MiFID: Convergence towards a unified European capital markets industry

Product Description

With many organisations mis-understanding the implications of MiFID on the capital markets industry as a whole and more specifically on their own firm, developing a better understanding of this significant piece of regulation has become vitally important.

Focusing on the three major elements embedded into the directive you will gain important insights into how the key aspects of this compulsory regulatory change affect you, these are:

* Multilateral trading facilities,
* Internalisation, and
* Best execution.

Providing you with a single source of information on the newly issued regulation, this book includes its practicalities and a review of the potential impact on the industry. You will be given a practical understanding of the directives impact on investment firms and develop a vision of the broader changes the directive will generate amongst industry players.

Bringing together the viewpoints of both academics and practitioners, possible ways forward are suggested and your understanding of how the industry will evolve over time will be increased. You are provided an exclusive insight into the tools and techniques that you can use to support these new regulatory requirements.

This invaluable reference and guide will serve as essential reading material for you and should be recommended reading for investment firms representing the entire capital markets value chain, from exchanges and new alternative trading systems, intermediaries, money managers and end investors

Customer Reviews:

MiFID - Many issues For Industry Diehards.......2006-11-07

This book looks at MiFID (Markets in Financial Instruments Directive), a regulatory directive issued by the EU (European Union) in April 2004. Originating from the Internal Markets and Services Directorate-General headed by Charlie McCreevy, this legislation is the latest in a series of initiatives to reform the financial markets within the EU.
This timely publication arrives with exactly a year before the November 2007 deadline for implementation of the directive, and on the twentieth anniversary of Big Bang in the City of London.
The authors provide a good introduction to the creation of European Union regulation and the drive to better integrate European capital markets. This allows the reader to place MiFID in context and provides insight into the political drivers behind the directive.
An analysis of the characteristics of market structures allows a comparison between Europe and the US before addressing the impact of technology. The execution of financial instrument trades is then examined, followed by an assessment of the impact of MiFID on market structures.
The Best Execution obligation, possibly the most contentious element of MiFID, is then reviewed followed by the topic of Transaction Cost Analysis, at both a fundamental and advanced level.

The book is clearly and concisely written, and the tables and diagrams give additional insight into an area that is both complex and complicated.

An excellent introduction to MiFID for those not familiar with the Directive, and even experienced readers will find much of value in this book.

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City of Capital
Bruce G. Carruthers
Manufacturer: Princeton University Press
ProductGroup: Book
Binding: Paperback

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The Honourable Company: A History of the English East India Company
The Social Meaning of Money: Pin Money, Paychecks, Poor Relief, and Other Currencies
The Handbook of Economic Sociology, Second Edition
A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation

ASIN: 0691049602

Book Description

While many have examined how economic interests motivate political action, Bruce Carruthers explores the reverse relationship by focusing on how political interests shape a market. He sets his inquiry within the context of late Stuart England, when an active stock market emerged and when Whig and Tory parties vied for control of a newly empowered Parliament. Carruthers examines the institutional linkage between politics and the market that consisted of three joint-stock companies--the Bank of England, the East India Company, and the South Sea Company--which all loaned large sums to the government and whose shares dominated trading on the stock market. Through innovative research that connects the voting behavior of individuals in parliamentary elections with their economic behavior in the stock market, Carruthers demonstrates that party conflict figured prominently during the company foundings as Whigs and Tories tried to dominate company directorships. For them, the national debt was as much a political as a fiscal instrument.

In 1712, the Bank was largely controlled by the Whigs, and the South Sea Company by the Tories. The two parties competed, however, for control of the East India Company, and so Whigs tended to trade shares only with Whigs, and Tories with Tories. Probing such connections between politics and markets at both institutional and individual levels, Carruthers ultimately argues that competitive markets are not inherently apolitical spheres guided by economic interest but rather ongoing creations of social actors pursuing multiple goals.

