Following the entry into force of the EMIR regulation and the technical standards issued by the European Securities and Markets Authority (ESMA), market participants are dealing with a complex list of requirements to be fulfilled at different deadlines in the coming months.
The asset management industry has become the object of intense regulatory action in the past five years, with three objectives: safeguard financial stability, stimulate market-based finance and improve investor protection. The European Commission has been at the centre of this process, which it strives to complete before its current mandate ends.
The excesses of the sub-prime crisis highlighted the dangers of the originate-to-distribute model and led to the dry-up of most securitisation markets in Europe.
Incessant innovation in the financial marketplace and new technological developments have increased the degree of sophistication of trading activities and so the ability of 'villains' to pursue abusive practices.
With over 400 participants, the 2012 ECMI Annual Conference brought together international experts in capital markets from industry, policy making and academia for a full day of discussion in Brussels.
Investor protection is crucial to stimulate savings and investments and to promote sustainable economic growth.
The Greek debt restructuring in July 2011 raised questions around the complexity of derivative contracts and the potential implications of a credit event.