Éric Chouinard - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T16:09:34+00:00Making Banks Safer: Implementing Basel III
https://www.bankofcanada.ca/wp-content/uploads/2014/06/fsr-june2014-chouinard.pdf
Éric Chouinard and Graydon Paulin review the progress to date in implementing Basel III, the new framework of global regulatory standards for the banking sector developed by the Basel Committee on Banking Supervision. The report highlights the expected net benefits of implementing Basel III, as well as the challenges in ensuring international consistency in measuring the risk-weighted capital of banks. It includes a discussion on how implementing Basel III has affected the banking system in Canada and other important jurisdictions, and demonstrates the need for ongoing assessment of the effects on the financial system and the macroeconomy.2014-06-12T10:30:38+00:00enMaking Banks Safer: Implementing Basel III2014-06-12Assessing the Systemic Importance of Financial Institutions
https://www.bankofcanada.ca/wp-content/uploads/2013/12/fsr-december13-chouinard.pdf
2013-12-10T09:37:06+00:00enAssessing the Systemic Importance of Financial Institutions2013-12-10The Changing Landscape of Securities Trading
https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-1207-chouinard.pdf
2012-01-25T12:15:43+00:00enThe Changing Landscape of Securities Trading2012-01-25Fair Value Accounting and Financial Stability
https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-1208-chouinard.pdf
2008-12-21T13:23:55+00:00enFair Value Accounting and Financial Stability2008-12-21The Rationale for Cross-Border Listings
https://www.bankofcanada.ca/wp-content/uploads/2010/06/chouinarde1.pdf
Technological progress and the liberalization of capital flows have both contributed to the considerable changes in global equity markets over the past few decades. Yet obstacles to international capital flows still exist, leading to segmentation of markets and creating incentives for corporate managers to adopt financial policies such as international cross-listing. In exploring the costs and benefits of cross-listing, Chouinard and D'Souza find that U.S. exchanges are attracting an increasing share of cross-listed firms. The empirical studies they review suggest that the cost of equity capital declines following a foreign listing as a result of lower transactions costs or an improvement in the quality and quantity of firm-specific information available to investors. As well, informational asymmetries across countries prevent simultaneous price discovery across exchanges.2003-12-21T12:47:12+00:00enThe Rationale for Cross-Border Listings2003-12-21The Canadian Fixed-Income Market: Recent Developments and Outlook
https://www.bankofcanada.ca/wp-content/uploads/2010/06/chouinarde.pdf
The Canadian fixed-income market is in the midst of a structural transformation similar to those occurring in other national financial markets around the world. The authors examine recent developments and trends in the market and discuss their possible effects.
The simultaneous shrinking of the federal government's financial requirements and steady rise in issues of corporate securities have significantly altered the composition of Canada's fixed-income market. Government of Canada securities constitute a predominant portion of outstanding fixed-income securities and play a pivotal role, serving as benchmarks for the valuation of other traded securities and as a hedging vehicle for market participants trying to control their exposure to risk. The reduced issuance of federal government securities has contributed to a decline in the liquidity of the benchmark market. This raises broader issues regarding the future of the Canadian fixed-income market, since the corporate market is still fairly underdeveloped and illiquid compared with that for Government of Canada issues. There are thus currently few benchmark and hedging alternatives. The federal government is, however, committed to preserving the integrity of the market for benchmark issues and is adopting initiatives to enhance market liquidity and alleviate some of the pressures on the effective supply of these securities.
Another evolving trend in the market is the emergence of electronic trading platforms. These platforms have the potential to facilitate the price-discovery mechanism, increase cost efficiency, and improve the liquidity and transparency of the market.2001-12-17T15:31:19+00:00enThe Canadian Fixed-Income Market: Recent Developments and Outlook2001-12-17