Integration of the Securities Market Infrastructure in the European Union: Policy and Regulatory Issues
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Summary:
This paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the risks associated with cross-border clearing and settlement and concludes that, due to institutionalized deficiencies, the current cross-border regulatory framework may not be adequate or effective in addressing and preventing a real cross-border crisis. The paper proposes a two-tier regulatory framework for securities infrastructure in Europe entailing the creation of a centralized "federal" European regulatory framework for regional systems, in addition to the current national regulatory framework for domestic systems.
Series:
Working Paper No. 2006/241
Subject:
Clearing and settlement systems Infrastructure Securities Securities markets Securities settlement systems
English
Publication Date:
October 1, 2006
ISBN/ISSN:
9781451865011/1018-5941
Stock No:
WPIEA2006241
Pages:
27
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