Pub Date : 1900-01-01DOI: 10.1093/law/9780198827528.003.0001
This chapter considers the development and nature of markets and exchanges, including their origin, evolution, expansion, structure, and function of markets and exchanges. It analyses the content and operation of financial markets and instruments, the relationship between capital and stock markets, and other financial markets. It also examines the structural and operational issues of the nature and function of markets and exchanges. This chapter reviews the nature and impact of Financial Technology (FinTech) and Regulatory Technology (RegTech). It refers to the general nature and impact of the global financial crisis and recent Coronavirus crisis, as well the shape and structure of the new international, regional, and national responses.
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Pub Date : 1900-01-01DOI: 10.1093/law/9780198827528.003.0006
This chapter provides an overview of the regulatory requirements that are intended to generate and maintain price transparency for publicly tradeable securities. It describes some of the key distinguishing features of the evolving trading architecture in Europe. It also explains how the regulatory requirements are organised at a European level through the Markets in Financial Instruments Regulation (MiFIR) and continue to apply in substance in the UK notwithstanding the its withdrawal from the European Union. This chapter draws attention to pre—trade transparency, which ensures that market participants can access and see sufficient information about the prevailing bid and offer prices for a given security. It “post—trade” transparency is about ensuring market participants have access to more or less real time data concerning competed transactions.
{"title":"Part II UK Securities Markets, 6 The Trading Architecture and Pre- and Post-Trade Transparency","authors":"","doi":"10.1093/law/9780198827528.003.0006","DOIUrl":"https://doi.org/10.1093/law/9780198827528.003.0006","url":null,"abstract":"This chapter provides an overview of the regulatory requirements that are intended to generate and maintain price transparency for publicly tradeable securities. It describes some of the key distinguishing features of the evolving trading architecture in Europe. It also explains how the regulatory requirements are organised at a European level through the Markets in Financial Instruments Regulation (MiFIR) and continue to apply in substance in the UK notwithstanding the its withdrawal from the European Union. This chapter draws attention to pre—trade transparency, which ensures that market participants can access and see sufficient information about the prevailing bid and offer prices for a given security. It “post—trade” transparency is about ensuring market participants have access to more or less real time data concerning competed transactions.","PeriodicalId":106144,"journal":{"name":"Financial Markets and Exchanges Law","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124558011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1093/law/9780198827528.003.0016
This chapter focuses on the European System of Financial Supervision (ESFS), which was established following the publication of a report from a “high—level” group chaired by Jacques de Larosière in February 2009. It explains that the de Larosière Report marked a highly significant EU institutional response to the financial markets crisis that had begun in the autumn of 2007. It also discusses the European Systemic Risk Board (ESRB), the European Supervisory Authorities (ESA), the European Insurance and Occupational Pensions Authority (EIOPA), and the EU member State national supervisory authorities, which comprises the ESFS. This chapter talks about ESFS as the description applied to the collection of European bodies that span the whole of the financial services industry and financial markets in Europe. It also highlights the impact of ESFS that has been felt through the actions of its constituent parts.
