@techreport{deCarvalho2004Cross,
abstract = {The importance of an efficient securities clearing and settlement system lies on the safer
transfer of ownership of assets against payment. Such a system must be developed in a
way to minimize the risks involved on securities transactions, and it must still offer
lower costs, which do not hinder the intention to acquire or dispose securities. The
cross-border securities clearing and settlement transactions within Europe, especially
equities transactions, are still much higher and riskier than if cleared and settled
domestically. The fragmented structure of local securities depositories is hindering the
integration of financial markets in Europe, because investors are not stimulated to enjoy
opportunities cross-border. Thus a smoothly functioning integrated infrastructure for
clearing and settlement within the European Union is a precondition to further
developments of the single financial market. The immediate benefits of financial
integration in Europe are economic growth. Benefits under the investors? perspective
are higher risk-adjusted returns on savings, better position to diversify portfolio, as well
as higher liquidity and competition in the capital markets. On the other hand,
corporations would also be favored with better access to financing capital, and
competition would force financial intermediates to offer a wider range of financial
products at lower prices.},
author = {Cynthia Hirata de Carvalho},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {G21; F30; O33; 330; Securities settlement systems; settlement designs; models for consolidation of depository institutions; Wertpapiergesch\"{a}ft; Wertpapierhandel; Verrechnungsverkehr; Internationaler Finanzmarkt; Marktintegration; EU-Staaten},
language = {eng},
number = {287},
title = {Cross-Border Securities Clearing and Settlement Infrastructure in the European Union as a Prerequisite to Financial Markets Integration : Challenges and Perspectives},
type = {HWWA Discussion Paper},
url = {http://hdl.handle.net/10419/19259},
year = {2004}
}
