The evolution of central securities depositaries in Europe : stable functions in a changing environment
[eng] Central Securities Depositories (CSD) play two roles in the national framework : securities ultimate custody and securities settlement (operating acting securities settlement systems -SSS). Now, the passage from a national space to a European domestic one, reveals overcapacities and interferences between the different actors (CSD, ICSD and global custodians) of this post-trade market. This article examines CSD’s current functions and the manner in which they operate on a broader space. We put special emphasis on the « custody/authentification » function on which market confidence lies. We also raise the question of what institution is the most efficient in the new domestic area. We conclude that, whatever the solution, a strong impetus of the European dimension is needed (through a « domestic » CSD or a European Regulator). JEL classification : F36, G2, G28
Volume (Year): 82 (2006)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://www.persee.fr/collection/ecofi|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Marco Pagano, 2004.
"The European Bond Markets under EMU,"
Oxford Review of Economic Policy,
Oxford University Press, vol. 20(4), pages 531-554, Winter.
- Marco Pagano & Ernst-Ludwig von Thadden, 2004. "The European Bond Markets under EMU," CSEF Working Papers 126, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Pagano, Marco & von Thadden, Ernst-Ludwig, 2004. "The European Bond Markets Under EMU," CEPR Discussion Papers 4779, C.E.P.R. Discussion Papers.
- Kauko, Karlo, 2007. "Interlinking securities settlement systems: A strategic commitment?," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 2962-2977, October.
- Kauko, Karlo, 2003. "Interlinking securities settlement systems : A strategic commitment?," Research Discussion Papers 26/2003, Bank of Finland.
- Kauko, Karlo, 2005. "Interlinking securities settlement systems: a strategic commitment?," Working Paper Series 0427, European Central Bank.
- Schönenberger, Andreas & Schmiedel, Heiko, 2005. "Integration of securities market infrastructure in the euro area," Occasional Paper Series 33, European Central Bank.
- Heiko Schmiedel & Andreas Schönenberger, 2005. "Integration of securities market infrastructures in the euro area," Occasional Paper Series 33, European Central Bank.
- Patrick Van Cayseele, 2004. "Competition and the Organisation of the Clearing and Settlement Industry," Working Papers Department of Economics ces0413, KU Leuven, Faculty of Economics and Business, Department of Economics.
- Iori, Giulia, 2004. "An analysis of systemic risk in alternative securities settlement architectures," Working Paper Series 0404, European Central Bank. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_1767-4603_2006_num_82_1_4452. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.