{"id":105202,"date":"2026-04-23T00:16:45","date_gmt":"2026-04-22T22:16:45","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=105202"},"modified":"2026-04-22T12:36:47","modified_gmt":"2026-04-22T10:36:47","slug":"jeden-trh-pro-kapital-odvazny-evropsky-plan-s-hrozbou-fiaska","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/04\/23\/jeden-trh-pro-kapital-odvazny-evropsky-plan-s-hrozbou-fiaska\/","title":{"rendered":"Jeden trh pro kapit\u00e1l: odv\u00e1\u017en\u00fd evropsk\u00fd pl\u00e1n s hrozbou fiaska"},"content":{"rendered":"
<\/div>\n

\u0160est nejv\u011bt\u0161\u00edch ekonomik Evropsk\u00e9 unie \u2014 N\u011bmecko, Francie, It\u00e1lie, \u0160pan\u011blsko, Nizozemsko a Polsko \u2014 zaslalo Evropsk\u00e9 komisi dopis, kter\u00fd by je\u0161t\u011b p\u0159ed p\u00e1r lety byl t\u011b\u017eko p\u0159edstaviteln\u00fd. Berl\u00edn, kter\u00fd se dlouhodob\u011b stav\u011bl na odpor my\u0161lence centralizovan\u00e9ho dohledu nad finan\u010dn\u00edmi trhy, tentokr\u00e1t stoj\u00ed v \u010dele iniciativy. C\u00edlem je sjednocen\u00ed rozt\u0159\u00ed\u0161t\u011bn\u00fdch evropsk\u00fdch kapit\u00e1lov\u00fdch trh\u016f pod spole\u010dnou regulatorn\u00ed st\u0159echu.<\/p>\n

A\u010dkoli to v\u00a0prohl\u00e1\u0161en\u00ed nen\u00ed explicitn\u00ed, hlavn\u00ed motivace je jasn\u00e1. Tou je p\u0159eklenout propast, kter\u00e1 evropsk\u00e9 firmy d\u011bl\u00ed od jejich americk\u00fdch konkurent\u016f ve schopnosti z\u00edskat kapit\u00e1l prost\u0159ednictv\u00edm trhu cenn\u00fdch pap\u00edr\u016f.<\/p>\n

Propast p\u0159itom nen\u00ed metaforick\u00e1, ale m\u011b\u0159iteln\u00e1. Evropsk\u00e9 firmy preferuj\u00ed financov\u00e1n\u00ed prost\u0159ednictv\u00edm bankovn\u00edho sektoru nam\u00edsto kapit\u00e1lov\u00fdch trh\u016f \u2014 krom\u011b tradice jsou na vin\u011b i da\u0148ov\u00e9 syst\u00e9my n\u011bkter\u00fdch \u010dlensk\u00fdch zem\u00ed, je\u017e zv\u00fdhod\u0148uj\u00ed spl\u00e1cen\u00ed bankovn\u00edch \u00fav\u011br\u016f oproti emisi cenn\u00fdch pap\u00edr\u016f. Hlavn\u00edm faktorem je ov\u0161em zako\u0159en\u011bn\u00e1 ned\u016fv\u011bra ve vlo\u017een\u00ed sv\u00e9ho kapit\u00e1lu do ciz\u00edch rukou. Je jasn\u00e9, \u017ee na v\u011bt\u0161\u00edm transparentn\u00edm trhu s\u00a0jednotn\u00fdmi pravidly se bude takov\u00e1 ned\u016fv\u011bra p\u0159eklenovat l\u00e9pe.<\/p>\n

Zat\u00edm v\u0161ak evropsk\u00e1 ekonomika z\u016fst\u00e1v\u00e1 a\u017e nezdrav\u011b z\u00e1visl\u00e1 na bank\u00e1ch, co\u017e se v krizov\u00fdch chv\u00edl\u00edch opakovan\u011b uk\u00e1zalo jako slabina. Po roce 2011 st\u00e1hly banky p\u0159eshrani\u010dn\u00ed investice, kapit\u00e1lov\u00e9 trhy se fragmentovaly a obnova r\u016fstu trvala v Evrop\u011b podstatn\u011b d\u00e9le ne\u017e v USA.<\/p>\n

