EUROPEAN MARKET INFRASTRUCTURE INTEGRATION: SECURITIES LENDING MODELS

Claudia Alina Butac
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Claudia Alina Butac: National Institute for Economic Research "Costin C. Kiritescu", Romanian Academy

No 19, Working papers from Ecological University of Bucharest, Department of Economics

Abstract: TARGET2-Securities (T2S) and regulatory changes such as CSDR, MiFID II and EMIR in Europe have created an imminent need for market infrastructure organizations. T2S is expected to change the post-trade market structure in Europe through a series of services that will change the interaction between market participants. After T2S implementation, local market Central Securities Depositories (CSDs) will lose part of their settlement functions while asset servicing functionalities and additional services like lending and borrowing services, tax services, proxy voting, respectively services that will remain outside the scope of T2S will become the differentiator for their future business. In this changing environment that will uniform the cross-border settlement fees and where CSDs battles will be on additional service, lending and borrowing services development importance grow. The paper provides insights into comparative securities lending and borrowing processing models, highlighting the specificities and impact on settlement.

Keywords: MiFID; settlement fees; securities lending (search for similar items in EconPapers)
JEL-codes: G20 G21 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2013-04
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