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Why the European Securities Market is Not Fully Integrated

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Author Info
Alberto Giovannini
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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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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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

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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. [Downloadable!] (restricted)
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This page was last updated on 2009-12-18.

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