Why the European securities market is not fully integrated / Alberto Giovannini.
Material type:
TextSeries: Working paper series (National Bureau of Economic Research) ; no. 14476.Publication details: Cambridge, Mass. : National Bureau of Economic Research, 2008Description: 34 p. : ill. ; 22 cmSubject(s): Securities -- Europe | Europe -- Economic integrationLOC classification: HB1 | .N38 no. 14476Online resources: Click here to access online Summary: I describe the challenge of fully integrating securities markets in Europe by integrating the clearing and settlement functionalities. The initial condition is characterized by a multitude of standards, conventions, regulation and laws, which are inconsistent with a barrier-free post-trading environment. In addition, the current providers of post-trading services are mostly for-profit monopolies. The EU reform strategy is discussed in detail, and its performance so far is assessed. I argue that the special features of the post-trading industry may help understand the disappointing progress so far.
| Item type | Current library | Collection | Call number | Copy number | Status | Date due | Barcode |
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University of Macedonia Library Βιβλιοστάσιο Β (Stack Room B) | Research Papers | HB1.N38 no. 14476 (Browse shelf (Opens below)) | 1 | Available | 0013119155 |
Includes bibliographical references (p. 33-34).
I describe the challenge of fully integrating securities markets in Europe by integrating the clearing and settlement functionalities. The initial condition is characterized by a multitude of standards, conventions, regulation and laws, which are inconsistent with a barrier-free post-trading environment. In addition, the current providers of post-trading services are mostly for-profit monopolies. The EU reform strategy is discussed in detail, and its performance so far is assessed. I argue that the special features of the post-trading industry may help understand the disappointing progress so far.
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