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Why the European Securities Market is Not Fully Integrated

Author

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  • Alberto Giovannini

Abstract

I describe the challenge of fully integrating securities markets in Europe by integrating the clearing and settlement functionalities. The initial condition is characterized by a multitude of standards, conventions, regulation and laws, which are inconsistent with a barrier-free post-trading environment. In addition, the current providers of post-trading services are mostly for-profit monopolies. The EU reform strategy is discussed in detail, and its performance so far is assessed. I argue that the special features of the post-trading industry may help understand the disappointing progress so far.

Suggested Citation

  • Alberto Giovannini, 2008. "Why the European Securities Market is Not Fully Integrated," NBER Working Papers 14476, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:14476
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    File URL: http://www.nber.org/papers/w14476.pdf
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    1. Reena Aggarwal, 2002. "Demutualization And Corporate Governance Of Stock Exchanges," Journal of Applied Corporate Finance, Morgan Stanley, vol. 15(1), pages 105-113.
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    Cited by:

    1. Jean-Paul POLLIN, 2010. "l eurosystème et l'intégration financière européenne," LEO Working Papers / DR LEO 832, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.

    More about this item

    JEL classification:

    • F3 - International Economics - - International Finance
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services

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