Views on improving the integrity of global capital markets

Market Structure


Capital Markets Union: What is Missing to Solve the Puzzle?

In September 2015 the European Commission launched the Capital Markets Union (CMU) Action Plan with the aim of creating alternative sources of financing, that is, sources other than banking. Almost three years later this project is still incomplete,… READ MORE ›

Sustainable Finance in the EU: How Will It Revolutionise the Financial Sector?

The EC’s Action Plan was one of the main discussion topics of the high-level conference, “The Future of Capital Markets in the EU: Towards Deeper Integration?,” organised by CFA Institute at the European Parliament in Brussels on 6 June 2018.

Capital Markets Union: Is There a Need for Further Integration of EU Markets?

Policymakers discussed why capital markets in the EU must be stronger and more integrated during the high-level conference, “The Future of Capital Markets in the EU: Towards Deeper Integration?,” organised by CFA Institute at the European Parliament.

The Blue Sky Allure of Weighted Voting Rights?

After some hiccups earlier this decade, talks of permitting the listing of companies with dual-class share (DCS) structures have gained traction in Hong Kong and Singapore, two major financial centers in Asia .

The Makings of a Financial Crisis

Four tools may frame the analysis required to evaluate the likelihood of an impending crisis and that may provide us with a heads up before a financial crisis occurs.

Assessing the Implications of Brexit: What Investment Professionals Need to Know

Brexit is moving forward, and the investment management industry needs to keep up with the effects it could have on business.

Has the Time Arrived for a Venture Market in the United States?

There is a growing interest in a venture exchange in the United States to list smaller and startup companies operating under relaxed listing and regulatory rules, and the time could be right.

An Assessment of Dual-Class Shares in Brazil: Evidence from the Novo Mercado Reform

Firms that moved to the Novo Mercado single-class structure experienced higher firm performance, but face continuing criticism that reforms did not eliminate the dominance of controlled companies.

CFA Institute Uses Behavioural Insights to Design a Better Prospectus Summary

Related to one of the first elements of EU’s Capital Markets Union initiative, CFA Institute proposes summary prospectus template that aims to address information overload.

Snapchat IPO: What’s Wrong with This Picture?

Investors demand high standards of governance at public companies, but Snap’s recent listing brings up the question of how far are shareholders willing to chase gains in exchange for their votes?

French Market Authority Report on High-Frequency Trading — No Surprises

Another jurisdiction has found that high-frequency trading has a mostly neutral or positive impact on market quality.

Primer on Shenzhen–Hong Kong Connect

Foreign investors can now more easily gain equity exposure in China and Chinese investors can diversify into shares listed in Hong Kong.

What Can Investors Learn from Financial History That Will Help Them Today?

Can modern investors learn anything from financial history? Leading academics and senior investment professionals look at the past and provide practical information for today. Categories: Market Structure

Future of the Global Economy? Experts at Investing Conference Say “Wait and See”

No one really knows at this point what impact President-elect Trump or the cabinet that he puts together will have on the global economy, capital markets, or financial industry.

Changes in Financial Regulation in the Time of Trump: Financial Choice Act

Broad-based proposed legislation could bring wide-sweeping reforms to financial market regulation and undo Dodd–Frank and the DOL Fiduciary Rule.



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