Transparency Proposals for European Sovereign Bond Markets

The debate over the possible extension of transparency regulation in Europe to include sovereign bonds has opened up a number of other issues in need of serious consideration. One such issue is the appropriateness of the entire infrastructure supporting the trading of European sovereign bonds. In recent years sovereign issuers have supported the development of an electronic inter-dealer market but have remained unconcerned with the opacity of dealer-to-customer trading. The degree of segmentation in this market is high relative to what exists in nearly all other financial markets. This paper explores why European sovereign bond markets have developed in such a segmented way and considers how this structure could be altered to improve transparency without adversely affecting liquidity, efficiency or the benefits enjoyed by primary dealers and issuers. It is suggested that the structure of the market could be improved greatly if the largest and most active investors were permitted access to the inter-dealer electronic trading platforms. This would solve a number of market imperfections and increase the proportion of market activity that is conducted in a transparent way. The paper argues that sovereign issuers in Europe have the means to provide incentives that would influence dealers to support reduced segmentation. Some practical examples of how this could be achieved are provided and the potential benefits are outlined.

Discourses and Strategic Visions: The U.S. Research University as an Institutional Manifestation of Neoliberalism in a Global Era

It is argued widely that the academy today is in the process of significant change—in the institutional assumptions of what constitutes the university and the construction of knowledge and in its relations with the city and the world. This article addresses the evolution of the modern university in the context of the discourses of contemporary globalizing institutions. Further, it empirically assesses the organizational priorities of U.S. research universities in light of the application of these discourses to their objectives and practices, finding that they are playing a key role in the formal representation of the institutional direction, goals, and values of American higher education.