ECMI Books

Books carry out either very detailed and in-depth analyses of a particular subject related either to the regulation of, or to the development/efficiency/stability of European capital markets, or they cover a broad range of topics related to these subjects with the purpose of presenting a coherent view unifying them within a theme (120 pages or more). To get more information about our books, download them electronically or learn how to get a printed copy of them, follow the links bellow.

An Investigation into Stewardship

ECMI Book #, June 2011: 'Engagement between investors and public companies: Impediments and their resolution' addresses the question of stewardship (thoughtful ownership) in the UK and the European Union, after the financial crisis. Sponsored by the CFA Institute and the FGRE and written in cooperation with ECMI, this report considers the potential inadequacy of stewardship by the investment industry and the degree of integration of corporate governance analysis in the investment process.

Regulated Exchanges: Dynamic Agents of Economic Growth

October 2010. Since the inception of the World Federation of Exchanges in the 1960s, the operational and competitive landscape for organized exchanges has changed radically. Technology and globalization have allowed financial flows to move freely across borders, and burgeoning competition and lower regulatory barriers have spurred far-reaching transformations in the way securities are traded.

Facing New Regulatory Frameworks in Securities Trading in Europe

December 2009. Over the last decade the securities industry revolutionized. Technological and market innovations urged regulators to respond by updating the rules on securities trading. While in the U.S. traditional stock exchanges were under attack from electronic trading systems (ECNs), the European Union wanted to increase competition by abolishing the monopoly of traditional exchanges and by allowing systemic internalization by banks. The first part of this book focuses on the front-office of securities trading.

The MiFID Revolution

April 2009. The Market in Financial Instruments Directive (MiFID) is nothing short of a revolution. Introduced on 1 November 2007, it will have a profound, long-term impact on Europe's securities markets. It will see banks operating as exchanges for certain activities, offering alternative execution services that more closely resemble the structure of over-the-counter markets, and will lead to the decentralisation of order execution in an array of venues previously governed by concentration rules.

Europe's Hidden Capital Markets

October 2005. Non-equity financial markets used to be "hidden" in Europe, in the sense that relative to their size, they traditionally received less attention from ordinary investors and the media than equity markets. This phenomenon was accentuated by the fact that the Financial Services Action Plan was primarily geared towards equity markets.

A Comparison of SMEs in Europe and in the USA

February 2001. This study focuses on the relationship between small and medium-sized enterprises (SME), private equity and wider capital markets in the EU and in the USA. Specifically, it examines the impact of private equity and capital markets on SME developments on both sides of the Atlantic. It looks at the financial enabling environment for SMEs and provides conclusions and recommendations for change.

The New Capital Markets in Central and Eastern Europe

January 2000. Since the collapse of the communist regimes in 1989, the Central and Eastern Europe (CEE) countries have been undergoing a transition period from a command economy to a market-orientated economic system. The prospects of EU enlargement in Eastern Europe and the dramatic effects that the Russian crisis has had on world capital markets awakened interest in those markets.

European Capital Markets with a Single Currency

January 1999. The purpose of this study is to identify the various ways in which a single currency will fundamentally and permanently alter European capital markets. No attempt is made to analyse the short term changes resulting from the introduction of the Euro, since this has already been examined by numerous institutions.

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