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4 páginas, 3 figuras.-- PACS numbers: 41.20.Jb, 42.25.Fx, 42.79.Ag.-- et al. ; We investigate band formation in one-dimensional periodic arrays of rectangular holes which have a nanoscale width but a length of 100 μm. These holes are tailored to work as resonators in the terahertz frequency regime. We study the evolution of the electromagnetic response with the period of the array, showing that this dependence is not monotonic due to both the oscillating behavior of the coupling between holes and its long-range character. ; The experimental work was supported by the Korea Science and Engineering Foundation (KOSEF) (SRC, No. R11-2008-095-01000-0), the Korea Research Foundation (KRF), KICOS (GRL, K20815000003), Hi Seoul Science/Humanities grant funded by the Korea government (MEST) (No. 2009-0071309), the Seoul R&BD Program (10543), and Seoul Scholarship Foundation. The theory work was funded by the Spanish Ministry of Science and Innovation under Projects No. MAT2008- 06609-C02, No. CSD2007-046-NanoLight.es, and by Grant No. RyC-2009-05489. ; Peer reviewed

This paper provides a unique snapshot of the exposures of EU banks to shadow banking entities within the global financial system. Drawing on a rich and novel dataset, the paper documents the cross-sector and cross-border linkages and considers which are the most relevant for systemic risk monitoring. From a macroprudential perspective, the identification of potential feedback and contagion channels arising from the linkages of banks and shadow banking entities is particularly challenging when shadow banking entities are domiciled in different jurisdictions. The analysis shows that many of the EU banks' exposures are towards non-EU entities, particularly US-domiciled shadow banking entities. At the individual level, banks' exposures are diversified although this diversification leads to high overlap across different types of shadow banking entities. ; The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

This paper provides a unique snapshot of the exposures of EU banks to shadow banking entities within the global financial system. Drawing on a rich and novel dataset, the paper documents the cross-sector and cross-border linkages and considers which are the most relevant for systemic risk monitoring. From a macroprudential perspective, the identification of potential feedback and contagion channels arising from the linkages of banks and shadow banking entities is particularly challenging when shadow banking entities are domiciled in different jurisdictions. The analysis shows that many of the EU banks' exposures are towards non-EU entities, particularly US-domiciled shadow banking entities. At the individual level, banks' exposures are diversified although this diversification leads to high overlap across different types of shadow banking entities.

Policy is only as good as the information at the disposal of policymakers. Few moments illustrate this better than the uncertainty before and after the default of Lehman Brothers and the subsequent decision to stand behind AIG. Authorities were forced to make critical policy decisions, despite being uncertain about counterparties' exposures and the protection sold against their default. Opacity has been a defining characteristic of over-the-counter derivatives markets - to the extent that they have been labelled "dark markets" (Duffie, 2012). Motivated by the concern that opacity exercerbates crises, the G20 leaders made a decisive push in 2009 for greater transparency in derivatives markets. In Europe, this initiative was formalised in 2012 in the European Markets Infrastructure Regulation (EMIR), which requires EU entities engaging in derivatives transactions to report them to trade repositories authorised by the European Securities Markets Authority (ESMA). Derivatives markets are thus in the process of becoming one of the most transparent markets for regulators. This paper represents a first analysis of the EU-wide data collected under EMIR. We start by describing the structure of the dataset, drawing comparisons with existing survey-based evidence on derivatives markets. The rest of the paper is divided into three sections, focusing on the three largest derivatives markets (interest rates, foreign exchange and credit).