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.

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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

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