ESMA LIBRARY
The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
76
REFINE YOUR SEARCH
Sections
- (-) Remove Risk Analysis & Economics - Markets Infrastructure Investors filter Risk Analysis & Economics - Markets Infrastructure Investors
- (-) Remove Market Integrity filter Market Integrity
- (-) Remove Short Selling filter Short Selling
- Board of Supervisors (145) Apply Board of Supervisors filter
- Post Trading (113) Apply Post Trading filter
- Corporate Information (95) Apply Corporate Information filter
- Management Board (91) Apply Management Board filter
- MiFID - Secondary Markets (88) Apply MiFID - Secondary Markets filter
- CESR Archive (87) Apply CESR Archive filter
- Securities and Markets Stakeholder Group (87) Apply Securities and Markets Stakeholder Group filter
- Joint Committee (84) Apply Joint Committee filter
- Fund Management (60) Apply Fund Management filter
- CCP Directorate (47) Apply CCP Directorate filter
- MiFID - Investor Protection (47) Apply MiFID - Investor Protection filter
- Planning reporting budget (47) Apply Planning reporting budget filter
- Credit Rating Agencies (46) Apply Credit Rating Agencies filter
- International cooperation (41) Apply International cooperation filter
- Corporate Disclosure (38) Apply Corporate Disclosure filter
- Warnings and publications for investors (38) Apply Warnings and publications for investors filter
- Securitisation (32) Apply Securitisation filter
- Innovation and Products (30) Apply Innovation and Products filter
- European Single Electronic Format (28) Apply European Single Electronic Format filter
- Sustainable finance (27) Apply Sustainable finance filter
- Supervisory convergence (21) Apply Supervisory convergence filter
- Benchmarks (20) Apply Benchmarks filter
- Market Abuse (18) Apply Market Abuse filter
- Trading (18) Apply Trading filter
- Procurement (17) Apply Procurement filter
- Corporate Finance (14) Apply Corporate Finance filter
- Trade Repositories (14) Apply Trade Repositories filter
- IFRS Supervisory Convergence (13) Apply IFRS Supervisory Convergence filter
- Prospectus (13) Apply Prospectus filter
- Careers (12) Apply Careers filter
- ESMA newsletter (11) Apply ESMA newsletter filter
- Transparency (11) Apply Transparency filter
- Guidelines and Technical standards (10) Apply Guidelines and Technical standards filter
- Securities Financing Transactions (8) Apply Securities Financing Transactions filter
- Market data (7) Apply Market data filter
- Press Releases (6) Apply Press Releases filter
- Brexit (5) Apply Brexit filter
- ITMG (4) Apply ITMG filter
- Board of Appeal (3) Apply Board of Appeal filter
- Corporate Governance (3) Apply Corporate Governance filter
- Speeches (3) Apply Speeches filter
- COVID-19 (2) Apply COVID-19 filter
- Crowdfunding (2) Apply Crowdfunding filter
- IAS Regulation (2) Apply IAS Regulation filter
- MiFID II: Transparency Calculations and DVC (2) Apply MiFID II: Transparency Calculations and DVC filter
- Audit (1) Apply Audit filter
- Vacancies (1) Apply Vacancies filter
Type of document
- (-) Remove Reference filter Reference
- (-) Remove Technical Advice filter Technical Advice
- Report (52) Apply Report filter
- Opinion (44) Apply Opinion filter
- Final Report (43) Apply Final Report filter
- Press Release (40) Apply Press Release filter
- Guidelines & Recommendations (26) Apply Guidelines & Recommendations filter
- Statement (17) Apply Statement filter
- Consultation Paper (15) Apply Consultation Paper filter
- Speech (11) Apply Speech filter
- Decision (7) Apply Decision filter
- Letter (4) Apply Letter filter
- Annual Report (3) Apply Annual Report filter
- Q&A (3) Apply Q&A filter
- Compliance table (2) Apply Compliance table filter
- SMSG Advice (1) Apply SMSG Advice filter
- Technical Standards (1) Apply Technical Standards filter
Your filters
Risk Analysis & Economics - Markets Infrastructure Investors X Short Selling X Market Integrity X Technical Advice X Summary of Conclusions X Reference X
Reset all filters| Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
|---|---|---|---|---|---|---|---|---|---|
| 20/04/2012 | 2012/236 | ESMA's Technical Advice on possible delegated acts of the short-selling and certain aspects of CDS | Short Selling, Market Integrity | Technical Advice | PDF 509.39 KB |
||||
| 19/10/2012 | 2012/680 | Links to national websites for the purpose of the notification of net short positions | Short Selling | Reference | PDF 84.12 KB |
||||
| 10/12/2012 | ESMA SSR Review mandate | Formal request to ESMA for technical advice on the evalutation of the short selling regulation | Short Selling | Reference | PDF 34.44 KB |
||||
| 11/01/2013 | EBA/REC/2013/01 | EBA Recommendations on supervisory oversight of activities related to banks’ participation in the Euribor panel | Risk Analysis & Economics - Markets Infrastructure Investors | Reference | PDF 207.84 KB |
||||
| 03/06/2013 | 2013-614 | ESMA’s technical advice on short selling regulation | Short Selling | Technical Advice | PDF 2.3 MB |
Final Report 2013/614 ESMA‘s technical advice on the evaluation of the Regulation (EU) 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps | |||
| 21/10/2013 | Ares(2013)3304576 | REQUEST TO ESMA FOR TECHNICAL ADVICE ON POSSIBLE DELEGATED ACTS CONCERNING THE REGULATION ON INSIDER DEALING AND MARKET MANIPULATION (MARKET ABUSE) ((EC)No XX/2013) | Market Abuse, Market Integrity | Reference | PDF 56.55 KB |
REQUEST TO ESMA FOR TECHNICAL ADVICE ON POSSIBLE DELEGATED ACTS CONCERNING THE REGULATION ON INSIDER DEALING AND MARKET MANIPULATION (MARKET ABUSE) ((EC)No XX/2013) | |||
| 28/02/2014 | 2014/205 | Call for expressions of interest: Group of Economic Advisers for ESMA’s Committee for Economic and Markets Analysis | Risk Analysis & Economics - Markets Infrastructure Investors | Reference | PDF 158.95 KB |