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While many have examined how economic interests motivate political action, Bruce Carruthers explores the reverse relationship in political economy by focusing on how political interests shape a market. The author sets his inquiry within the context of late Stuart England, when an active stock market emerged and when Whig and Tory parties vied for control of a newly empowered Parliament. He examines the institutional linkage between politics and the market that consisted of three joint-stock companies - the Bank of England, the East India Company, and the South Sea Company - which all loaned large sums to the government and whose shares dominated trading on the stock market. Through innovative research that connects the voting behavior of individuals in parliamentary elections with their economic behavior in the stock market, Carruthers demonstrates that party conflict figured prominently during the company foundings as Whigs and Tories tried to dominate company directorships. For them, the national debt was as much a political as a fiscal instrument. In 1712, the Bank was largely controlled by the Whigs, and the South Sea Company by the Tories. The two parties competed, however, for control of the East India Company, and so Whigs tended to trade shares only with Whigs, and Tories with Tories. Probing such connections between politics and markets at both institutional and individual levels, Carruthers ultimately argues that competitive markets are not inherently apolitical spheres guided by economic interest but rather ongoing creations of social actors pursuing multiple goals.

Competing for Capital: Europe and North America in a Global Era (Controversies in Public Policy)

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Why is this book 65 dollars?

Competing for Capital: Europe and North America in a Global Era (Controversies in Public Policy)
Kenneth P. Thomas
Manufacturer: Georgetown University Press
ProductGroup: Book
Binding: Hardcover

Comparative | Economics | Business & Investing | Subjects | Books

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Customer Reviews:

Why is this book 65 dollars?.......2001-02-26

Ok, I haven't read the book, but I heard an interview with Ken Thomas on the radio talking about his book and it sounds very interesting. It's about corporate welfare (subsidies/tax breaks given to business by state,local, or national government in order to convince business to build in its area). Im waiting for the book to come in at my local library because there is no way in hell im paying 65 dollars for it. That really bothers me. Anyway, when i finish it, i'll Write a real review. I wouldnt be requesting if from the library if I didnt think it sounded good on the radio.

Development of Non-Bank Financial Institutions and Capital Markets in European Union Accession Countries (World Bank Working Papers)

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Development of Non-Bank Financial Institutions and Capital Markets in European Union Accession Countries (World Bank Working Papers)
Marie-Renee Bakker , and Alexandra Gross
Manufacturer: World Bank Publications
ProductGroup: Book
Binding: Paperback

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Book Description

Development of Non-Bank Financial Institutions and Capital Markets in European Union Accession Countries assesses the role of non-bank financial institutions and capital markets in the financial sectors of the eight first wave EU accession countries (Poland, Hungary, the Czech Republic, Slovakia, Estonia, Latvia, Lithuania and Slovenia), the current state of development and prospects for future growth, and the likely impact on these segments of the financial system of accession to the EU. Throughout the paper, the level of development of non-bank financial institutions and capital markets in the accession countries is benchmarked against comparable development levels seen in existing EU member states. The paper concludes with a series of policy recommendations to facilitate future development of non-bank forms of financial intermediation

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This study assesses the role of non-bank financial institutions and capital markets in the financial sectors of the eight first wave EU accession countries (Poland, Hungary, the Czech Republic, Slovakia, Estonia, Latvia, Lithuania and Slovenia), the current state of development and prospects for future growth, and the likely impact on these segments of the financial system of accession to the EU. Throughout the paper, the level of development of non-bank financial institutions and capital markets in the accession countries is benchmarked against comparable development levels seen in existing EU member states. The paper concludes with a series of policy recommendations to facilitate future development of non-bank forms of financial intermediation.

Anwendung der Lehre von den unvollkommenen und unvollstandigen Versicherungs- und Kapitalmarkten auf die Lebensversicherung (European university studies. Series V, Economics and management)

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Anwendung der Lehre von den unvollkommenen und unvollstandigen Versicherungs- und Kapitalmarkten auf die Lebensversicherung (European university studies. Series V, Economics and management)
Andreas Nickel
Manufacturer: P. Lang
ProductGroup: Book
Binding: Perfect Paperback

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ASIN: 3631480792

Asean and the Ec: Cost of Capital in Major Ec Countries and Their Effects on the Production Structure (ASEAN-EC economic relations series)

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Asean and the Ec: Cost of Capital in Major Ec Countries and Their Effects on the Production Structure (ASEAN-EC economic relations series)
Georg Erdmann , and Bruno Fritsch
Manufacturer: ASEAN Economic Research Unit, Institute of Southeast Asian Studies
ProductGroup: Book
Binding: Paperback