Americk\u00fd trh tuto lekci d\u00e1vno vst\u0159ebal. New York Stock Exchange a Nasdaq funguj\u00ed jako jednotn\u00e9, hluboce likvidn\u00ed prost\u0159ed\u00ed, kde m\u016f\u017ee startupov\u00e1 firma z Texasu bez probl\u00e9m\u016f oslovit investory z Bostonu nebo Seattlu. Evropsk\u00fd prot\u011bj\u0161ek vypad\u00e1 jako mozaika \u2014 Frankfurt, Pa\u0159\u00ed\u017e, Var\u0161ava, Amsterdam, Mil\u00e1n \u2014 ka\u017ed\u00fd trh s vlastn\u00ed regulac\u00ed, vlastn\u00edm dohledov\u00fdm org\u00e1nem, vlastn\u00edmi zvyklostmi. P\u0159eshrani\u010dn\u00ed investice nar\u00e1\u017e\u00ed na p\u0159ek\u00e1\u017eky, kter\u00e9 v USA prost\u011b neexistuj\u00ed.<\/p>\n

Pozor, oni to mysl\u00ed v\u00e1\u017en\u011b!<\/strong><\/h3>\n

Minist\u0159i financ\u00ed \u0161estice v dopise Komisi zd\u016fraz\u0148uj\u00ed, \u017ee hlub\u0161\u00ed a integrovan\u011bj\u0161\u00ed kapit\u00e1lov\u00e9 trhy pos\u00edl\u00ed r\u016fstov\u00fd potenci\u00e1l Evropy, zv\u00fd\u0161\u00ed jej\u00ed ekonomickou suverenitu a vytvo\u0159\u00ed pevn\u011bj\u0161\u00ed z\u00e1klad pro financov\u00e1n\u00ed spole\u010dn\u00fdch priorit. Jde o slova, kter\u00e1 by mohla zn\u00edt jako pr\u00e1zdn\u00e1 r\u00e9torika \u2014 jen\u017ee tentokr\u00e1t stoj\u00ed za nimi konkr\u00e9tn\u00ed legislativn\u00ed n\u00e1vrhy a p\u0159edev\u0161\u00edm politick\u00e1 konstelace, kter\u00e1 v Bruselu dlouho chyb\u011bla.<\/p>\n

Sjednocen\u00ed trh\u016f \u00faspor a investic je podle signat\u00e1\u0159\u016f rozhoduj\u00edc\u00ed pro zlep\u0161en\u00ed podm\u00ednek financov\u00e1n\u00ed evropsk\u00fdch firem, zejm\u00e9na startup\u016f a podnik\u016f ve f\u00e1zi rychl\u00e9ho r\u016fstu. A pr\u00e1v\u011b tady je argument nejsiln\u011bj\u0161\u00ed: inovativn\u00ed evropsk\u00e9 firmy p\u0159\u00edli\u0161 \u010dasto odch\u00e1zej\u00ed kotovat sv\u00e9 akcie do New Yorku nikoli proto, \u017ee by Amerika byla jejich domovem, ale proto, \u017ee jim tamn\u00ed trh nab\u00eddne hlub\u0161\u00ed likviditu, \u0161ir\u0161\u00ed z\u00e1kladnu investor\u016f a vy\u0161\u0161\u00ed valuace. Ka\u017ed\u00fd takov\u00fd odchod je pro Evropu dvoj\u00ed prohrou \u2014 p\u0159ich\u00e1z\u00ed o da\u0148ov\u00e9 p\u0159\u00edjmy i o presti\u017en\u00ed kotaci.<\/p>\n

I jasn\u00fd pl\u00e1n se m\u016f\u017ee zvrtnout<\/strong><\/h3>\n

Bylo by ov\u0161em naivn\u00ed tleskat tomuto z\u00e1m\u011bru bez v\u00fdhrad. Brusel m\u00e1 bohatou historii projekt\u016f, kter\u00e9 za\u010daly jako deregula\u010dn\u00ed nebo integra\u010dn\u00ed iniciativy a postupn\u011b vyrostly v regulatorn\u00ed kafkovsk\u00e9 z\u00e1mky, je\u017e p\u016fvodn\u00ed probl\u00e9m nevy\u0159e\u0161ily, ale p\u0159idaly nov\u00e9. Evropsk\u00e1 komise v r\u00e1mci bal\u00ed\u010dku nazvan\u00e9ho Unie \u00faspor a investic p\u0159edlo\u017eila s\u00e9rii legislativn\u00edch opat\u0159en\u00ed, jejich\u017e c\u00edlem je pos\u00edlit dohled nad infrastrukturami finan\u010dn\u00edch trh\u016f \u2014 p\u0159i\u010dem\u017e \u010dlensk\u00e9 st\u00e1ty nejsou v technick\u00fdch detailech pln\u011b zajedno, co\u017e cel\u00fd proces ji\u017e zpomaluje.<\/p>\n

