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SECTION I: PERSPECTIVE ON EUROPEAN FIXED INCOME AND DERIVATIVE MARKETS.1Introduction to the Volume (Jonathan A. Batten, Thomas A. Fetherston, andPeter G. Szilagyi).1.1 Overview.1.2 Chapter overview.References.2 The EuroArea Bond Market: Integration and Development Under Monetary Union (Peter G.Szilagyi).2.1 Introduction.2.2 Theoretical underpinnings of financialintegration.2.3 Bond market development under monetary union.2.4 Proposalsand initiatives for reducing market fragmentation.2.5 Conclusion.References.3Perspective on the Emerging European Financial Markets (Peter G. Szilagyi,Thomas A. Fetherston, and Jonathan A. Batten).3.1 Introduction.3.2 Financialstructures in emerging Europe.3.3 International bank borrowing.3.4International debt issues.3.5 Domestic debt issues.3.6Conclusion.References.4 Perspectives on European Derivative Markets (MartinYoung).4.1 Introduction and a brief history of the European derivativemarkets.4.2 Europe's major derivative markets.4.3 An overview of thecontracts traded on EUREX and Euronext.Liffe.4.4 Europe's other derivativemarkets.4.5 What the future holds.5 Benchmark Yield Curves in the Euro Market(Philip D. Wooldridge).5.1 Introduction.5.2 Characteristics of benchmarkyield curves.5.3 Benchmark tipping in European bond markets.5.4 Governmentsecurities as benchmarks.5.5 Interest rate swaps compete for benchmarkstatus.5.6 Prospects for other nongovernment benchmarks.References.6 SomeFacts on Pfandbrief Products in Europe (Orazio Mastroeni).6.1Introduction.6.2 Covered bonds, Pfandbrief products, and securitization.6.3The German traditional and jumbo Pfandbrief markets.6.4 The French"Obligations Fonci eres".6.5 The Spanish "CedulasHipotecarias".6.6 The Luxembourg "Lettres de Gage".6.7 Commonaspects of Pfandbriefe products.6.8 Aspects characterizing the"quality" of Pfandbrief products.6.9 Conclusions andprospects.References.SECTION II: COUNTRY STUDIES.7 Austria (Vanessa Seconninoand Alham Yusuf).7.1 Introduction.7.2 Regulation.7.3 Credit ratings.7.4Taxation.7.5 Austrian Stock Exchange (Wiener Borse).7.6 The Austrian bondmarket.7.7 Conclusion.References.8 Belgium (Jan Annaert and Marc J.K. DeCeuster).8.1 Introduction.8.2 History and structure of the Belgian publicdebt.8.3 Government bonds.8.4 Corporate bonds.8.5 Derivativeproducts.References.9 Czech Republic (Guan-Chye Ooi and Jonathan A.Batten).9.1 Introduction.9.2 Financial market regulation.9.3 Financial marketparticipants.9.4 Money and fixed income instruments.9.5Conclusion.References.10 Denmark (Charlotte Christiansen, Tom Engsted, SvendJakobsen, and Carsten Tanggaard).10.1 Introduction.10.2 History and structureof the Danish bond market.10.3 The Danish government bond market.10.4 Themarket for Danish mortgage-backed securities.10.5 Other fixed incomeinstruments.10.6 Market participants, regulation, and trading.References.11An Empirical Study of the Term Structure of Interest Rates in Denmark(1993-2002) (Charlotte Christiansen, Tom Engsted, Svend Jakobsen, and CarstenTanggaard).11.1 Introduction.11.2 The EHTS and its testable implications.11.3Empirical results for Denmark (1993-2002).11.4 Concludingremarks.References.12 Finland, Iceland, Norway, and Sweden (SeppoPynnonen).12.1 Introduction.12.2 Structure of the markets.12.3 Finland.12.4Iceland.12.5 Norway.12.6 Sweden.12.7 Norex alliance.Additional reading.13France (David Edwards and Cameron Makepeace).13.1 Introduction.13.2 Financialsystem regulation.13.3 The French government bond market.13.4 The Frenchnongovernment bond market.References.14 Germany (Niklas Wagner).14.1Introduction.14.2 Structure of the German bond market.14.3 Participants ofthe German bond market.14.4 The market for government bonds.14.5Conclusion.References.15 Greece (Thomas A. Fetherston).15.1 Introduction.15.2The Greek bond market.15.3 Market participants and structure.15.4 The Greekgovernment bond market.15.5 The nongovernment bond market.References.16Hungary (Nora Nemeth and Laszlo Szilagyi).16.1 Introduction.16.2 History andstructure of the Hungarian financial market.16.3 Participants and structureof the Hungarian bond market.16.4 The Hungarian government bond market.16.5Semigovernment and corporate bond markets.16.6 Conclusions.References.17Italy (Walter Vecchiato).17.1 Introduction.17.2 The Italian government bondmarket.17.3 Italian Stock Exchange (Borsa Italiana).17.4Conclusion.References.18 The Netherlands (Albert Mentink).18.1Introduction.18.2 The Netherlands.18.3 Dutch government bonds.18.4 Creditbonds.18.5 Categories of investors.18.6 Euronext Amsterdam and OTCmarket.18.7 Regulators.18.8 Conclusions.Appendix: Usefulwebsites.References.19 Poland (Peter G. Szilagyi).19.1 Introduction.19.2History and structure of the Polish bond market.19.3 Market participants andstructure.19.4 The Polish Treasury market.19.5 The nongovernment bondmarket.19.6 Conclusion.References.20 Portugal (Peter G. Szilagyi).20.1Introduction.20.2 Recent history and structure of the Portuguese bondmarket.20.3 Market participants and structure.20.4 The Portuguese governmentbond market.20.5 Nongovernment bond market.References.21 Russia (Leonid V.Philosophov and Vladimir L. Philosophov).21.1 History of the Russian bondmarket.21.2 The Russian economy in the postcrisis period.21.3 Regulation ofthe Russian bond market and its participants.21.4 Market for Russian statebonds.21.5 Corporate bonds.21.6 The market for Russian eurobonds.21.7Conclusion.22 Spain (Petra Penzes).22.1 Introduction.22.2 History andstructure of the Spanish bond market.22.3 Participants and structure of theSpanish bond market.22.4 The Spanish government bond market.22.5Semigovernment and corporate bond markets.22.6 Conclusions.References.23Switzerland (Heinz R. Kubli).23.1 Introduction.23.2 Size and ratings of theSwiss bond market.23.3 Market participants and structure.23.4 Marketconventions.23.5 Benchmarks.23.6 The Swiss federal bond market.23.7 Otherbonds.23.8 Swiss and foreign convertible and "cum warrants"bonds.23.9 Foreign currency bonds.23.10 SWX Eurobonds.23.11 The Swiss repomarket.23.12 Bank debentures (cash bonds or kassenobligationen).23.13Interest rate futures on the European Exchange (EUREX).23.14Conclusions.References.24 Turkey (Caner Bakir and Kym Brown).24.1Introduction.24.2 Recent history and structure of the Turkish bondmarket.24.3 Market participants and structure.24.4 The Turkish governmentbond market.24.5 Nongovernment bond market.References.25 United Kingdom(Frank S. Skinner).25.1 Introduction.25.2 History and structure of the UKbond market.25.3 Market participants and structure.25.4 The United Kingdomgovernment bond market.25.5 Corporate and semigovernment bond markets.25.6Conclusions.References.Index.