Translation of "Structure et dynamique des marchés financiers " (French → English) :

The main indicators to be considered when assessing the first and second criteria are similar to those examined as part of a forward-looking market analysis, in particular, indicators of barriers to entry in the absence of regulation, (including the extent of sunk costs), market structure, market performance and market dynamics, including indicators such as market shares and trends, market prices and trends, and the extent and coverage of competing networks or infrastructu ...[+++]res.

22. notes that cross-border integration of EU retail financial markets is less developed than in the wholesale area; notes that consumers still use physically present institutions more than virtual ones, and notes a predominantly domestic-oriented financing structure; warns, however, against simply overhauling the national consumer protection traditions and legal systems by one-size-fits-all harmonisation; takes the view that national consumer protection traditions must not be interpreted in such a way that new competitors are hind ...[+++]ered on the domestic market; emphasises the need for a well-functioning internal market for financial services; notes the importance of intermediaries in bringing competition to Member States' domestic markets; stresses the benefits of open and pluralistic structures in the European banking market in meeting the different and evolving needs of consumers;

8. Points out that financing productive investments, fostering innovation, supporting SMEs and promoting the insurance and pension markets all require sound, open and vibrant financial markets, as well as a currency policy ensuring fair global competition, which is properly regulated, with high standards of investor protection; welcomes the fact that since 2004 a structured dialogue has been held on competition matters between the EU and China and considers that the EU should assist China on matters of general competition policy and ...[+++]in legal and technical matters concerning competition policy;

In exercising its implementing powers, the Commission should respect the following principles: the need to ensure confidence in financial markets among investors by promoting high standards of transparency in those markets; the need to provide investors with a wide range of competing investments and a level of disclosure and protection tailored to their circumstances; the need to ensure that independent regulatory authorities enforce the rules consistently, especially as regards the fight against economic crime; the need for high levels of transparency and consultation with all market participants and with the European Parliament and ...[+++]the Council; the need to encourage innovation in financial markets if they are to be dynamic and efficient; the need to ensure market integrity by close and reactive monitoring of financial innovation; the importance of reducing the cost of, and increasing access to, capital; the balance of costs and benefits to market participants on a long-term basis (including small and medium-sized businesses and small investors) in any implementing measures; the need to foster the international competitiveness of EU financial markets without prejudice to a much-needed extension of international cooperation; the need to achieve a level playing field for all market participants by establishing EU-wide regulations every time it is appropriate; the need to respect differences in national markets where these do not unduly impinge on the cohesion of the single market; and the need to ensure coherence with other Community legislation in this area, as imbalances in information and a lack of transparency may jeopardise the operation of the markets and above all harm consumers and small investors.

(6) The dynamic nature of international financial markets has resulted in the widespread use of not only traditional primary financial instruments such as shares and bonds, but also various forms of derivative financial instruments such as futures, options, forward contracts and swaps.

Financial market dynamics will be affected by demographic change with demand for financial assets increasing as a large cohort saves for retirement.