Europe's hidden capital markets: evolution, architecture and regulation of the European bond market
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Brussels
Center for European Policy Studies
2005
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | IV, 129 S. graph. Darst. |
| ISBN: | 9290795964 |
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Datensatz im Suchindex
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| adam_text | Titel: Europe s hidden capital markets
Autor: Casey, Jean-Pierre
Jahr: 2005
Contents
Executive Summary............................................................................................................i
1. Trends in European Bond Markets............................................................................1
1.1 Development and integration of European bond markets..........................1
i. The shift away from relationship banking to arm s-length finance ....1
ii. International comparisons of debt, equity and bank loan finance......4
iii. International comparisons of bond market growth rates.....................7
1.2 European bond market overview and trends................................................9
i. International versus domestic debt securities in the EU.......................9
ii. Net issuance of international debt securities........................................15
iii. Size of international bonds issued by EU entities................................16
iv. Evolutions in debt securities maturities................................................17
v. A new asset class: The issuance of ultra-long bonds...........................20
vi. Recent trends in European sovereign debt markets............................23
vii. Recent trends in the European corporate bond market......................25
viii. Covered bonds and securitised debt.....................................................30
2. Bond and Bond Derivatives Market Structure.......................................................33
2.1 Primary markets..............................................................................................33
i. Bond listings..............................................................................................33
ii. Underwriting............................................................................................34
iii. Public-private cooperation in the primary market - The
development of primary dealers............................................................36
iv. Technology in the primary market........................................................36
v. Syndicated credits....................................................................................37
2.2 Secondary markets..........................................................................................38
i. The emergence and consequences of the MTS trading system..........38
ii. Electronisation of trading........................................................................42
iii. Trading activity in the European sovereign and corporate debt
markets.......................................................................................................44
iv. Over-the-counter vs. on-exchange bond trading in the EU................49
2.3 The structure of European bond derivatives markets................................53
i. Futures and options.................................................................................53
ii. Over the counter interest rate derivatives.............................................56
3. Bond Markets and EU Legislation...........................................................................59
3.1 EU FSAP legislation and the bond markets.................................................59
3.2 The pre-FSAP regulatory framework...........................................................60
3.3 The FSAP measures.........................................................................................60
i. The prospectus directive.........................................................................61
ii. The transparency directive.....................................................................64
iii. Market abuse and insider dealing..........................................................65
iv. Markets in financial instruments directive (MiFID)............................68
v. Consolidated accounts in IAS or equivalent........................................72
vi. Conclusion.................................................................................................72
4. Bond Market Liquidity, Efficiency and Transparency:
The Role of Public Policy..........................................................................................74
4.1 Introduction.....................................................................................................74
4.2 Economic growth and the benefits of dynamic bond markets.................74
i. Introduction..............................................................................................74
ii. Funding.....................................................................................................76
iii. Monetary policy.......................................................................................77
iv. Pricing and hedging.................................................................................78
v. Financial cycles and stability..................................................................79
vi. Market discipline......................................................................................80
vii. Liability and portfolio management......................................................81
viii. Conclusion.................................................................................................81
4.3 Regulating bond markets in Europe.............................................................82
i. Why the recent attention on bond markets?.........................................82
ii. Principles for bond market regulation..................................................83
iii. Some fundamental differences between stocks, bonds and their
respective market microstructures........................................................86
iv. Fundamentals of retail investor protection in bond markets.............92
4.4 Transparency and liquidity..........................................................................102
i. What is liquidity and how to define it?...............................................102
ii. How liquidity affects asset pricing......................................................105
iii. Liquidity and financial market efficiency...........................................105
iv. Transparency..........................................................................................107
