EconStor >
Hamburgisches Welt-Wirtschafts-Archiv (HWWA) >
HWWA Discussion Paper, Hamburgisches Welt-Wirtschafts-Archiv >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/19259
  

Full metadata record

DC FieldValueLanguage
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 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.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesHWWA Discussion Paper 287en_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-
Appears in Collections:HWWA Discussion Paper, Hamburgisches Welt-Wirtschafts-Archiv

Files in This Item:
File Description SizeFormat
287.pdf455.35 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.