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Author :
Publisher :
ISBN 13 : 9780938367482
Total Pages : pages
Book Rating : 4.3/5 (674 download)
Download or read book An Examination of Transparency in European Bond Markets written by and published by . This book was released on 2011-11 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jean-Pierre Casey
Publisher : CEPS
ISBN 13 : 9290795964
Total Pages : 142 pages
Book Rating : 4.2/5 (97 download)
Download or read book Europe's Hidden Capital Markets written by Jean-Pierre Casey and published by CEPS. This book was released on 2005 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.
Download or read book TRANSPARENCY OF EUROPEAN BOND MARKETS. written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bruno Biais
Publisher :
ISBN 13 :
Total Pages : 75 pages
Book Rating : 4.:/5 (2 download)
Download or read book European Corporate Bond Markets written by Bruno Biais and published by . This book was released on 2006 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter G. Dunne
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (129 download)
Download or read book Transparency Proposals for European Sovereign Bond Markets written by Peter G. Dunne and published by . This book was released on 2007 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The debate over the possible extension of transparency regulation in Europe to include sovereign bonds has opened up a number of other issues in need of serious consideration. One such issue is the appropriateness of the entire infrastructure supporting the trading of European sovereign bonds. In recent years, sovereign issuers have supported the development of an electronic inter-dealer market but have remained unconcerned with the opacity of dealer-to-customer trading. The degree of segmentation in this market is high relative to what exists in nearly all other financial markets. This paper explores why European sovereign bond markets have developed in such a segmented way and considers how this structure could be altered to improve transparency without adversely affecting liquidity, efficiency or the benefits enjoyed by primary dealers and issuers. It is suggested that the structure of the market could be improved greatly if the largest and most active investors were permitted access to the inter-dealer electronic trading platforms. This would solve a number of market imperfections and increase the proportion of market activity that is conducted in a transparent way. The paper argues that sovereign issuers in Europe have the means to provide incentives that would influence dealers to support reduced segmentation. Some practical examples of how this could be achieved are provided and the potential benefits are outlined.
Author : Peter G. Dunne
Publisher :
ISBN 13 :
Total Pages : 85 pages
Book Rating : 4.:/5 (2 download)
Download or read book European Government Bond Markets written by Peter G. Dunne and published by . This book was released on 2006 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : William F. Maxwell
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (129 download)
Download or read book Transparency and the Corporate Bond Market written by William F. Maxwell and published by . This book was released on 2009 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. corporate bond market underwent a fundamental change with the introduction of TRACE in 2002. Beginning on that date, bond dealers were required to report all trades in publicly-issued corporate bonds to the National Association of Security Dealers, which in turn made transaction data available to the public. In this paper, we assess the impact of the increase in transparency on the corporate bond market. Investors have benefited from the increased transparency, through substantial reductions in the bid-ask spreads that they pay to bond dealers to complete trades. Conversely, bond dealers have experienced reductions in employment and compensation, and dealers' trading activities have moved toward alternate securities, including syndicated bank loans and credit default swaps. The primary complaint against TRACE is that trading is more difficult as dealers are reluctant to carry inventory and no longer share the results of their research. In essence, the cost of trading corporate bonds decreased, but so did the quality and quantity of the services formerly provided by bond dealers. The debate regarding optimal transparency of the corporate bond markets continues, and the question of what degree of transparency in security markets is desirable will remain the subject of study and debate for the foreseeable future.
Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Implications for liquidity from innovation and transparency in the European corporate bond market written by and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : European Bond Commission
Publisher : Irwin Professional Publishing
ISBN 13 :
Total Pages : 656 pages
Book Rating : 4.3/5 (512 download)
Download or read book The European Bond Markets written by European Bond Commission and published by Irwin Professional Publishing. This book was released on 1989 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of this popular resource continues to be the leading reference work on the European debt markets. The book contains new sections & new coverage of Israel & the new generation of markets in Eastern Europe, including Hungary, the Czech Republic, Slovakia, Bulgaria, & Russia. In addition to its user-friendly country-by-country format, a special chapter about bond mechanics helps readers understand settlement & yield calculation, allowing comparisons to be made between different markets.
