Directive 2009/65/EC (“UCITS Directive”), as amended by Directive 2014/91/EU (“UCITS V Directive”) provides that ESMA shall issue guidelines addressed to competent authorities or financial market participants concerning the application of the remuneration principles set out under Article 14b of the UCITS Directive (“UCITS Remuneration Guidelines”). This consultation paper represents the first step in the development of the guidelines on remuneration policies required by the UCITS V Directive and sets out ESMA’s formal proposals for these guidelines. This consultation paper also proposes a targeted revision of the Guidelines on sound remuneration policies under the AIFMD (ESMA/2013/232) (“AIFMD Remuneration Guidelines”), which were published on 3 July 2013.Section 2 explains the background to this document, while Section 3 explains the working method followed by ESMA while developing the draft guidelines. Sections 4 to 7 provide an overview of the content of the draft guidelines focusing on the main areas of difference between the requirements on remuneration under Directive 2011/61/EU (“AIFMD”) and UCITS V Directive.Annex I provides for a comparison table where the relevant UCITS V provisions on remuneration are marked up against the AIFMD provisions. Annex II sets out the list of questions contained in this paper. Annex III includes the draft cost-benefit analysis for the guidelines, while Annex IV sets out the text of the draft UCITS Remuneration guidelines and Annex V sets out the proposed amendment to the AIFMD Remuneration Guidelines. [Author vide Copyright]
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1172
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: EU countriesfiscal policy
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Report : EEA prospectus activity in 2014
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1136
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: EU countriesfiscal policy
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: List of decisions published in the Extracts from the EECS’s Database of Enforcement (updated July 2015)
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1212
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: EU countriesfiscal policy
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: Opinion : renewal of emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No 236/2012 on short
selling and certain aspects of credit default swaps
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1218
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: EU countriesGreecefiscal policy
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: ESMA's advice to the European Parliament, the Council and the Commission on the application of the AIFMD passport to
non-EU AIFMs and AIFs
Abstract
In accordance with Articles 36 and 42 of the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD), non-EU alternative investment fund managers (AIFMs) and non-EU alternative investment funds (AIFs) managed by EU AIFMs are subject to the national private placement regime (NPPR) of each of the Member States where the AIFs are marketed or managed.However, the AIFMD makes provision for the passport, which is currently reserved to EU AIFMs and AIFs, to be potentially extended in future. Article 67(1) of the AIFMD establishes that, by 22 July 2015, ESMA shall issue to the European Parliament, the Council and the Commission advice on the application of the passport to non-EU AIFMs and AIFs in accordance with the rules set out in Article 35 and 37 to 41 of the AIFMD.This document sets out ESMA’s advice on the application of the passport to six non-EU countries: Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the United States.Section 1 of the advice sets out the background to ESMA’s work, while the detailed assessment of each of the aforementioned non-EU countries is contained in section 2. Annexes 1 to 7 contain a summary of the feedback to the call for evidence that ESMA launched in November 2014. Annex 8 gives a detailed breakdown by non-EU country of the number of non-EU AIFs and non-EU AIFMs active in Member States in accordance with Articles 36 and 42 of the AIFMD. [Author vide Copyright]
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1236
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: EU countriesfiscal policy
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
Title: ESMA's opinion to the European Parliament, Council and Commission and responses to the call for evidence on the
functioning of the AIFMD EU passport and of the National Private Placement Regimes
Publisher: European Securities and Markets Authority
Year: 2015
ISBN / ISSN / Kat.Nr: ESMA/2015/1235
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: EU countriesfiscal policy
Subject: Public finance. Taxation
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorty (http://www.esma.europa.eu/)
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