Russian corporate bond markets

A report on the structure of the Russian corporate bond market produced by the National Securities Market Association (NSMA) published 2006.

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The corporate bond market in Russia

Europe's Hidden Capital Markets
by Jean-Pierre Casey, Karel Lanoo, Centre for European Policy Studies
Published by Centre for European Policy Studies November 2005

Non-equity markets used to be 'hidden' in Europe, in the sense that relative to their size, they received less attention from ordinary investors and the media than equity markets. Given that bond markets play a crucial role in the economy through the capital allocation process, monetary policy decision, and the hedging of risk not to mention their immense size, this situation was somewhat puzzling, but it has been changing. The report aims to demystify and elucidate European bond markets.

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Europe's hidden capital markets

Order a printed copy of the report from the CEPS website

Building a Transatlantic Securities Market
by Benn Steil, Council on Foreign Relations
Published December 2002

This expert report urges a US-EU accord on transatlantic exchange access to jumpstart integration of the two mammoth securities markets. Such an accord would significantly cut transatlantic trading costs as well as the cost of capital for American and European companies.

Published by the Association in cooperation with the independent New York-based research centre, the Council on Foreign Relations, Building a Transatlantic Securities Market argues that unnecessary regulation inflates trading costs for US investors in Europe and vice versa. The report proposes an innovative regulatory regime based on mutual recognition, allowing exchanges authorised on one side of the Atlantic to give direct trading access to professional investors on the other side.

The author of the report, Dr. Benn Steil, Director of International Economics at the Council on Foreign Relations, is widely regarded as one of the world’s leading authorities on exchanges and market regulation.

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Building a Transatlantic Securities Market

Derivatives and Public Debt Management
by Gustavo Piga
Published November 2001 In cooperation with the Council on Foreign Relations

As author Gustavo Piga sets out in this comprehensive and thoroughly-researched analysis, derivative use by sovereign issuers is substantial, and on the increase. Yet there are vast differences from one country to the next in how the markets are played. Some leading derivative users, such as Sweden, appear to be sensible, responsible and transparent in their conduct. However, in the course of his two-year investigation, Piga met with considerable reticence on the part of some government debt managers to introduce greater transparency into their actions.

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Derivatives and public debt management

Patenting Finance: Financing Patents
by Julian Walmsley, ISMA Centre
Published February 2001

This report considers how market participants, particularly those based in Europe, may need to prepare for a more widespread, US-style, application of patent rights in the financial services sector. It provides a contemporary commentary on the way in which patents have been sought and, in some cases, successfully obtained to protect business methods and software systems developed by some of the major global financial institutions.

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Patenting Finance: Financing Patents