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Why the European Securities Market is Not Fully Integrated

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  • Alberto Giovannini
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    Abstract

    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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    File URL: http://www.nber.org/papers/w14476.pdf
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    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14476.

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    Date of creation: Nov 2008
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    Handle: RePEc:nbr:nberwo:14476

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    1. Reena Aggarwal, 2002. "Demutualization And Corporate Governance Of Stock Exchanges," Journal of Applied Corporate Finance, Morgan Stanley, vol. 15(1), pages 105-113.
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