Usporedba tržišta i aktivnosti kreditnih rejting agencija Sjedinjenih Američkih Država i Europske unije

master's thesis

• Title (english): Comparison of markets and activities of credit rating agencies in United States of America and European union
• Author: Barbara Bićanić
• Mentor: Anita Pavković (mentor); MBZ: 227513
• Committee member: Branka Tuškan (predsjednik povjerenstva)
• Committee member: Ana Ivanišević Hernaus (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2020-01-29, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Cilj ovoga rada je opis i usporedba ključnih aktivnosti i poslova kreditnih rejting agencija Sjedinjenih Američkih Država i Europske unije. Analiza je provedena korištenjem sekundarnih izvora. Rad započinje teorijskim opisom povijesnog razvoja kreditnih rejting agencija, definiranjem pojma kreditnih rejting agencija i ključnih pojmova vezanih uz rejting, te se također opisuju i značajke agencija uz njihove prednosti i nedostatke. Drugi dio rada opisuje regulatorne izvještaje i situaciju na tržištu kreditnih rejting agencija u Sjedinjenim Američkim Državama, kroz karakteristike i poslove samih rejting agencija kako bi se naglasila dominacija rejting agencija Sjedinjenih Američkih Država na financijskom tržištu i povezanost s ekonomskom krizom. U sljedećem se poglavlju opisuju regulatorni zahtjevi Europske unije, te struktura i aktivnosti rejting agencija na tom tržištu. Na kraju, daje se kratki osvrt na situaciju u Republici Hrvatskoj. Analiza je pokazala veliki utjecaj rejting ocjena na kretanje i trgovanje na financijskom tržištu, u kojem svi sudionici, od izdavatelja preko posrednika do investitora imaju korist od kreditnih rejtinga. Daljnja analiza i usporedba podataka pokazali su veliku sličnost u poslovanju i djelovanju kreditnih rejting agencija na tržištima, uz ključnu konkurentsku nadmoć svjetskih agencija kao što su Standard & Poor's, Fitch Ratings i Moody's, uz minimalan tržišni udio rejting agencija određenih zemalja u Europskoj uniji, kao što su Njemačka, Španjolska. Kroz rastuće prihode od dodjele rejtinga ove svjetske rejting agencije ostvaruju i veliku dobit kao pružatelji informacijskih tehnologija i savjetodavne usluge. Uspoređujući regulative koje provode Komisija za tržište vrijednosnim papirima i Europsko tijelo za vrijednosne papire i tržišta (ESMA) kao nadzorna tijela rejting agencija, vidljiva je prisutna problematika u oligopolskom tržištu i potreba za smanjenjem sukoba interesa i povećanjem transparentnosti na oba tržišta. Osim toga, kroz analizu procesa dodjele rejtinga državi, korporaciji i financijskom instrumentu uočene su sličnosti, prednosti i nedostatci primijenjene metodologije koju koriste rejting agencije. U slučaju Republike Hrvatske, rejtinzi su dodijeljeni od strane Vanjskih institucija za procjenu kreditnog rejtinga koje su registirane kod Hrvatske Narodne Banke.

Abstract (english)

The goal of this paper is to describe and compare key activities and operations of credit rating agencies of the United States of America and the European Union. The analysis was conducted using secondary sources. The paper begins with a theoretical description of the historical development of credit rating agencies, defining the notion of credit rating agencies and key concepts related to rating, and also describes the features of agencies with their advantages and disadvantages. The second part describes the regulatory reports and the credit rating agencies market situation in United States, through the characteristics and operations of the credit rating agencies themselves, to highlight the dominance of credit rating agencies in the financial market and their relationship with the economic crisis. The following section describes the regulatory requirements of the European Union and the structure and activities of rating agencies in that market. Finally, a brief overview of the situation in the Republic of Croatia is given. The analysis showed the great impact of ratings on the movement and trading in the financial market, in which all participants, from issuers through intermediaries to investors, benefit from credit ratings. Further analysis and comparison of the data showed a great similarity in the business and performance of credit rating agencies in the markets, with a key competitive dominance of world agencies such as Standard & Poor's, Fitch Ratings and Moody’s, with a minimum market share of rating agencies of certain countries in the European Union. such as Germany, Spain. Through the growing ratings gains, these global rating agencies are also making huge profits as information technology and advisory service providers. Comparing the regulations implemented by the Securities and Exchange Commission and the European Securities and Markets Authority (ESMA) as supervisory authorities of rating agencies, one can see the present problems in the oligopoly market and the need to reduce conflicts of interest and increase transparency in both markets. In addition, through an analysis of the rating process of the state, the corporation and the financial instrument, the similarities, advantages and disadvantages of the rating methodology used by the rating agencies were identified. In the case of the Republic of Croatia, the ratings are assigned by External Credit Rating Institutions registered with the Croatian National Bank.

• Keywords: funkcije i tržište kreditnih rejting agencija; SAD; EU; regulatorni zahtjevi
• Keywords (english): functions and market of credit rating agencies; USA; EU; regulatory requirements
• Language: croatian
• URN:NBN: urn:nbn:hr:148:839529
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2020-02-02 09:59:17