Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-01-15-Speech-2-292"
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"en.20080115.26.2-292"2
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"The Commission does not keep consolidated records of the number of European investment firms or the number of investment firms in Greece. However, Member States are required by MiFID to keep a record of all investment firms registered within their territory. The Hellenic Capital Market Commission should therefore be able to supply the data for Greek companies.
With MiFID, the trading monopolies for exchanges have been abolished, investment firms have better access to providing their services across the European Economic Area using the MiFID passport and consumer protection has been strengthened. This leads to increased competition across borders and between trading venues, which will in turn increase liquidity and the depth of the financial markets, for the benefit of both the industry and consumers.
Our expectation that cost of capital would decline is based on a rigorous study carried out by London Economics in 2002. This study modelled the impact of financial integration, of which MiFID is the cornerstone, in terms of its impact on the then EU-15. The main conclusions from the study were that financial integration would lead to a reduction in the cost of equity capital of an average of 50 basis points across the Member States, and a reduction in the cost of market debt for non-financial issuers of 40 basis points.
The study estimated that the combined effects of financial market integration to the EU economy would result in the following: an increase of EU-wide real GDP of 1.1% in the long run; an increase of 6% of the total business investment; an increase in private consumption of 0.8%; and an increase of 0.5% in total employment.
Figures compiled informally by the Committee of European Securities Regulators in the run-up to the implementation of MiFID suggest that only very limited numbers of firms were at that time making use of the passport for investment services under the then Investment Services Directive into or out of Greece. We expect this to change in the future as Greek markets open up as a result of MiFID, and as Greek firms see more opportunities in other Member States.
The Federation of European Securities Exchanges keeps statistics on foreign equity trading, as well as on the percentage of shares owned by investors. As of December 2005, 41% of the shares traded on the Athens exchange were held by foreign investors. In November 2007, the foreign equity trading turnover on the Athens exchange was EUR 970 million."@en1
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