CSDs and the challenges of financial integration and financial stability

Theresa B. Ravalo

Journal of Securities Operations & Custody, 2017, vol. 9, issue 3, 225-235

Abstract: Outside of the release of the Principle of Financial Market Infrastructures (PFMIs), the financial stability implications of a regional payments and settlements infrastructure does not appear to be actively discussed. This paper ventures to put the discussions on collaborative efforts of central securities depositories (CSDs) towards a more integrated market with an interconnected or interoperable settlement and payment infrastructure in the context of financial stability. Consequently, the paper brings the discussions on regional settlement infrastructure beyond standardisation of processes, message formats and items into a policy issue of financial stability and financial integration, with the intent that by having our attention geared towards the unintended consequences of a single market, we can mitigate the potential surprises it brings which can be systemic in its impact.

Keywords: central securities depositories; collaboration; financial integration; financial stability; systemic risk; trilemma (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jsoc00:y:2017:v:9:i:3:p:225-235

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