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Governance of securities clearing and settlement systems

Author

Listed:
  • Russo, Daniela
  • Hart, Terry L.
  • Malaguti, Maria Chiara
  • Papathanassiou, Chryssa

Abstract

In the context of securities clearing and settlement systems, the nature of governance arrangements acquires a dimension that goes beyond their traditional function in corporate law. They constitute a tool for regulators and central banks to achieve their respective policy goals relating to market operation, market integrity, and systemic stability. In the light of the analysis of this paper, and pending a further evolution in the regulation of securities clearing and settlement in the Community, the following conclusions can be drawn. Whatever the model of corporate governance used in a jurisdiction, securities clearing and settlement systems should adopt and ensure effective implementation of the highest corporate governance standards or best practices adopted or recommended for companies in the jurisdiction in which it operates as such standards or practices evolve over time. Generally, this would imply that securities clearing and settlement systems at minimum should adopt and implement the best practices recommended for listed companies. JEL Classification: G29, G34, L49, K2

Suggested Citation

  • Russo, Daniela & Hart, Terry L. & Malaguti, Maria Chiara & Papathanassiou, Chryssa, 2004. "Governance of securities clearing and settlement systems," Occasional Paper Series 21, European Central Bank.
    • Handle: RePEc:ecb:ecbops:200421
    Note: 552524
    as

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    File URL: https://www.ecb.europa.eu//pub/pdf/scpops/ecbocp21.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    clearing; governance; oversight; risk management; settlement;
    All these keywords.

    JEL classification:

    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L49 - Industrial Organization - - Antitrust Issues and Policies - - - Other
    • K2 - Law and Economics - - Regulation and Business Law

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