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The adoption of the European directive for Markets in Financial Instruments Directive (MiFID, Law n. 164/2007) introduced a change in Italian securities laws. The MiFID’s key objectives are market efficiency, integrity and fairness. The directive introduced measures to increase the market integration and liquidity of secondary markets to reach efficiency and integrity goals. In turn, banks and financial firms are asked to operate according to a general duty of fairness and honesty, with particular attention to the identification, prevention, management and disclosure of conflicts of interest. These rules should improve investor protection in the Italian financial market, which is historically characterized by a lower degree of market competition and a lower level of investor education. I collected financial information from 1283 bank bond prospectuses issued in the 2005–2010 period. I found that before MiFID adoption, bank bonds were issued at a negative spread with respect to the comparable risk-free rate, thus violating the diligence and fairness duties of the banks while acting as protective gatekeepers for their customers. After MiFID adoption, the bank bond spread became positive. However, investor protection was enhanced because of the higher competition in the bond market rather than because of the higher public surveillance of the fairness duties of the issuers.

El presente trabajo busca determinar si la emisión y pago de una Boleta Bancaria de Garantía constituye una excepción legítima a la par conditio creditorum en el Derecho chileno de quiebras. Se analiza para ello el tratamiento que debe darse a esta garantía bancaria en aquellos casos en que el tomador es declarado en quiebra, con el evidente desequilibrio que se genera entre aquel acreedor que ha satisfecho su crédito mediante el cobro de la boleta -por un lado- y aquellos que, siendo jurídicamente iguales -igualdad ante ley-, deben integrar en cambio la comunidad de pérdidas al no contar con un instrumento semejante.

The Securities Settlement Systems (SSS) in the People's Republic of China (PRC) are organized around three different types of markets, which are the bond market, the corporate securities market, and the futures market. The China Government Depositary and Clearing Corporation Limited (CCDC) is the SSS as well as the central securities depository (CSD) for bonds. The China Securities Depository and Clearing Corporation Limited (SD and C) is the central counterparty (CCP), SSS, as well as the CSD for all instruments traded on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). The four futures exchanges have their own clearing and settlement departments, which offer the function of a CCP. The CCDC, SD and C, and Shanghai Futures Exchange (SHFE), Dalian Commodities Exchange (DCE), and Zhengzhou Commodities Exchange (ZCE) operate important securities and derivatives settlement systems both, due to the large volume and value of transactions and the fact that they support key financial sector markets (interbank bond market, stock exchanges and futures). The assessment of the bonds market-CCDC system against the Recommendations for Securities Settlement Systems (RSSS) concludes that the system observes (observed or broadly observed) thirteen of the 19 recommendations, being one not applicable. The assessment of the stock exchanges-SD and C system against the RSSS concludes that the system observes (observed or broadly observed) seventeen of the 19 recommendations. The assessment of the commodities futures markets-SHFE system against the Recommendations for Central Counterparties (RCCP) concludes that the system observes (observed or broadly observed) eleven of the 15 recommendations, being one not applicable. The present document is the assessment of securities and derivatives settlement systems in the PRC based on the recommendations of the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) for RSSS and the recommendations of CPSS-IOSCO for Central Counterparties (RCCP). The paper is divided into following five parts: the first part gives general information; the second gives information and methodology used for assessment; the third part is securities and derivatives settlement systems infrastructure overview; the fourth part is main findings from the assessment with international standards; and the fifth part gives authorities' response.

People's Bank of China (PBC) has carried out a major and comprehensive reform of the China National Payments System (CNPS). The PBC implemented the China National Advanced Payment System (CNAPS), which consists of the High-Value Payment System (HVPS) and the Bulk Electronic Payment System (BEPS). The HVPS system currently operates in a tiered way with a national processing center (NPC) and 32 local processing centers (LCPs). The HVPS system is interconnected to many trading, payments, and securities settlement systems (SSS) to allow for central bank money settlement. In addition, there is numerous cheque clearing houses around the country administered by the PBC local offices or delegated to banks. China Union Pay (CUP) handles the clearance of cards transactions whose balances are settled in the HVPS. Also automated clearinghouses (ACHs) and other systems handle clearance and settlement for a variety of payment instruments. The HVPS is a systemically important payment system, as it is the backbone of the national payments system in China. The HVPS handled transactions for a value of CY 804 trillion in 2009, approximately 24 times the Gross Domestic Product (GDP) value. Thus, the HVPS is being assessed against the ten Core Principles for Systemically Important Payment Systems (CPSIPS) of the Committee for Payment and Settlement Systems (CPSS) and the four responsibilities of the central banks in applying the CPSIPS. The BEPS is not currently a systemically important payment system. However, its importance for an efficient settlement of the interbank payment system is growing. The present document is the assessment of the systemically important payment systems in the People's Republic of China (PRC) based on the CPSS CPSIPS. The document also contains an analysis of some developmental issues related to the reform of the payments system as a whole. The assessment was conducted in the context of the first field mission of the Financial Sector Assessment Program (FSAP) to the PRC (June 2010).

This is an initial report of the International Organization of Securities Commissions (IOSCO) assessment performed in 2010 as part of the financial sector assessment program (FSAP) of China. The assessment was prepared on the basis of a self-assessment prepared by the China Securities Regulatory Commission (CSRC), public information contained on the CSRC website and the websites of other entities in China, and a review of relevant Chinese laws and regulations. The timely completion of this assessment was greatly facilitated by the cooperation provided by numerous members of the staff of the CSRC. The CSRC has broad regulatory authority over the stock and futures exchanges, the China Securities Depository and Clearing Corporation Limited (SD and C) and other clearing and settlement institutions, securities companies, futures companies, and collective investment scheme (CIS) operators. This paper is divided into two parts. The first part gives summary, key findings, and recommendations. It is further divided into following six parts: (i) introduction; (ii) information and methodology used for assessment; (iii) institutional and market structure- overview; (iv) preconditions for effective securities regulation; (v) key findings; and (vi) recommended action plan and authorities' response. The second part gives tabular detailed assessment.

Themes my diploma is ,,Bonds trading on the capital market in the Czech Republic``. In introductory part of my thesis I deal with theoretic summary and functioning of capital market, regulation and supervision of capital market and individual subjects acting in this market. In more detail I deal with describeing the Prague Stock Exchange and company RM-System. I further define conception the bond and I describe long bonds, theirs basic kinds and conceptions used in the bonds. I also allude to series of different kinds of the bonds, that the offer on the international markets. Next part of my thesis is aimed to describe the development of the Czech market of bonds. I analyze the development of bonds trading in the last of several years on the regulated markets and the OTC-markets in the Czech Republic. In the close of my thesis I analyze the development of bonds trading on the Czech market of bonds in comparasion with Slovakian, Polish and Hungarian markets. This analysis was take in on comparision of the Stock Exchange of chosen countries.

El presente trabajo busca determinar si la emisión y pago de una Boleta Bancaria de Garantía constituye una excepción legítima a la par conditio creditorum en el Derecho chileno de quiebras. Se analiza para ello el tratamiento que debe darse a esta garantía bancaria en aquellos casos en que el tomador es declarado en quiebra, con el evidente desequilibrio que se genera entre aquel acreedor que ha satisfecho su crédito mediante el cobro de la boleta -por un lado- y aquellos que, siendo jurídicamente iguales -igualdad ante ley-, deben integrar en cambio la comunidad de pérdidas al no contar con un instrumento semejante.