Pricing of settlement link services and mergers of central securities depositories

Jens Tapking

No 710, Working Paper Series from European Central Bank

Abstract: This paper tries to contribute to the discussion on the role of securities settlement infrastructures for financial integration in Europe. It presents a model that can explain a well-known stylized fact of securities settlement, the surprisingly high fees charged by central securities depositories (CSDs) for settlement through links between CSDs. As the model turns out to provide a robust explanation for this stylized fact, it is then used to analyzes an important policy question, the welfare effects of mergers of CSDs. JEL Classification: G21, G15, L13

Keywords: central securities depositories.; link settlement fees; Securities settlement (search for similar items in EconPapers)
Date: 2007-01
Note: 428113
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:2007710

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