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Capital markets integration: A sociotechnical study of the development of a cross-border securities settlement system

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  • Panourgias, Nikiforos S.

Abstract

Digital information and communications technologies (ICTs) are transforming capital markets. The integration of capital markets is seen as one such area of transformation. The research presented in this article studies one integration initiative that took shape around the proposed combination of a number of key European securities marketplaces through the development of a cross-border settlement system. Taking a sociotechnical approach, the research presents the positions of the key actants identified in relation to key controversies regarding the development of the settlement system and shows how the relations between the controversies and the positions of the actants involved in them evolve. By examining the role of ICTs in the evolution of these relations, the study seeks to illuminate the complex causalities between the social and technical aspects of cross-border capital market integration. The article argues that in addition to enabling the interconnecting of an expanded set of transacting parties, ICTs bring important cognitive dimensions that enable the inspiration, planning, and foresight necessary for both developers and market participants to formulate their plans, strategies, and positions vis-à-vis the expanded and transformed marketplace arrangements.

Suggested Citation

  • Panourgias, Nikiforos S., 2015. "Capital markets integration: A sociotechnical study of the development of a cross-border securities settlement system," Technological Forecasting and Social Change, Elsevier, vol. 99(C), pages 317-338.
    • Handle: RePEc:eee:tefoso:v:99:y:2015:i:c:p:317-338
    DOI: 10.1016/j.techfore.2015.02.014
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    Cited by:

    1. Troels Krarup, 2016. "Economic Discourse and the European Integration of Financial Infrastructures and Financial Markets," Working Papers hal-03459272, HAL.
    2. Klein, Amarolinda & Sørensen, Carsten & Freitas, Angilberto Sabino de & Pedron, Cristiane Drebes & Elaluf-Calderwood, Silvia, 2020. "Understanding controversies in digital platform innovation processes: The Google Glass case," Technological Forecasting and Social Change, Elsevier, vol. 152(C).
    3. Marszk, Adam & Lechman, Ewa, 2021. "Reshaping financial systems: The role of ICT in the diffusion of financial innovations – Recent evidence from European countries," Technological Forecasting and Social Change, Elsevier, vol. 167(C).
    4. Troels Krarup, 2016. "Economic Discourse and the European Integration of Financial Infrastructures and Financial Markets," Sciences Po publications 16/2, Sciences Po.
    5. repec:hal:spmain:info:hdl:2441/5roa67nl3t9vmaafofq0ug2d9d is not listed on IDEAS
    6. Krarup, Troels, 2016. "Economic discourse and the European integration of financial infrastructures and financial markets," MaxPo Discussion Paper Series 16/2, Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo).

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