Completing the single market in securities trading: A surgical revision of the investment services directive

Benn Steil ()
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Benn Steil: Council on Foreign Relations, Postal: New York, http://www.cfr.org/bios/1637/

Journal of Financial Transformation, 2001, vol. 3, 45-51

Abstract: Over the past decade, European exchanges have undertaken enormous reforms in their trading platforms and internal governance. Automation of trading combined with the internationalization of the major trading institutions has significantly intensified pressures for the consolidation of exchanges and systems. For this process to operate efficiently it is important that unnecessary legal barriers to cross-border competition and consolidation be removed. This requires reform of the Investment Services Directive, to which the European Commission is already committed. This article explains the logic behind the changes which would be required, and recommends a highly targeted revision of the Directive that is likely both to avoid damaging delay in the Council of Ministers and to be effective when implemented.

Keywords: Exchanges; Automation of trading; Investment Services Directive (search for similar items in EconPapers)
JEL-codes: G20 G24 G28 (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1270

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