Why the European Securities Market is Not Fully Integrated
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.
|Date of creation:||Nov 2008|
|Date of revision:|
|Publication status:||published as Why the European Securities Market Is Not Fully Integrated , Alberto Giovannini. in Europe and the Euro , Alesina and Giavazzi. 2010|
|Contact details of provider:|| Postal: |
Web page: http://www.nber.org
More information through EDIRC
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.:
- Reena Aggarwal, 2002. "Demutualization And Corporate Governance Of Stock Exchanges," Journal of Applied Corporate Finance, Morgan Stanley, vol. 15(1), pages 105-113.
When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:14476. See general information about how to correct material in RePEc.
If references are entirely missing, you can add them using this form.