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Rétrospective et perspective : six décennies de comptes courants de titres

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  • Catherine Karyotis

Abstract

[fre] L’article met en perspective les soixante années de comptes courants de titres sur la place financière de Paris. Il démarre avec la création du dépositaire central de titres, la Sicovam, en 1949, puis expose la dématérialisation des titres et l’informatisation des procédures post-bourse. Il explique la transformation de Sicovam en Euroclear France dans le contexte des fusions de bourses qui ont donné lieu à Euronext. Enfin il aborde le nouveau business model d’Euroclear à l’horizon de 2012 pour présenter ensuite les nouvelles perspectives de développement dans le cadre de l’harmonisation européenne avec Target 2-Securities, qui sera mis en place en 2013. Car, dès lors, l’unification des procédures boursières et post-boursières sera réelle dans la zone euro. L’article conclut sur la nécessité absolue d’un système de compensation avec contrepartie centrale pour les CDS (credit default swaps), suite à la crise financière mondiale de 2008. . Classification JEL : G10, G21, N24. [eng] Retrospective and Perspective : Six Decades of Current Accounts of Securities . The article puts in perspective sixty years of current accounts of securities on the financial market place in Paris. It starts by the creation of the central securities depository Sicovam in 1949, then explains the dematerialization of securities and the computerization of post-trade procedures. It explains the transformation of Sicovam in Euroclear France in the context of stock exchanges mergers which have given rise to Euronext. Finally, it approaches the new Euroclear Business Model on the horizon of 2012 and presents new perspectives of development within the framework of European harmonization with Target 2 Securities established in 2013. Indeed, the unification of trade and post-trade procedures will be effective in the Eurozone. The article concludes that there is an absolute need to have a clearing system with a central counterparty for the CDS (Credit Default Swaps), further to the global financial crisis of 2008. . Classification JEL : G10, G21, N24.

Suggested Citation

  • Catherine Karyotis, 2010. "Rétrospective et perspective : six décennies de comptes courants de titres," Revue d'Économie Financière, Programme National Persée, vol. 97(2), pages 71-85.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2010_num_97_2_5393
    DOI: 10.3406/ecofi.2010.5393
    Note: DOI:10.3406/ecofi.2010.5393
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    References listed on IDEAS

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    1. Serifsoy, Baris & Wei[ss], Marco, 2007. "Settling for efficiency - A framework for the European securities transaction industry," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3034-3057, October.
    2. Pascal de Lima, 2005. "L'intégration du système financier en Europe," Revue de l'OFCE, Presses de Sciences-Po, vol. 92(1), pages 145-192.
    3. Van Cayseele, Patrick & Wuyts, Christophe, 2007. "Cost efficiency in the European securities settlement and depository industry," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3058-3079, October.
    4. Milne, Alistair, 2007. "The industrial organization of post-trade clearing and settlement," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 2945-2961, October.
    5. Lannoo, Karel & Valiante, Diego, 2009. "Integrating Europe's Back Office: 10 years of turning in circles," ECMI Papers 1673, Centre for European Policy Studies.
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    Cited by:

    1. Joël Mérère, 2010. "Avenir et enjeux pour les dépositaires centraux de titres européens," Revue d'Économie Financière, Programme National Persée, vol. 97(2), pages 87-100.

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    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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