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|
References listed on IDEAS
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.:
- Kauko, Karlo, 2005.
"Interlinking securities settlement systems: a strategic commitment?,"
Working Paper Series
0427, European Central Bank.
- 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.
- Pagano, Marco & von Thadden, Ernst-Ludwig, 2004.
"The European Bond Markets Under EMU,"
CEPR Discussion Papers
4779, C.E.P.R. Discussion Papers.
- 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.
- Heiko Schmiedel & Andreas Schönenberger, 2005. "Integration of securities market infrastructures in the euro area," Occasional Paper Series 33, European Central Bank.
- Iori, Giulia, 2004. "An analysis of systemic risk in alternative securities settlement architectures," Working Paper Series 0404, European Central Bank.
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 references are entirely missing, you can add them using this form.