Author : Matteo Aquilina
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (13 download)
Download or read book Transparency in the UK Bond Markets written by Matteo Aquilina and published by . This book was released on 2017 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the debate on transparency in non-equity markets associated with the Markets in Financial Instruments Directive (MiFID II), a sound understanding of how these markets operate today is needed to identify potential market failures and to assess the impact of proposed regulatory interventions. This paper uses the transaction reporting data available to the UK Financial Conduct Authority (FCA) to analyse the structure and characteristics of the UK-listed bond markets and highlight features that should be considered when designing transparency regimes aimed at improving market functioning. We observe significant diversity in the UK bond markets, with big differences between market participants, the way they trade and the risks of trading different instruments. While most bonds are only traded sporadically, some bonds are rather liquid and trade frequently at different venues. However, their liquidity profile varies widely during their lifetime. Most transactions in the UK-listed bonds in our sample are carried out off-exchange. We find that trading costs depend on transaction size, credit risk profile and maturity. We note that there is a moderate level of concentration of broker and market maker services but we have not carried out a full assessment of competition as part of this work.
Author : Nick Battley
Publisher : McGraw-Hill Companies
ISBN 13 : 9780077094072
Total Pages : 0 pages
Book Rating : 4.0/5 (94 download)
Download or read book The European Bond Markets written by Nick Battley and published by McGraw-Hill Companies. This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This reference guide provides money managers and traders with details and peculiarities of each European nation's market. It draws upon the knowledge and expertize of leading members of Europe's financial institutions. Topics covered include: market composition, types of securities available, methods of issuance and trading, taxation, interest rate history and intermarket spreads. This edition also gives coverage of Israel and markets throughout Eastern Europe.
Author : Hendrik Bessembinder
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (456 download)
Download or read book Markets written by Hendrik Bessembinder and published by . This book was released on 2008 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 1616 pages
Book Rating : 4.:/5 (13 download)
Download or read book The European Bond Markets written by and published by . This book was released on 1993 with total page 1616 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fan Chen
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (13 download)
Download or read book Pre-Trade Transparency in Over-the-Counter Bond Markets written by Fan Chen and published by . This book was released on 2018 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using bond transaction data from TRACE from 2005 to 2015, we investigate the impact of pre-trade transparency on over-the-counter bond markets, and find that NYSE pre-trade transparency reduces US corporate bond transaction costs by $846 million per year. NYSE pre-trade transparent bonds also maintain smaller standard deviation in bid-ask spreads and institutional investors face smaller bid-ask spreads when trading the pre-trade transparent bonds, suggesting that pre-trade transparency tends to favor traders rather than dealers by enhancing traders' bargaining capability.
Author : Yakov Amihud
Publisher : Now Publishers Inc
ISBN 13 : 1933019123
Total Pages : 109 pages
Book Rating : 4.9/5 (33 download)
Download or read book Liquidity and Asset Prices written by Yakov Amihud and published by Now Publishers Inc. This book was released on 2006 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liquidity and Asset Prices reviews the literature that studies the relationship between liquidity and asset prices. The authors review the theoretical literature that predicts how liquidity affects a security's required return and discuss the empirical connection between the two. Liquidity and Asset Prices surveys the theory of liquidity-based asset pricing followed by the empirical evidence. The theory section proceeds from basic models with exogenous holding periods to those that incorporate additional elements of risk and endogenous holding periods. The empirical section reviews the evidence on the liquidity premium for stocks, bonds, and other financial assets.
Author : Yongseok Shin
Publisher : International Monetary Fund
ISBN 13 : 1451855400
Total Pages : 48 pages
Book Rating : 4.4/5 (518 download)
Download or read book Is Transparency Good for You, and Can the IMF Help? written by Yongseok Shin and published by International Monetary Fund. This book was released on 2003-06-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper finds that reforms introduced by the IMF to promote transparency have created more informed markets and reduced borrowing costs for those emerging market countries that volunteered for them. Using a quarterly panel estimation with fixed country effects, we find that sovereign spreads fall following the adoption of three different transparency reforms. The effects are economically important, especially for those countries with low initial transparency. We use two-stage least squares to address any endogeneity in the timing of reforms exploiting internal IMF timetables that are unrelated to country events. Next, using a panel GARCH specification, we show that spreads move more than normal in the days immediately following publication of IMF country documents.
Author : European Bond Commission
Publisher : WCB/McGraw-Hill
ISBN 13 : 9781900717021
Total Pages : 1712 pages
Book Rating : 4.7/5 (17 download)
Download or read book The European Bond Markets written by European Bond Commission and published by WCB/McGraw-Hill. This book was released on 1996-09 with total page 1712 pages. Available in PDF, EPUB and Kindle. Book excerpt: This reference guide provides issuers and investors with details and peculiarities of each European nation's market. It draws upon the knowledge and expertise of leading members of Europe's financial institutions. Topics covered include: market composition, types of securit ies available, methods of issuance and trading, taxation, interest rate history and intermarket spreads. This edition also gives coverage of Israel and markets throughout Eastern Europe.
