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The Supervision of Mixed Financial Services Groups in Europe
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In this paper, the authors compare the regulatory and supervisory set-up for financial conglomerates in the US and the EU, and conclude that issues that might require attention from authorities in the future.Abstract:
Over time, the banking, insurance and securities sectors have become increasingly interlinked and one way through which this occurs is via financial conglomerates. Such groups, in particular those that combine banking and insurance, have over time become more important in Europe. They require an appropriate regulatory and supervisory set-up to deal with the specific risks they raise. In the EU, this regulatory set-up was introduced with the Financial Conglomerates Directive (2002) and which Member States are now implementing into national law. The Directive introduces a regime of supplementary supervision, in addition to the one that already exists for the regulated entities of the conglomerate. The Directive covers areas such a capital requirements, intra-group transactions, large exposures, organisational requirements and information exchange between authorities. The paper further compares the regime in the US and the EU. It concludes with issues that might require attention from authorities in the future.read more
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Measuring financial integration in the euro area
TL;DR: In this paper, the authors present a set of specific measures to quantify the state and evolution of financial integration in the euro area, namely the money, corporate bond, government bond, credit and equity markets.
Book
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TL;DR: In this article, the causes, consequences, and implications of cross-border consolidation of financial institutions by reviewing several hundred studies, providing comparative international data, and estimating cross-bank efficiency in France, Germany, Spain, the U.K., and the United States during the 1990s.
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Banking Integration in the Euro Area
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Journal ArticleDOI
Regulating Financial Conglomerates
TL;DR: In this paper, the authors investigate the optimal regulation of financial conglomerates that combine a bank and a non-bank financial institution, and examine optimal capital requirements for standalone institutions, for integrated financial entities, and for financial entities that are structured as holding companies.
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Market dynamics associated with credit ratings: a literature review
Fernando González,François Haas,Ronald Johannes,Mattias Persson,Carmen Zins,Martin Wieland,Roberto Violi,Liliana Toledo +7 more
TL;DR: In this article, the authors consider the impact of ratings and rating changes on market dynamics and find that ratings correlate moderately well with observed credit spreads, and ratings changes with changes in spreads.