Why the European Securities Market is Not Fully Integrated

Alberto Giovannini

No 14476, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: I describe the challenge of fully integrating securities markets in Europe by integrating the clearing and settlement functionalities. The initial condition is characterized by a multitude of standards, conventions, regulation and laws, which are inconsistent with a barrier-free post-trading environment. In addition, the current providers of post-trading services are mostly for-profit monopolies. The EU reform strategy is discussed in detail, and its performance so far is assessed. I argue that the special features of the post-trading industry may help understand the disappointing progress so far.

JEL-codes: F3 F36 F59 G15 G2 (search for similar items in EconPapers)
Date: 2008-11
New Economics Papers: this item is included in nep-bec, nep-eec and nep-reg
Note: IFM
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Citations: View citations in EconPapers (1)

Published as Why the European Securities Market Is Not Fully Integrated , Alberto Giovannini. in Europe and the Euro , Alesina and Giavazzi. 2010

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