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: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
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- 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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