Nejv\u011bt\u0161\u00ed hrozbou nen\u00ed samotn\u00e1 my\u0161lenka centralizace, ale zp\u016fsob jej\u00edho proveden\u00ed. Zku\u0161enosti z p\u0159edchoz\u00edch vln finan\u010dn\u00ed regulace v EU \u2014 od MiFID II po AIFMD \u2014 nazna\u010duj\u00ed, \u017ee harmonizace pravidel \u010dasto v praxi znamen\u00e1 n\u00e1soben\u00ed po\u017eadavk\u016f na reporting, rozmno\u017een\u00ed compliance odd\u011blen\u00ed a zdra\u017een\u00ed p\u0159\u00edstupu na trh pro men\u0161\u00ed emitenty. Minist\u0159i financ\u00ed sice zmi\u0148uj\u00ed i z\u00e1m\u011br zjednodu\u0161it po\u017eadavky na ve\u0159ejn\u00e9 kotace spole\u010dnost\u00ed na burze, ale mezi z\u00e1m\u011brem a v\u00fdsledkem b\u00fdv\u00e1 v evropsk\u00e9m legislativn\u00edm procesu slu\u0161n\u00e1 vzd\u00e1lenost.<\/p>\n

Zvl\u00e1\u0161tn\u00ed pozornost si zaslou\u017e\u00ed ot\u00e1zka mal\u00fdch a st\u0159edn\u00edch firem. IPO trh v Evrop\u011b je pro men\u0161\u00ed emitenty ji\u017e nyn\u00ed v\u00fdrazn\u011b komplikovan\u011bj\u0161\u00ed ne\u017e v USA \u2014 a to jak n\u00e1kladov\u011b, tak administrativn\u011b. Pokud nov\u00e1 architektura jednotn\u00e9ho dohledu p\u0159inese dal\u0161\u00ed vrstvu pravidel bez sou\u010dasn\u00e9ho skute\u010dn\u00e9ho ze\u0161t\u00edhlen\u00ed st\u00e1vaj\u00edc\u00ed regulace, m\u016f\u017ee paradoxn\u011b dopadnout h\u016f\u0159e na ty, kter\u00e9 m\u00e1 pom\u00e1hat nejv\u00edce: na st\u0159edn\u011b velk\u00e9 firmy, kter\u00e9 nemaj\u00ed arm\u00e1du pr\u00e1vn\u00edk\u016f a compliance specialist\u016f. Velk\u00e9 korporace si regulaci v\u017edy zvl\u00e1dnou \u201ekoupit“ prost\u0159ednictv\u00edm drah\u00fdch poradc\u016f. A mal\u00ed emitenti prost\u011b z\u016fstanou rad\u011bji na n\u00e1rodn\u00edm trhu \u2014 nebo od IPO upust\u00ed \u00fapln\u011b.<\/p>\n

Je tedy t\u0159eba, aby Evropsk\u00e1 komise vzala v\u00e1\u017en\u011b oba p\u00f3ly tohoto zad\u00e1n\u00ed. Integraci trhu ano \u2014 ale soub\u011b\u017en\u011b s re\u00e1ln\u00fdm sni\u017eov\u00e1n\u00edm regulatorn\u00ed z\u00e1t\u011b\u017ee pro men\u0161\u00ed emitenty, nikoli jako p\u0159\u00edslib v pr\u016fvodn\u00edm dokumentu. Jen tak m\u016f\u017ee vzniknout kapit\u00e1lov\u00fd trh, kter\u00fd nebude Star\u00fd sv\u011bt jen napodobovat svou strukturou, ale skute\u010dn\u011b konkurovat svou p\u0159ita\u017elivost\u00ed.<\/p>\n

Peter Svore\u0148, <\/strong>CEO ApmeFX<\/strong><\/a><\/h5>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u0160est nejv\u011bt\u0161\u00edch ekonomik Evropsk\u00e9 unie \u2014 N\u011bmecko, Francie, It\u00e1lie, \u0160pan\u011blsko, Nizozemsko a Polsko \u2014 zaslalo…<\/p>\n","protected":false},"author":2,"featured_media":105203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1042,2145,8599],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/105202"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=105202"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/105202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/105203"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=105202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=105202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=105202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}