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European Market Infrastructure Integration: Securities Lending Models

Author

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  • Claudia Alina Butac

    (National Institute for Economic Research "Costin C. Kiritescu", Romanian Academy)

Abstract

TARGET2-Securities (T2S) and regulatory changes such as CSDR, MiFID II and EMIR in Europe have created an imminent need for market infrastructure organizations. T2S is expected to change the post-trade market structure in Europe through a series of services that will change the interaction between market participants. After T2S implementation, local market Central Securities Depositories (CSDs) will lose part of their settlement functions while asset servicing functionalities and additional services like lending and borrowing services, tax services, proxy voting, respectively services that will remain outside the scope of T2S will become the differentiator for their future business. In this changing environment that will uniform the cross-border settlement fees and where CSDs battles will be on additional service, lending and borrowing services development importance grow. The paper provides insights into comparative securities lending and borrowing processing models, highlighting the specificities and impact on settlement.

Suggested Citation

  • Claudia Alina Butac, 2013. "European Market Infrastructure Integration: Securities Lending Models," Working papers 19, Ecological University of Bucharest, Department of Economics.
    • Handle: RePEc:eub:wpaper:2013-19
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    More about this item

    Keywords

    MiFID; settlement fees; securities lending;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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