This Selected Issues paper on Euro Area Policies reviews the integration of Europeas financial markets and the challenges faced by the new European Union member states with respect to euro adoption. Markets in the Financial Instruments Directive are expected to become applicable in November 2007. The Directive injects new competition among financial intermediaries at all steps of a securityas transaction cycle, from the provision of investment advice to the practical execution and settlement of the transaction, and thus holds the promise to accelerate Europeas apparently sluggish financial sector productivity growth.Similar size and cost constraints are likely to prevent small to medium-sized banks and investment service providers to ... Trading fees and market data gathering and dissemination are significant sources of revenues for most stock exchanges.
|Title||:||Euro Area Policies|
|Author||:||International Monetary Fund|
|Publisher||:||International Monetary Fund - 2007-07-31|