@techreport{Serifsoy2005Settling,
abstract = {Despite a lot of re-structuring and many innovations in recent years, the securities transaction
industry in the European Union is still a highly inefficient and inconsistently configured system
for cross-border transactions. This paper analyzes the functions performed, the institutions
involved and the parameters concerned that shape market and ownership structure in the industry.
Of particular interest are microeconomic incentives of the main players that can be in
contradiction to social welfare. We develop a framework and analyze three consistent systems for
the securities transaction industry in the EU that offer superior efficiency than the current,
inefficient arrangement. Some policy advice is given to select the 'best' system for the Single
European Financial Market.},
author = {Baris Serifsoy and Marco Weiss},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {P51; G34; G28; L22; F36; 330; trading; clearing; settlement; straight-through processing; central counterparty; regulation; efficiency; EU; consistent systems; Wertpapierhandel; Internationaler Finanzmarkt; Wertpapiergesch\"{a}ft; Wirtschaftliche Effizienz; Regulierung; EU-Staaten},
language = {eng},
number = {151},
title = {Settling for Efficiency : A Framework for the European Securities Transactions Industry},
type = {Working paper series / Johann-Wolfgang-Goethe-Universit\"{a}t Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting},
url = {http://hdl.handle.net/10419/23416},
year = {2005}
}