本章重点介绍欧洲金融监管体系(ESFS)，该体系是在雅克·德·拉罗西蒂尔(Jacques de larosi re)主持的“高级别”小组于2009年2月发表报告后建立的。它解释说，《德拉罗西蒂尔报告》标志着欧盟对始于2007年秋季的金融市场危机做出了重大的制度性回应。它还讨论了欧洲系统风险委员会(ESRB)，欧洲监管机构(ESA)，欧洲保险和职业养老金管理局(EIOPA)，以及欧盟成员国的国家监管机构，包括ESFS。本章讨论ESFS作为描述适用于欧洲机构跨越整个金融服务业和金融市场在欧洲的集合。它还强调了ESFS通过其组成部分的行动所产生的影响。
{"title":"Part VI European Securities Markets Supervision, 16 The European System of Financial Supervision","authors":"","doi":"10.1093/law/9780198827528.003.0016","DOIUrl":"https://doi.org/10.1093/law/9780198827528.003.0016","url":null,"abstract":"This chapter focuses on the European System of Financial Supervision (ESFS), which was established following the publication of a report from a “high—level” group chaired by Jacques de Larosière in February 2009. It explains that the de Larosière Report marked a highly significant EU institutional response to the financial markets crisis that had begun in the autumn of 2007. It also discusses the European Systemic Risk Board (ESRB), the European Supervisory Authorities (ESA), the European Insurance and Occupational Pensions Authority (EIOPA), and the EU member State national supervisory authorities, which comprises the ESFS. This chapter talks about ESFS as the description applied to the collection of European bodies that span the whole of the financial services industry and financial markets in Europe. It also highlights the impact of ESFS that has been felt through the actions of its constituent parts.","PeriodicalId":106144,"journal":{"name":"Financial Markets and Exchanges Law","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123261305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1093/law/9780198827528.003.0002
This chapter provides an overview of the current structure and operation of the main exchanges in operation in London as the financial centre of the UK. It details the most important changes and associated legal issues and challenges that arise with regard to market regulation, structure, and operation. It also covers exchange recognition, function, structure and ownership, governance, and conduct. This chapter discusses market and exchange evolution in terms of digital competition, financial innovation, capital role, and private investment, financial security, financial stability and financial integration, and global contribution. It highlights the responses to the recent significant market changes and policy issues.
{"title":"Part I Financial Markets, 2 Exchange Review, Regulation, and Evolution","authors":"","doi":"10.1093/law/9780198827528.003.0002","DOIUrl":"https://doi.org/10.1093/law/9780198827528.003.0002","url":null,"abstract":"This chapter provides an overview of the current structure and operation of the main exchanges in operation in London as the financial centre of the UK. It details the most important changes and associated legal issues and challenges that arise with regard to market regulation, structure, and operation. It also covers exchange recognition, function, structure and ownership, governance, and conduct. This chapter discusses market and exchange evolution in terms of digital competition, financial innovation, capital role, and private investment, financial security, financial stability and financial integration, and global contribution. It highlights the responses to the recent significant market changes and policy issues.","PeriodicalId":106144,"journal":{"name":"Financial Markets and Exchanges Law","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130262456","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1093/law/9780198827528.003.0010
This chapter provides an overview of the UK Debt Management Office (DMO) that was established on 1 April 1998 and was tasked to manage government wholesale sterling debt issuance, which was originally the Bank of England's responsibility. It highlights the DMO's purpose on carrying out the government's debt management policy of minimising financing costs over the long term and minimising cost to offset the government's net cash flows while operating in a risk appetite approved by Ministers. It also points out that the DMO, in institutional terms, is legally and constitutionally part of HM Treasury (HMT) as an executive agency. This chapter discusses the gilt market, which is comprised of two different types of securities: conventional gilts and index—linked gilts. It compares the different types of gilt and shows how the breakdown of the gilt market has changed over time.
{"title":"Part III UK Derivatives, Money, and Debt Markets, 10 UK Government Debt Management and the Gilt Market","authors":"","doi":"10.1093/law/9780198827528.003.0010","DOIUrl":"https://doi.org/10.1093/law/9780198827528.003.0010","url":null,"abstract":"This chapter provides an overview of the UK Debt Management Office (DMO) that was established on 1 April 1998 and was tasked to manage government wholesale sterling debt issuance, which was originally the Bank of England's responsibility. It highlights the DMO's purpose on carrying out the government's debt management policy of minimising financing costs over the long term and minimising cost to offset the government's net cash flows while operating in a risk appetite approved by Ministers. It also points out that the DMO, in institutional terms, is legally and constitutionally part of HM Treasury (HMT) as an executive agency. This chapter discusses the gilt market, which is comprised of two different types of securities: conventional gilts and index—linked gilts. It compares the different types of gilt and shows how the breakdown of the gilt market has changed over time.","PeriodicalId":106144,"journal":{"name":"Financial Markets and Exchanges Law","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122942713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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