Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/19259
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dc.contributor.authorde Carvalho, Cynthia Hirataen_US
dc.date.accessioned2009-01-28T15:56:51Z-
dc.date.available2009-01-28T15:56:51Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/19259-
dc.description.abstractThe importance of an efficient securities clearing and settlement system lies on the safertransfer of ownership of assets against payment. Such a system must be developed in away to minimize the risks involved on securities transactions, and it must still offerlower costs, which do not hinder the intention to acquire or dispose securities. Thecross-border securities clearing and settlement transactions within Europe, especiallyequities transactions, are still much higher and riskier than if cleared and settleddomestically. The fragmented structure of local securities depositories is hindering theintegration of financial markets in Europe, because investors are not stimulated to enjoyopportunities cross-border. Thus a smoothly functioning integrated infrastructure forclearing and settlement within the European Union is a precondition to furtherdevelopments of the single financial market. The immediate benefits of financialintegration in Europe are economic growth. Benefits under the investors? perspectiveare higher risk-adjusted returns on savings, better position to diversify portfolio, as wellas higher liquidity and competition in the capital markets. On the other hand,corporations would also be favored with better access to financing capital, andcompetition would force financial intermediates to offer a wider range of financialproducts at lower prices.en_US
dc.language.isoengen_US
dc.publisher|aHamburg Institute of International Economics (HWWA) |cHamburgen_US
dc.relation.ispartofseries|aHWWA Discussion Paper |x287en_US
dc.subject.jelG21en_US
dc.subject.jelF30en_US
dc.subject.jelO33en_US
dc.subject.ddc330en_US
dc.subject.keywordSecurities settlement systemsen_US
dc.subject.keywordsettlement designsen_US
dc.subject.keywordmodels for consolidation of depository institutionsen_US
dc.subject.stwWertpapiergeschäften_US
dc.subject.stwWertpapierhandelen_US
dc.subject.stwVerrechnungsverkehren_US
dc.subject.stwInternationaler Finanzmarkten_US
dc.subject.stwMarktintegrationen_US
dc.subject.stwEU-Staatenen_US
dc.titleCross-Border Securities Clearing and Settlement Infrastructure in the European Union as a Prerequisite to Financial Markets Integration : Challenges and Perspectivesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn39294572Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:hwwadp:26138-

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