General | Business & Investing | Subjects | Books
ASIN: 9813035404

A Bitter Living: Women, Markets, and Social Capital in Early Modern Germany

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A Bitter Living: Women, Markets, and Social Capital in Early Modern Germany
Sheilagh Ogilvie
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Hardcover

Economic History | Economics | Business & Investing | Subjects | Books

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ASIN: 0198205546

Book Description

What role did women play in the pre-industrial European economy? Was it brought about by biology, culture, social institutions, or individual choices? And what were its consequences - for women, for men, for society at large? Women were key to the changes in the European economy between 1600 and 1800 that paved the way for industrialization. But we still know little about this female 'shadow economy' - and nothing quantitative or systematic. This book tackles these questions in a new way. It uses a unique micro-level database and rich qualitative sources to illuminate women's contribution to a particular pre-industrial economy: the German state of Wurttemberg, which was in many ways typical of early modern Europe. Markets expanded here between 1600 and 1800, opening opportunities outside the household for both women and men. But they were circumscribed by strong 'social networks' - local communities and rural guilds with state support. Modern political scientists have praised social networks for generating 'social capital' - shared norms and collective sanctions which benefit network insiders, and sometimes the whole society. But this book reveals the dark side of 'social capital': insiders excluded and harmed outsiders, especially women, to the detriment of the economy at large. Early modern European economies differed widely in their restrictions on the role of women. But the monocausal approaches (technological, cultural, institutional) that dominate the existing literature cannot explain these differences. This book proposes an alternative approach driven by the decision individual women themselves made as they negotiated a wide array of constraints and pressures (including technological, cultural, and institutional ones). We are not only brought closer to the 'bitter living' pre-industrial women scraped together , but find out how it came to be so bitter, and how restrictions on women inflicted a bitter living on everyone.

Capital Access International Emerging Markets Desk Reference, Spring 1999 Edition: U.S. Buyside & Sellside Profiles Plus Top Canadian & Western European Investors (The Capital Access International Desk Reference Series)

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Capital Access International Emerging Markets Desk Reference, Spring 1999 Edition: U.S. Buyside & Sellside Profiles Plus Top Canadian & Western European Investors (The Capital Access International Desk Reference Series)
Capital Access International
Manufacturer: Capital Access International
ProductGroup: Book
Binding: Paperback
ASIN: 1888815132

Capital Market Liberalization (Dismantling of Barriers , Vol 3-5)

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Capital Market Liberalization (Dismantling of Barriers , Vol 3-5)
Kogan Pate
Manufacturer: Kogan Page
ProductGroup: Book
Binding: Paperback

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ASIN: 0749423285

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The Euro Capital Market
Daniel Gros , and Karel Lannoo
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Book Description

The authors predict that the impact will be far-reaching, leading to a more liquid, mature and efficient capital market. The structure of capital markets in Europe and the behaviour of actors in these markets will be fundamentally affected, leading to a more integrated market. For monetary union to achieve its real objective, policy makers will need to address a wide variety of outstanding issues, in particular the taxation of savings income, accounting standards, capital market regulation and financial supervision.

The start of monetary union on 1 January 1999 launched a process of radical change in the structure of capital markets in Europe. Whereas previously, Europe had been fragmented into many diverse national markets, a single Euro capital market is now emerging.

This book focuses on the long-term impact that the introduction of the euro will have on European capital markets and spells out implications for the financial sector and the wider economy. It discusses what further steps need to be taken to achieve a fully integrated market.

In particular, the book examines:

* The institutional and regulatory framework for European capital markets

* The structure of European capital markets on the eve of EMU

* The regional differences and the contrasts with the US capital market

* The central role played by banks in European capital markets and the likelihood that a more market-based system may emerge

* The implications of EMU for organised securities markets

* The consequences for governance and policy, and more in particular for the taxation of savings income, securities market regulation and financial supervision

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Book Description

This book empowers the individual investor by showing how to technically chart and then analyze the critical items that fundamental analysts use.

