Why the European Securities Market is Not Fully Integrated
AbstractI 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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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14476.
Date of creation: Nov 2008
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Web page: http://www.nber.org
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Find related papers by JEL classification:
- F3 - International Economics - - International Finance
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F59 - International Economics - - International Relations and International Political Economy - - - Other
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G2 - Financial Economics - - Financial Institutions and Services
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-11-18 (All new papers)
- NEP-BEC-2008-11-18 (Business Economics)
- NEP-EEC-2008-11-18 (European Economics)
- NEP-REG-2008-11-18 (Regulation)
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- 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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