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L’évolution des dépositaires centraux de titres en Europe : des fonctions stables dans un espace mouvant

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  • Dominique Chabert
  • Gisèle Chanel-Reynaud
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    Abstract

    [eng] Central Securities Depositories in Europe : current functions but a broader space . Central Securities Depositories (CSD) play two roles in the national framework : securities ultimate custody and securities settlement (operating acting securities settlement systems-SSS). Now, the passage from a national space to a European domestic one, reveals overcapacities and interferences between the different actors (CSD, ICSD and global custodians) of this post-trade market. This article examines CSD’s current functions and the manner in which they operate on a broader space. We put special emphasis on the « custody/authentification » function on which market confidence lies. We also raise the question of what institution is the most efficient in the new domestic area. We conclude that, whatever the solution, a strong impetus of the European dimension is needed (through a « domestic » CSD or a European Regulator).. JEL classification : F36, G2, G28 [fre] Les dépositaires centraux (CSD) remplissent deux fonctions dans un cadre national : la conservation ultime de titres et l’administration des systèmes de règlement-livraison. Or, le passage d’un espace national à un espace domestique européen, met en évidence des surcapacités et des interférences entre les acteurs (CSD, ICSD, global-custodians) de ce marché. Cet article précise leurs fonctions actuelles et la façon dont elles doivent s’exercer dans un espace élargi. Nous insistons particulièrement sur la fonction de « conservateur/authentificateur », fondement de la confiance dans les marchés et posons la question de l’institution la plus apte à la tenir dans le nouvel espace domestique. Nous constatons que quelle que soit la solution retenue, une affirmation forte de la dimension européenne sera nécessaire, soit à travers un CSD unique, soit à travers un organisme réglementaire européen. . Classification JEL : F36, G2, G28

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    Bibliographic Info

    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 82 (2006)
    Issue (Month): 1 ()
    Pages: 221-239

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_2006_num_82_1_4051

    Note: DOI:10.3406/ecofi.2006.4051
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    Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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    1. Patrick Van Cayseele, 2004. "Competition and the Organisation of the Clearing and Settlement Industry," Center for Economic Studies - Discussion papers ces0413, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
    2. Kauko, Karlo, 2003. "Interlinking securities settlement systems: A strategic commitment?," Research Discussion Papers 26/2003, Bank of Finland.
    3. Iori, Giulia, 2004. "An analysis of systemic risk in alternative securities settlement architectures," Working Paper Series 0404, European Central Bank.
    4. Marco Pagano, 2004. "The European Bond Markets under EMU," Oxford Review of Economic Policy, Oxford University Press, vol. 20(4), pages 531-554, Winter.
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