Integration of the Securities Market Infrastructure in the European Union: Policy and Regulatory Issues

October 1, 2006

Preview Citation

Format: Chicago

Elias G. Kazarian Integration of the Securities Market Infrastructure in the European Union: Policy and Regulatory Issues, (USA: International Monetary Fund, 2006) accessed September 18, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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.

Subject: Clearing and settlement systems, Infrastructure, Securities, Securities markets, Securities settlement systems

Keywords: Financial market, Securities clearing, Securities regulator, Securities transaction, Settlement system, WP

Publication Details

Pages:

27
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2006/241
Stock No:

WPIEA2006241
ISBN:

9781451865011
ISSN:

1018-5941

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