The launch of these markets, geared to luring medium-sized firms, is also contributing to the development of the capital markets. In particular, in Spain we have witnessed the development of the alternative fixed-income market MARF. That said, their size is still small in most European countries. In the future, this trend towards the greater development of capital markets might continue if progress is made on the European project to create a Capital Markets Union, as I shall later discuss. A further factor pointing in this same direction is the potential increase in long-term saving associated with population ageing. The reason is that, for this investment horizon, capital markets may be a comparatively more attractive option than in the case of short-term saving. Moreover, technological progress might prompt an increase in the activity of new non-bank competitors with innovative technologies. So far, market penetration by this type of player in the credit-supply business is limited in most European countries. Initiatives like the regulatory sandbox currently being designed in Spain, have the objective of promoting the emergence of these type of players. These controlled test environments aim to provide, with all due security measures for participants and the system as a whole, a nimble framework that provides for the viability testing of the new business models based on new technologies. They will also enable the supervisory community to gain knowledge on how new business models and technologies function and the new risks associated with them.
Switzerland: 2012 Article IV Consultation – Staff Report; Public Information Notice on the Executive Board Discussion. Statement by the Executive Director for Switzerland. IMF Country Report No. 12/106. May 2012. Jordan, Thomas. 2011. “Does the Swiss National Bank need equity?” SNB. Speech to the Statistisch-Volkswirtschaftliche Gesellschaft. Basel. 28 September 2011. BIS central bankers’ speeches  5  6  BIS central bankers’ speeches  BIS central bankers’ speeches  7