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The regulatory and supervisory framework for fixed income markets in Europe

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  • Dumoulin, Hubert Grignon
  • Kruse, Mogens
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    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 incomemarket 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.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3308.

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    Date of creation: 01 May 2004
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    Handle: RePEc:wbk:wbrwps:3308

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    Keywords: Environmental Economics&Policies; Payment Systems&Infrastructure; Financial Intermediation; International Terrorism&Counterterrorism; Fiscal&Monetary Policy; Environmental Economics&Policies; Financial Intermediation; Insurance&Risk Mitigation; Insurance Law; National Governance;

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