Integration of the Securities Market Infrastructure in the European Union
This paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the risks associated with cross-border clearing and settlement and concludes that, due to institutionalized deficiencies, the current cross-border regulatory framework may not be adequate or effective in addressing and preventing a real cross-border crisis. The paper proposes a two-tier regulatory framework for securities infrastructure in Europe entailing the creation of a centralized "federal" European regulatory framework for regional systems, in addition to the current national regulatory framework for domestic systems.
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Paper provided by International Monetary Fund in its series IMF Working Papers
Date of creation:
01 Oct 2006Date of revision:
Contact details of provider:
Postal: International Monetary Fund, Washington, DC USA
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
Related researchKeywords: European Union
; Payment systems
; Risk management
; settlement systems
; securities settlement
; securities clearing
; securities settlement systems
; securities market
; securities markets
; market infrastructure
; securities regulators
; securities transactions
; securities transaction
; stock exchanges
; capital markets
; financial intermediaries
; domestic securities
; market participants
; payment system
; stock exchange
; securities processing
; border transactions
; securities commissions
; risk management procedures
; banking supervisors
; securities regulation
; financial regulations
; capital increases
; settlement facilities
; securities holding
; securities depository
; supervisory framework
; legal entities
; stock splits
; prudential supervision
; international central securities depository
; due consideration
; government bonds
; central securities depository
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