The European Securities and Markets Authority (ESMA) is seeking to appoint new members to its Group of Economic Advisors (GEA) for the Committee for Economic and Markets Analysis (CEMA). This follows the expiry of the term of the current GEA. CEMA has established the GEA in order to benefit from the expertise of stakeholders specialised in the topics of financial stability and general economic research related to financial markets. CEMA looks to this group to provide it with advice regarding our work related to financial stability and economic background analysis for the regulatory and supervisory tasks of ESMA. The closing date for application is 25 April 2014. Application form | |||
| 11/06/2014 | ESMA/WP/2 | ESMA Working Paper- The systemic dimension of hedge fund illiquidity and prime brokerage | Risk Analysis & Economics - Markets Infrastructure Investors | Reference | PDF 839.63 KB |
We analyse the potentially vulnerable and systemically relevant financial intermediation chain established by hedge funds and prime brokers. Our dataset covers the 306 largest global hedge funds and their prime brokers over the period July 2001 to December 2011. The study illustrates that hedge funds and prime brokers act as complementary trading partners in normal times. However, we observe that this form of financial intermediation may be severely impaired in times of market distress. This can be explained by the hoarding of liquid securities by prime brokers who are eager to avert runs by their clients. | |||
| 11/06/2014 | ESMA/WP/1 | ESMA Working Paper- Monitoring the European CDS market through networks: Implications for contagion risks | Risk Analysis & Economics - Markets Infrastructure Investors | Reference | PDF 1005.17 KB |
Based on a unique data set referencing exposures on single name credit default swaps (CDS) on European reference entities, we study the structure and the topology of the European CDS market and its evolution from 2008 to 2012, resorting to network analysis. The structural features revealed show bilateral CDS exposures describing growing scale-free networks whose highly interconnected hubs constitute both a strength and weakness for the stability of the system. The potential “super spreaders” of financial contagion, identified as the most interconnected participants, consist mostly of banks. For some of them net notional exposures may be particularly large relative to their total common equity. Our findings also point to the importance of some non-dealer/non-bank participants belonging to the shadow banking system. | |||
| 15/01/2015 | ESMA/WP/2015/1 | ESMA Working Paper- Real-world and risk-neutral probabilities in the regulation on the transparency of structured products | Risk Analysis & Economics - Markets Infrastructure Investors | Reference | PDF 480.24 KB |
The price of derivatives (and hence of structured products) can be calculated as the discounted value of expected future payoffs, assuming standard hypotheses on frictionless and complete markets and on the type of stochastic processes for the price of the underlying. However, the probabilities used in the pricing process do not represent “real” probabilities of future events, because they are based on the assumption that market participants are risk-neutral. This paper reviews the relevant mathematical finance literature, and clarifies that the risk-neutrality hypothesis is acceptable for pricing, but not to forecast the future value of an asset. Therefore, we argue that regulatory initiatives that mandate intermediaries to give retail investors information on the probability that, at a future date, the value of a derivative will be higher or lower than a given threshold (so-called “probability scenarios”) should explicitly reference probabilities that take into account the risk premium (so-called “real-world” probabilities). We also argue that, though probability scenarios may look appealing to foster investor protection, their practical implementation, if based on the right economic approach, raises significant regulatory and enforcement problems. | |||
| 14/09/2015 | 2015/1291 | Risk Dashboard No. 3, 2105 | Risk Analysis & Economics - Markets Infrastructure Investors | Reference | PDF 848.31 KB |
||||
| 16/12/2015 | 2015/1882 | Risk Dashboard No. 4, 2015 | Risk Analysis & Economics - Markets Infrastructure Investors | Reference | PDF 931.3 KB |
||||
| 01/02/2016 | 2016/200 | MiFID registers- information about web service | Short Selling, MiFID - Secondary Markets | Reference | PDF 311.04 KB |
This document sets out the web service for the following registers: Shares admitted to trading on regulation markets Exempted shares Systematic internalisers Regulated Markets Multilateral trading facilities Central counterparties |
|||
| 11/02/2016 | 2016/209 | ToR CEMA | Risk Analysis & Economics - Markets Infrastructure Investors | Reference | PDF 128.84 KB |
||||
| 15/02/2016 | 2016/288 RF | Reply Form DP BMR | Market Integrity | Reference | DOCX 796.16 KB |
||||
| 17/03/2016 | 2016/349 | Risk Dashboard No.1, 2016 | Risk Analysis & Economics - Markets Infrastructure Investors | Reference | PDF 874.51 KB |
||||
| 04/04/2016 | 2016/222 | ToR MISC | Market Integrity | Reference | PDF 130.02 KB |
||||
| 11/05/2016 | 2016/647 | Risk Dashboard No.2, 2016 | Risk Analysis & Economics - Markets Infrastructure Investors | Reference | PDF 854.56 KB |
||||
| 02/06/2016 | 2016/773 RF | Reply form for the Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets | Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors | Reference | DOCX 755.79 KB |
||||
| 03/06/2016 | 2016/723 RF | Reply form for the Consultation Paper on ESMA technical advice on Benchmarks Regulation | Market Integrity, Benchmarks | Reference | DOCX 784.51 KB |