Why the European Securities Market is Not Fully Integrated
NBER Working Paper No. 14476
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.
Published: Why the European Securities Market Is Not Fully Integrated, Alberto Giovannini, in Europe and the Euro (2010), University of Chicago Press
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