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Author: Elias G. Kazarian
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
This paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the risks associated with cross-border clearing and settlement and concludes that, due to institutionalized deficiencies, the current cross-border regulatory framework may not be adequate or effective in addressing and preventing a real cross-border crisis. The paper proposes a two-tier regulatory framework for securities infrastructure in Europe entailing the creation of a centralized "federal" European regulatory framework for regional systems, in addition to the current national regulatory framework for domestic systems.
Author: Elias G. Kazarian
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
This paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the risks associated with cross-border clearing and settlement and concludes that, due to institutionalized deficiencies, the current cross-border regulatory framework may not be adequate or effective in addressing and preventing a real cross-border crisis. The paper proposes a two-tier regulatory framework for securities infrastructure in Europe entailing the creation of a centralized "federal" European regulatory framework for regional systems, in addition to the current national regulatory framework for domestic systems.
Author: Mr.Jörg Decressin
Publisher: International Monetary Fund
ISBN: 1589066235
Category : Business & Economics
Languages : en
Pages : 281
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Book Description
By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single financial market and identifies the challenges and priorities that remain ahead. It pays particular attention to the most recent integration efforts in the European Union following the introduction of the euro. The study looks at the importance of financial integration, in particular for economic growth, the interplay between banks and markets, and equity market integration. It closely examines the relationship between financial integration and financial stability. This interaction presents the European Union with a challenge, but also with the opportunity to play a pioneering role in developing a regional approach to financial stability that could provide lessons for the rest of the world.
Author: Scott McCleskey
Publisher: Butterworth-Heinemann
ISBN: 9780750657457
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
Providing an overview of the infrastructure of European Securities markets, this text offers topical analysis of developments and trends in market integration. The author provides industry professionals with a concise exposition of how the post-Euro market works, as well as offering laymen an entry point into the subject. Topics include: wholesale electronic execution; central counterpart clearing; and consolidation of the securities depositories.
Author: Peter Norman
Publisher: John Wiley & Sons
ISBN: 0470994398
Category : Business & Economics
Languages : en
Pages : 364
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Book Description
Plumbers and Visionaries: Securities Settlement and Europe’s Financial Market is a path-breaking account of the history and future of the securities settlement industry in Europe. Written by experienced journalist and author, Peter Norman, this book takes a look at the less visible, but nevertheless critical segment of the global capital markets, following the development of securities settlement across Europe’s frontiers. It encompasses the free-wheeling days of the Eurobond market in the 1960s, through the growing integration of the European Union, to the highly regulated and efficient multi-trillion euro business securities settlement it is today. This book is the story of a financial sector that has grown hugely in importance in the 40 years since Euroclear, now the world’s premier settlement system for domestic and international securities transactions, was created to deal with a settlement crisis that threatened to smother the international capital market in its infancy. Beginning with the settlement crisis in the Eurobond market, this book describes how Euroclear and later Cedel, its arch-rival, were founded to deal with the problem. It follows the challenges posed by cross-border settlement for a growing range of securities when most financial infrastructures operated only within national frontiers. The book demonstrates how securities settlement became an issue for public policy after the stock market crash of 1987 and how the problems of cross-border settlement moved rapidly up the European policy agenda after the euro’s launch. More than a mere history, this book engages with the people who created the modern European securities settlement industry and taps into the often entertaining memories of its founding fathers. This book also focuses on the difficulties and challenges of cross-border transactions which have been identified as hampering Europe’s economic growth. It looks at the present state of the industry seeking a way forward so that the securities settlement infrastructure will better serve a single European capital market.
Author:
Publisher:
ISBN:
Category : Europe
Languages : en
Pages : 148
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Book Description
Author: George A Papaconstantinou
Publisher: Bloomsbury Publishing
ISBN: 1509966765
Category : Law
Languages : en
Pages : 281
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Book Description
This book is the first comprehensive study of the interplay between the cutting-edge regulation of financial infrastructure and international economic integration. It tackles a series of important questions: How does the regulation of central counterparties interact with international economic law? Is the WTO able to deal with the regulatory diversity of each country's financial rulebook? Do FTAs foster deeper integration of financial infrastructure services? Can competition law effectively tackle monopolisation and anti-competitive conduct in financial infrastructure? The book discusses how the liberalisation of financial market infrastructure is achieved within the most prominent international economic integration settings: the WTO, Economic Integration Agreements, and EU competition law. It explores whether a more harmonious relationship between financial regulation and economic integration is feasible, and how it can be achieved. The book demonstrates the existence of both structural barriers to trade and trade-facilitating tools that can impede and foster the further integration of financial market infrastructure. Measuring the depth of liberalisation of financial market infrastructure services in more than 120 FTAs, as well as surveying recent case law of the WTO, the Court of Justice of the European Union, and the practice of the European Commission, the book shows how the economic integration of financial market infrastructure occurs. An essential read for those seeking to understand how the cutting-edge regulation of financial market infrastructure and transnational systems of economic integration interact with one another.
Author:
Publisher:
ISBN:
Category : Banks and banking, Central
Languages : en
Pages : 760
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Book Description
Author: European Central Bank
Publisher:
ISBN:
Category : Aktiemarkeder
Languages : en
Pages : 376
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Book Description
Author: Group of Ten. Committee on Payment and Settlement Systems
Publisher:
ISBN:
Category : Clearing of securities
Languages : en
Pages : 80
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Book Description
Author: Tom Kokkola
Publisher:
ISBN: 9789289906333
Category : Banks and banking, Central
Languages : en
Pages : 369
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Book Description
"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).