Elegant in its simplicity, the author's message is especially welcome for those who still believe in a long term, buy and hold stance that doubles your profits steadily and surely. Written for those who are new to investing, as well as for those who've yet to take their "first walk down Wall Street", this book presents a sound but simple savings strategy.

Customer Reviews:

Buy it; you'll like it.......2004-05-23

What an excellent book. Well written, clear, and easy that read that gives great insight. Ellis Traub has written a superb text on investing. I thoroughly recommend this book to all those interested in successful investing.

Last book I'll need........2004-04-06

This book gives a simple, yet time honored approach to selectiong stocks. It uses fundamental analysis to select quality growth companies. So don't look here for technical analysis. Look here to find good stocks for the long term.

With the included Take Stock software you can now access online data (subscription required) and have the forms all filled out for you. You can manually fill them out also at no other charges. The program applies conservative judgments and gives you a analysis of the company's quality and the risk reward benefits of buying the stock from the current price. What could be simplier.

Also included is a demo copy copy of Mr. Traub's other software he writes for the NAIC called Investor's Toolkit which is a full blown stock evaluation, stock selection, and portfolio management tool. It requires more understanding than the Take Stock program does, but the online help screens do a good job of explaining its purpose.

My only complaint is that many of the stocks I've romanticized about are not quality companies. At least they are not companies I'd invest my money in for retirement.

I've read this book several times and learn more each time.

Mr Traub has mentioned the NAIC & AAII investment organizations and I recommend both of them to further your investing education.

Last book I'll need........2004-04-06

With the included software you can now access online data (subscription required) and have the forms all filled out for you. The program applies conservative judgments and gives you a analysis of the company's quality and the risk reward benefits of buying the stock from the current price. What could be simplier.

My only complaint is that many of the stocks I've romanticized about are not quality companies. At least they are not companies I'd invest my money in for retirement.

I've read this book several times and learn more each time.

Mr Traub has mentioned the NAIC & AAII investment organizations and I recommend both of them to further your investing education.

There are better books. Avoid this one........2004-01-31

The book does not really go into any investment process and is confusing. I prefer Value Investing Today or Ben Graham's books. Avoid this one.

Take Stock: A Roadmap to Profiting from Your First Walk Down.......2001-04-10

Benjamin Graham is a classic on investment. Years from now folks will be buy "Take Stock" as another one of those "must have" timeless classics. Ellis's book is the best I have read that explains things in plain (non-technical) English with examples most people can easily grasp.

Book Description

This pathbreaking collection of thirteen original essays examines the moral rights of the subjects of documentary film, photography, and television. Image makers--photographers and filmmakers--are coming under increasing criticism for presenting images of people that are considered intrusive and embarrassing to the subject. Portraying subjects in a "false light," appropriating their images, and failing to secure "informed consent" are all practices that intensify the debate between advocates of the right to privacy and the public's right to know. Discussing these questions from a variety of perspectives, the authors here explore such issues as informed consent, the "right" of individuals and minority groups to be represented fairly and accurately, the right of individuals to profit from their own image, and the peculiar moral obligations of minorities who image themselves and the producers of autobiographical documentaries. The book includes a series of provocative case studies on: the documentaries of Frederick Wiseman, particularly Titicut Follies; British documentaries of the 1930s; the libel suit of General Westmoreland against CBS News; the film Witness and its portrayal of the Amish; the film The Gods Must be Crazy and its portrayal of the San people of southern Africa; and the treatment of Arabs and gays on television. The first book to explore the moral issues peculiar to the production of visual images, Image Ethics will interest a wide range of general readers and students and specialists in film and television production, photography, communications, media, and the social sciences.

Image Ethics: The Moral Rights of Subjects in Photographs, Film, and Television

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Image Ethics: The Moral Rights of Subjects in Photographs, Film, and Television
Larry, John Stuart Katz, and Jay Ruby Gross
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Paperback
ASIN: B000OKANL2

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Image Ethics: The Moral Rights of Subjects in Photographs, Film, and Television
Larry; Ruby, Jay; Katz, John Stuart Gross
Manufacturer: Oxford University Press
ProductGroup: Book
Binding: Hardcover
ASIN: B000PS3UAE

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