Archive for 2015
Europe Economics’ final report on the Market Abuse Regulation (MAR) has been published. This study analyses the cost impacts expected to arise from the implementation of the European Securities and Markets Authority’s Technical Standards related to the MAR. Our work covered topics such as Market Soundings, Insider Lists and Suspicious Transaction and Order Reporting.
Defra has published Europe Economics' report on the economic need for improving intelligence within the food authenticity programme. The report explores the scope for applying economic intelligence to the analysis and
prediction of food fraud in the UK; we explore whether it is possible to predict the likelihood of fraud based on the economic variables that drive the potential profits to be made by committing such fraud.
Last year Bob Young was asked by the Fairtrade Alliance to estimate the cost of Unfair Trading Practices across the EU food supply chain, using two sizeable surveys conducted by an independent agency. His estimates are now to be used in further discussions within the European Commission so we publish Bob's paper here.
The international committee of the Independent Petroleum Association of America, which includes a number of U.S.-based companies with significant operations in the UK and other foreign jurisdictions commissioned Europe Economics to estimate how much investors in the UK would stand to lose by fossil-fuel divestment. The attached file presents our findings.
The Dutch Authority for Consumers and Markets (ACM) has published Europe Economics’ study on dominant positions in national railway transport services markets, as part of its external consultation on Dutch rail. The research provides evidence to be used by ACM in identifying possible relevant markets and the competitive conditions in these markets. The study used conjoint analysis to estimate the sensitivity of train passengers to changes in the price and quality of services. The estimates were then used to assess the profitability of passenger operators when prices are potentially increased by a “small” amount (following the concept of a SSNIP test for defining markets). The results of the study show evidence of instances where passenger operators may have a dominant position. The research also shows situations where freight operators have a dominant position, especially in those market segments where freight transport by road and inland waterway are not perceived as alternatives to rail.
Europe Economics has published a new study of the EU market for patented medicines. Serious problems are identified for patients in lower income countries, resulting from the combination of External Reference Pricing and parallel trade. You can view the annexes to this report here
, and a discussion paper on the case for transparency in pricing here
Europe Economics was commissioned by Ofwat to develop methodologies for valuing the impact of mergers in the water sector and identifying potential remedies, where these would be appropriate. The report focussed on approaches to estimating the potential impact of a merger on Ofwat’s ability to carry out comparative regulation, including the effect on Ofwat’s econometric models for wholesale costs. The study also considered approaches to assessing the potential benefits of a merger, and the impacts of any undertakings in lieu of a CMA reference that merging parties may wish to offer in the future under the forthcoming merger regime.
Europe Economics was engaged by the GSMA to assess the costs resulting from ITU attempts to recover its deficit by charging operators worldwide for the allocation of International Numbering Resources (INRs). Our research considered the scale of the likely technical and compliance costs, the likely incidence of those costs and how they might develop over time.
The European Committee of Domestic Equipment Manufacturers (CECED) commissioned Europe Economics to assess the social and economic impacts of the domestic appliances sector in the EU28 and its Member States, Switzerland, Norway, Russia and Turkey. As a part of their work representing the sector, they wished to understand its role and importance in European economies.
Europe Economics have written a research paper for the European Parliament's Committee on Economic
and Monetary Affairs on the impact of proposed EU regulations on Money Market Funds. You can read our full report by clicking on the link below and read an executive summary written by the European Parliament by clicking here
Europe Economics have written a report for the Department for Business, Innovation & Skills considering the impact of the single market on prices, quality and the range of goods available. It develops an international benchmarking approach to measure the effect of the single market and then tests this method on the car and home insurance sectors.
Europe Economics, with our partners Ramboll and the Evaluation Partnership, have conducted a study for DG Taxud to assess the substitutability between physical and electronically-supported publications; evaluate the impact of current VAT reduced rates; and evaluate the impact of extending either the reduced rate or the standard rate regime to all kinds of publications.
Europe Economics has written a report for the Woodland Trust to review and synthesise the available evidence for the economic benefits created by woodlands.
Europe Economics developed a study (executive summary only) for DG MARKT (now DG FISMA) on the potential impact of pension funds having to post cash collateral in clearing their OTC derivatives. This work models the effect of ending the current temporary exemption to the application of some of EMIR’s requirements. We worked with Bourse Consult
on this project, which also considered the feasibility of various alternative solutions to posting cash, and the ability of the market to deliver these. Our work was an input into the European Commission's own report recommending a two year extension of the exemption. EU Commissioner for Financial Stability, Financial Services and Capital Markets Union, Jonathan Hill said: “Today's report sets out a number of potential ways to facilitate central clearing for pension funds. But none of them is straightforward and it is sensible to take more time to develop a solution which is proportionate.”
This Europe Economics report for Business for Britain focuses on EU regulation and tax measures affecting wholesale financial services — of vital interest to the City — and considers which, of such regulation introduced at EU level, the UK would have introduced itself, acting alone, and which it would not.