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http://hdl.handle.net/10419/23416
  
Title:Settling for Efficiency: A Framework for the European Securities Transactions Industry PDF Logo
Authors:Serifsoy, Baris
Weiss, Marco
Issue Date:2005
Series/Report no.:Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting 151
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.
Subjects:trading
clearing
settlement
straight-through processing
central counterparty
regulation
efficiency
EU
consistent systems
JEL:P51
G34
G28
L22
F36
Document Type:Working Paper
Appears in Collections:Working Paper Series: Finance and Accounting, Universität Frankfurt a. M.

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