(The study describes the regulatory and supervisory framework as of July 2003.) Abstract: This paper looks at the development and regulation of fixed income securities markets in Europe. Fixed income securities markets in Europe have historically been characterized by a number of national markets that were interconnected via the foreign exchange markets. They are presently undergoing major changes in size, infrastructure, and regulation. The paper describes the current state of the on-going European regulatory and supervisory reform and the main drivers behind it. The authors conclude that European fixed income securities market regulation and infrastructure are not (yet) homogeneous. In some countries fixed income market regulation has been developed after intense political reflections on ways and means of promoting safe and efficient capital markets. In other countries, fixed income market regulation is a product of learning-by-doing (e.g, ad hoc reflections based on negative market experiences, financial scandals, etc.). To illustrate the heterogeneity in the European fixed income markets, the reports includes two examples: France as an example of a country from the euro area, and Denmark as an example of a country outside the euro area
To submit an update or takedown request for this paper, please submit an Update/Correction/Removal Request.