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

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  • Gisèle Chanel-Reynaud
  • Dominique Chabert

Abstract

[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

Suggested Citation

  • Gisèle Chanel-Reynaud & Dominique Chabert, 2006. "The evolution of central securities depositaries in Europe : stable functions in a changing environment," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 203-220.
  • Handle: RePEc:prs:recofi:ecofi_1767-4603_2006_num_82_1_4452
    Note: DOI:10.3406/ecofi.2006.4452
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    References listed on IDEAS

    as
    1. Kauko, Karlo, 2007. "Interlinking securities settlement systems: A strategic commitment?," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 2962-2977, October.
    2. Marco Pagano, 2004. "The European Bond Markets under EMU," Oxford Review of Economic Policy, Oxford University Press, vol. 20(4), pages 531-554, Winter.
    3. Iori, Giulia, 2004. "An analysis of systemic risk in alternative securities settlement architectures," Working Paper Series 404, European Central Bank.
    4. Schönenberger, Andreas & Schmiedel, Heiko, 2005. "Integration of securities market infrastructure in the euro area," Occasional Paper Series 33, European Central Bank.
    5. Heiko Schmiedel & Andreas Schönenberger, 2005. "Integration of securities market infrastructures in the euro area," Occasional Paper Series 33, European Central Bank.
    6. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G2 - Financial Economics - - Financial Institutions and Services
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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