TY  - JOUR
AU  - Giovannini,Alberto
TI  - Why the European Securities Market is Not Fully Integrated
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 14476
PY  - 2008
Y2  - November 2008
UR  - http://www.nber.org/papers/w14476
L1  - http://www.nber.org/papers/w14476.pdf
N1  - Author contact info:
Alberto Giovannini
Unifortune Asset Management
Via Donizetti 53
20122 Milano, Italy
E-Mail: alberto.giovannini@alum.mit.edu
M3  - presented at "Europe and the Euro", October 17-18, 2008
AB  - 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.
ER  -