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A stability perspective of market-based finance: designing new prudential tools?

S. Maijoor and C. Boidard

Financial Stability Review, 2017, issue 21, 149-156

Abstract: Market-based finance is expected to grow in the future. There is strong potential for demand facilitated by a supportive policy environment and the limited ability of banks to finance the economy. The development of market financing as a complement to bank financing must be accompanied by an adequate and effective prudential framework because of the systemic nature of these activities. In this article, the authors analyse how European legislation on securities markets already include a number of microprudential tools available to supervisors, which need to be taken into account when designing macroprudential tools for ensuring the stability of market-based finance.

Date: 2017
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