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15 March 2022 | Report / study | The market for short-term debt securities in Europe: What we know and what we do not know The AMF publishes a stock-take analysis on the market for short-term debt securities in Europe in order to complement the diagnosis of the March 2020 crisis that hit money market funds (MMFs). It synthesizes the data that is publicly accessible on the Internet, and provides additional insights thanks to databases made available by the European… … Improvements could take the form of: - an evolution of the microstructure (e.g. away from the dealer-centric model … |
28 February 2022 | Report / study | Short selling ban impact – a comparison of the French and the Dutch markets In this study, the Autorité des marchés financiers (AMF) and its Dutch counterpart, the Autoriteit Financiële Markten (AFM), examine the effects of the temporary ban on French stocks in March 2020 by comparing their respective markets. In analysing returns, volatility, trading volumes and transaction costs, the study shows that the ban had mixed… … French and the Dutch markets … Short selling … Equity … Microstructure … Financial Crisis … |
29 November 2021 | AMF news release | The AMF announces two appointments to the Regulatory Policy and International Affairs Directorate (DRAI) Kheira Benhami has been appointed Chief Economist and Director of the Analysis, Financial Stability and Risks Division at the DRAI as of 2 November, while Ianja Ramananarivo was appointed Head of the Issuer Regulation Division of the DRAI on 1 July. … School of Economics and holds a PhD in financial market microstructure. … Photo Ianja RAMANANARIVO … Ianja … |
01 July 2021 | AMF news release | The AMF has published an impact analysis on the liquidity of French equity options following the introduction of a speed bump on the Eurex trading venue This study analyses changes in the liquidity of French equity options following the implementation of a speed bump on Eurex, the German derivatives market, in June 2019. Based on transaction data between January and December 2019, the AMF has noted the beneficial effects of such a mechanism, with improved spreads and increased depth at the best… … of a speed bump on the Eurex trading venue … Equity … Microstructure … Derivatives or structured products … |
01 July 2021 | Report / study | Effect of Speed Bumps: Analysis of the Impact of the Implementation of Eurex's Passive Liquidity Protection on French Equity Options This study analyzes the evolution of liquidity in French equity options following the implementation of a speed bump on Eurex, the German derivatives market, in June 2019. Using transaction data between January and December 2019, the AMF proposes a series of econometric analyses to account for its impact on Eurex and on Euronext. … Liquidity Protection on French Equity Options … Markets … Microstructure … Derivatives or structured products … |
01 July 2021 | Report / study | Characteristics of the French Equity Options Market Based on transaction data gathering all transactions and characteristics of French options between January and December 2019, the AMF proposes a description of the characteristics of this market at the time of the implementation of a speed bump by the German platform Eurex. … of the French Equity Options Market … Markets … Microstructure … Derivatives or structured products … |
01 December 2020 | AMF news release | Reorganisation and appointments at the AMF with effect from 1 December 2020 The AMF is reviewing its operations to optimise the effectiveness of its action in the sector that it regulates. Following the reflections conducted for its Supervision 2022 strategic plan, the AMF is making changes to its organisation and working methods in different areas: data use and governance, stakeholder supervision, the role of the legal… … and has since played a leading role in the market microstructure debate. He is an active contributor to various … |
11 June 2020 | Report / study | Opportunities and risks in the financial index markets The study depicts, within the framework of the European Benchmark regulation, the functioning, the accelerated growth of the industry and the equilibria of the index market. The study stresses the impact of indices’ use on price formation and market liquidity and its risks for financial stability, the industry’s concentration and limited… … Shah A., S. Thomas (1998); Market microstructure considerations in index construction … |
15 July 2019 | News | On Apr 5th 2019, the AMF's Scientific Advisory Board dedicated its meeting to market finance Boris Vallée (Harvard Business School) presented a working paper on the optimal design of crowdfunding platforms. The authors of the research aimed at understanding why LendingClub suddenly decided to reduce the quantity of information on borrowers that it made available to investors. Following B.Vallée's presentation, Patrice Poncet (Essec… … • La qualité première de l’étude est d’aller analyser la microstructure de la plateforme • Cependant un point … |
02 July 2019 | Report / study | 2019 Markets and Risk Outlook The AMF issued its 2019 Markets and Risk Outlook, a yearly risk assessment based upon the economic, financial and regulatory evolutions. It focuses more specifically on the financing of the economic activity, on the financial markets' structure, on the asset management industry and on the household savings. … of the new regime. The study also confirms improvement in microstructure indicators. The reduction in the number of … proposed by the AMF. 2.2.3. A changing bond market microstructure marked by SI development and increasing … |
