NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Why the European Securities Market is Not Fully Integrated

Alberto Giovannini

NBER Working Paper No. 14476
Issued in November 2008
NBER Program(s):   IFM

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.

download in pdf format
   (534 K)

email paper

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w14476

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

Users who downloaded this paper also downloaded* these:
Alesina, Ardagna, and Galasso w14479 The Euro and Structural Reforms
Portes Comment on "Why the European Securities Market Is Not Fully Integrated"
Christensen, Hail, and Leuz w16737 Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
Giovannini Why the European Securities Market Is Not Fully Integrated
Bekaert, Harvey, Lundblad, and Siegel w16583 The European Union, the Euro, and Equity Market Integration
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us