v. Degree of price transparency in US and EU bond markets..............108
5. Conclusions...............................................................................................................113
Bibliography....................................................................................................................118
Annex I. EU Legislation Governing the Securities Market........................................128
List of Figures
Figure 1.1a Bond, equity and bank assets markets in EU-12, EU-15, US and
Japan, end 2003 (% of GDP)..........................................................................4
Figure 1.1b Bond, equity and bank assets markets in EU-12, EU-15, US and
Japan, end 2003 (? billions)...........................................................................5
Figure 1.2 Total EU private equity investment (? billions).........................................6
Figure 1.3a Bond markets in EU-15, US and Japan, 1992-2003 (% of GDP)................6
Figure 1.3b Bond, equity and bank assets markets in EU-15,1995-2003
(billions of ecus/euros).................................................................................7
Figure 1.4 International debt issues by currency.........................................................9
Figure 1.5a Domestic debt securities, by sector composition.....................................12
Figure 1.5b International debt securities, by sector composition...............................12
Figure 1.6a EU market share in global international debt securities markets.........14
Figure 1.6b EU market share in global domestic debt securities markets................14
Figure 1.7 Share of net issuance of international debt securities, by region..........15
Figure 1.8 Average value of issue by bond type (? millions)...................................16
Figure 1.9 Eurobond maturities by issuer nationality...............................................18
Figure 1.10 International bond maturities....................................................................18
Figure 1.11 Maturities of bond types.............................................................................19
Figure 1.12 Short and long-term interest rates in the euro area (%)..........................21
Figure 1.13 Corporate bond market relative to GDP, 1999-2004................................29
Figure 1.14 High-yield bond spreads............................................................................30
Figure 2.1 European government bond trading (average daily volumes,
? billions).......................................................................................................46
Figure 2.2 Electronic vs. voice broking in European corporate bond markets
(average daily trading volumes, in ? billions)..........................................47
Figure 4.1 Breakdown of European non-government bond markets by investor
type................................................................................................................90
List of Tables
Table 1.1 Total growth in amount outstanding of debt securities, 1999-2004............8
Table 1.2 European bond market growth, 1999-2004..................................................11
Table 1.3 Term to maturity of government debt in the euro area (years)................20
Table 1.4 Relative size of government and corporate debt markets.........................24
Table 1.5 Government bonds..........................................................................................25
Table 1.6 Corporate bond market growth rate, 1999-2004.........................................27
Table 1.7 Corporate bond market to GDP (as of December 2004).............................27
Table 1.8 Recent legislative measures in EU member states addressing
covered bonds..................................................................................................32
Table 2.1 Spreads on different maturity tranches on MTS.........................................40
Table 2.2 Leading exchanges for bond trading............................................................51
Table 2.3 On-exchange bond trading: Order book vs. deals......................................52
Table 2.4 European bond derivatives explosive growth...........................................54
Table 2.5 Engines of growth...........................................................................................54
Table 2.6 Exchange-traded derivatives: Number of contracts traded on
biggest markets................................................................................................55
Table 2.7 Eurex contract standardisation......................................................................56
Table 3.1 Reporting requirements for issuers with listed securities in the
prospectus, market abuse and transparency directives.............................67
Table 4.1 Differences between stocks and bonds.........................................................87
Table 4.2 Corporate debt defaults in the EU................................................................94
Table 4.3 Components of retail investor protection....................................................95
Table 4.4 Measuring corporate bond liquidity: Individual securities.....................103
List of Boxes
4.1 The US TRACE System...........................................................................................109
|
| adam_txt |
Titel: Europe's hidden capital markets
Autor: Casey, Jean-Pierre
Jahr: 2005
Contents
Executive Summary.i
1. Trends in European Bond Markets.1
1.1 Development and integration of European bond markets.1
i. The shift away from relationship banking to arm's-length finance .1
ii. International comparisons of debt, equity and bank loan finance.4
iii. International comparisons of bond market growth rates.7
1.2 European bond market overview and trends.9
i. International versus domestic debt securities in the EU.9
ii. Net issuance of international debt securities.15
iii. Size of international bonds issued by EU entities.16
iv. Evolutions in debt securities maturities.17
v. A new asset class: The issuance of ultra-long bonds.20
vi. Recent trends in European sovereign debt markets.23
vii. Recent trends in the European corporate bond market.25
viii. Covered bonds and securitised debt.30
2. Bond and Bond Derivatives Market Structure.33
2.1 Primary markets.33
i. Bond listings.33
ii. Underwriting.34
iii. Public-private cooperation in the primary market - The
development of primary dealers.36
iv. Technology in the primary market.36
v. Syndicated credits.37
2.2 Secondary markets.38
i. The emergence and consequences of the MTS trading system.38
ii. Electronisation of trading.42
