The regulatory and supervisory framework for fixed income markets in Europe

Hubert Grignon Dumoulin and Mogens Kruse

No 3308, Policy Research Working Paper Series from The World Bank

Abstract: look at the development and regulation of fixed income securities markets in Europe. Fixed income securities markets in Europe have historically been characterized by a number of national markets that were interconnected by way of foreign exchange markets. They are presently undergoing major changes in size, infrastructure, and regulation. The authors describe the current state of the ongoing European regulatory and supervisory reform and the main drivers behind it. They conclude that European fixed income securities market regulation and infrastructure are not (yet) homogeneous. In some countries fixed income market regulation has been developed after intense political reflections on ways and means of promoting safe and efficient capital markets. In other countries, fixed income market regulation is a product of learning-by-doing (such as ad hoc reflections based on negative market experiences and financial scandals). To illustrate the heterogeneity in the European fixed income markets, the authors include two examples: France as an example of a country from the euro area, and Denmark as an example of a country outside the euro area.

Keywords: Financial Intermediation; Environmental Economics&Policies; Fiscal&Monetary Policy; International Terrorism&Counterterrorism; National Governance; Payment Systems&Infrastructure; Insurance&Risk Mitigation; Insurance Law (search for similar items in EconPapers)
Date: 2004-05-01
New Economics Papers: this item is included in nep-eec and nep-fmk
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