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The evolution of central securities depositaries in Europe : stable functions in a changing environment

  • Dominique Chabert
  • Gisèle Chanel-Reynaud
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    [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

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    File URL: http://dx.doi.org/doi:10.3406/ecofi.2006.4452
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    File URL: http://www.persee.fr/articleAsPDF/ecofi_1767-4603_2006_num_82_1_4452/ecofi_1767-4603_2006_num_82_1_4452.pdf?mode=light
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    Article provided by Programme National Persée in its journal Revue d'économie financière (English ed.).

    Volume (Year): 82 (2006)
    Issue (Month): 1 ()
    Pages: 203-220

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    Handle: RePEc:prs:recofi:ecofi_1767-4603_2006_num_82_1_4452
    Note: DOI:10.3406/ecofi.2006.4452
    Contact details of provider: Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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    1. Kauko, Karlo, 2003. "Interlinking securities settlement systems: A strategic commitment?," Research Discussion Papers 26/2003, Bank of Finland.
    2. Patrick Van Cayseele, 2004. "Competition and the Organisation of the Clearing and Settlement Industry," Center for Economic Studies - Discussion papers ces0413, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
    3. 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.
    4. Heiko Schmiedel & Andreas Schönenberger, 2005. "Integration of securities market infrastructures in the euro area," Occasional Paper Series 33, European Central Bank.
    5. Iori, Giulia, 2004. "An analysis of systemic risk in alternative securities settlement architectures," Working Paper Series 0404, European Central Bank.
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