iii. Trading activity in the European sovereign and corporate debt
markets.44
iv. Over-the-counter vs. on-exchange bond trading in the EU.49
2.3 The structure of European bond derivatives markets.53
i. Futures and options.53
ii. Over the counter interest rate derivatives.56
3. Bond Markets and EU Legislation.59
3.1 EU FSAP legislation and the bond markets.59
3.2 The pre-FSAP regulatory framework.60
3.3 The FSAP measures.60
i. The prospectus directive.61
ii. The transparency directive.64
iii. Market abuse and insider dealing.65
iv. Markets in financial instruments directive (MiFID).68
v. Consolidated accounts in IAS or equivalent.72
vi. Conclusion.72
4. Bond Market Liquidity, Efficiency and Transparency:
The Role of Public Policy.74
4.1 Introduction.74
4.2 Economic growth and the benefits of dynamic bond markets.74
i. Introduction.74
ii. Funding.76
iii. Monetary policy.77
iv. Pricing and hedging.78
v. Financial cycles and stability.79
vi. Market discipline.80
vii. Liability and portfolio management.81
viii. Conclusion.81
4.3 Regulating bond markets in Europe.82
i. Why the recent attention on bond markets?.82
ii. Principles for bond market regulation.83
iii. Some fundamental differences between stocks, bonds and their
respective market microstructures.86
iv. Fundamentals of retail investor protection in bond markets.92
4.4 Transparency and liquidity.102
i. What is liquidity and how to define it?.102
ii. How liquidity affects asset pricing.105
iii. Liquidity and financial market efficiency.105
iv. Transparency.107
v. Degree of price transparency in US and EU bond markets.108
5. Conclusions.113
Bibliography.118
Annex I. EU Legislation Governing the Securities Market.128
List of Figures
Figure 1.1a Bond, equity and bank assets markets in EU-12, EU-15, US and
Japan, end 2003 (% of GDP).4
Figure 1.1b Bond, equity and bank assets markets in EU-12, EU-15, US and
Japan, end 2003 (? billions).5
Figure 1.2 Total EU private equity investment (? billions).6
Figure 1.3a Bond markets in EU-15, US and Japan, 1992-2003 (% of GDP).6
Figure 1.3b Bond, equity and bank assets markets in EU-15,1995-2003
(billions of ecus/euros).7
Figure 1.4 International debt issues by currency.9
Figure 1.5a Domestic debt securities, by sector composition.12
Figure 1.5b International debt securities, by sector composition.12
Figure 1.6a EU market share in global international debt securities markets.14
Figure 1.6b EU market share in global domestic debt securities markets.14
Figure 1.7 Share of net issuance of international debt securities, by region.15
Figure 1.8 Average value of issue by bond type (? millions).16
Figure 1.9 Eurobond maturities by issuer nationality.18
Figure 1.10 International bond maturities.18
Figure 1.11 Maturities of bond types.19
Figure 1.12 Short and long-term interest rates in the euro area (%).21
Figure 1.13 Corporate bond market relative to GDP, 1999-2004.29
Figure 1.14 High-yield bond spreads.30
Figure 2.1 European government bond trading (average daily volumes,
? billions).46
Figure 2.2 Electronic vs. voice broking in European corporate bond markets
(average daily trading volumes, in ? billions).47
Figure 4.1 Breakdown of European non-government bond markets by investor
type.90
List of Tables
Table 1.1 Total growth in amount outstanding of debt securities, 1999-2004.8
Table 1.2 European bond market growth, 1999-2004.11
Table 1.3 Term to maturity of government debt in the euro area (years).20
Table 1.4 Relative size of government and corporate debt markets.24
Table 1.5 Government bonds.25
Table 1.6 Corporate bond market growth rate, 1999-2004.27
Table 1.7 Corporate bond market to GDP (as of December 2004).27
Table 1.8 Recent legislative measures in EU member states addressing
covered bonds.32
Table 2.1 Spreads on different maturity tranches on MTS.40
Table 2.2 Leading exchanges for bond trading.51
Table 2.3 On-exchange bond trading: Order book vs. deals.52
Table 2.4 European bond derivatives' explosive growth.54
Table 2.5 Engines of growth.54
Table 2.6 Exchange-traded derivatives: Number of contracts traded on
biggest markets.55
Table 2.7 Eurex contract standardisation.56
Table 3.1 Reporting requirements for issuers with listed securities in the
prospectus, market abuse and transparency directives.67
Table 4.1 Differences between stocks and bonds.87
Table 4.2 Corporate debt defaults in the EU.94
Table 4.3 Components of retail investor protection.95
Table 4.4 Measuring corporate bond liquidity: Individual securities.103
List of Boxes
4.1 The US TRACE System.109 |
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| spelling | Casey, Jean-Pierre Verfasser aut Europe's hidden capital markets evolution, architecture and regulation of the European bond market Jean-Pierre Casey ; Karel Lannoo Brussels Center for European Policy Studies 2005 IV, 129 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Bond market Europe Derivative securities Europe Europa Lannoo, Karel Verfasser (DE-588)171265157 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015022655&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Casey, Jean-Pierre Lannoo, Karel Europe's hidden capital markets evolution, architecture and regulation of the European bond market Bond market Europe Derivative securities Europe |
| title | Europe's hidden capital markets evolution, architecture and regulation of the European bond market |
| title_auth | Europe's hidden capital markets evolution, architecture and regulation of the European bond market |
| title_exact_search | Europe's hidden capital markets evolution, architecture and regulation of the European bond market |
| title_exact_search_txtP | Europe's hidden capital markets evolution, architecture and regulation of the European bond market |
| title_full | Europe's hidden capital markets evolution, architecture and regulation of the European bond market Jean-Pierre Casey ; Karel Lannoo |
| title_fullStr | Europe's hidden capital markets evolution, architecture and regulation of the European bond market Jean-Pierre Casey ; Karel Lannoo |
| title_full_unstemmed | Europe's hidden capital markets evolution, architecture and regulation of the European bond market Jean-Pierre Casey ; Karel Lannoo |
| title_short | Europe's hidden capital markets |
| title_sort | europe s hidden capital markets evolution architecture and regulation of the european bond market |
| title_sub | evolution, architecture and regulation of the European bond market |
| topic | Bond market Europe Derivative securities Europe |
| topic_facet | Bond market Europe Derivative securities Europe Europa |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015022655&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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