 Securities Settlement SystemsDavid Mayes, Iftekhar Hasan, Timo Iivarinen, Karlo Kauko, Kari Kemppainen, Tanai Khiaonarong, Kari Korhonen, Harry Leinonen, Markku Malkamäki, Alistair Milne, Kirsi Ripatti, Heiko Schmiedel, Oz Shy, Juha Tarkka and Jukka Topi Chapter 4 in The Future of Financial Markets, 2006, pp 97-145 from Palgrave Macmillan Abstract: Abstract In the chapter on payment systems, the issue of settlement – the final completion of the transaction to the satisfaction of the parties concerned – was largely deferred, because it is a much more substantive issue in the context of securities transactions. In the case of unidirectional payments, only one transaction has to be completed. However, in the case of securities, the security has to be ‘delivered’ to the purchaser in return for the payment.1 This creates two complications, first the matching of the two legs of the transaction and second that an additional system is required that holds and allocates titles to the securities. The first complication also exists where one payment is made in return for another as for example in currency transactions. The key issue here, however, is that several further layers are required in the transaction process. Keywords: Financial Market; Central Bank; Euro Area; Settlement System; Access Price (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-21231-2_4 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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