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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
11/01/2013 EBA/REC/2013/01 EBA Recommendations on supervisory oversight of activities related to banks’ participation in the Euribor panel Reference PDF
207.84 KB
11/03/2013 2013/280 Vacancy notice- Chair of Committee drafting a proxy advising industry Code of Conduct , Reference PDF
102.91 KB
25/11/2013 2013/1709 Review Panel Methodology Reference PDF
98.29 KB
28/02/2014 2014/205 Call for expressions of interest: Group of Economic Advisers for ESMA’s Committee for Economic and Markets Analysis 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 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 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 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 Reference PDF
848.31 KB
04/12/2015 2015/1407 rev Call for expression of interest- Renewal of the Corporate Finance Consultative Working Group , Reference PDF
186.07 KB
04/12/2015 2015/1408 rev Application form for Corporate Finance Consultative Working Group , Reference DOCX
38.7 KB
16/12/2015 2015/1882 Risk Dashboard No. 4, 2015 Reference PDF
931.3 KB
11/02/2016 2016/203 2016 Supervisory Convergence Work Programme , Reference PDF
340.61 KB

The European Securities and Markets Authority’s (ESMA) Supervisory Convergence Work Programme for 2016 (2016 SCWP) supplements ESMA’s Annual Work Programme for 2016 (ESMA/2015/1475) by further elaborating the nature and focus of the work ESMA will carry out in order to promote supervisory convergence and how that will contribute to implementing ESMA’s Strategic Orientation for 2016-2020 (ESMA/2015/935).

The 2016 SCWP provides an overview and explanation of the steps ESMA will take in 2016 to promote sound, efficient and consistent supervision in the EU.  It sets out priority areas and how they have been identified and sets them in the context of the wider work programme and environment.

Implementation of the 2016 SCWP will be monitored in the course of 2016 and depending on developments during the year, priorities might be re-adjusted. It will also be used to inform ESMA’s Annual Report and its supervisory convergence work programme for future years which will be risk-based.

11/02/2016 2016/209 ToR CEMA Reference PDF
128.84 KB
11/02/2016 2016/211 ToR CFSC Reference PDF
142.36 KB
17/03/2016 2016/349 Risk Dashboard No.1, 2016 Reference PDF
874.51 KB
04/04/2016 2016/229 ToR SCSC Reference PDF
93.7 KB
15/04/2016 2016/632 Principles- Stakeholder engagement in peer reviews Reference PDF
205.26 KB
11/05/2016 2016/647 Risk Dashboard No.2, 2016 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 , Reference DOCX
755.79 KB
03/06/2016 2016/723 RF Reply form for the Consultation Paper on ESMA technical advice on Benchmarks Regulation , Reference DOCX
784.51 KB

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