Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153144
Authors: 
Tapking, Jens
Year of Publication: 
2007
Series/Report no.: 
ECB Working Paper 710
Abstract: 
This paper tries to contribute to the discussion on the role of securities settlement infrastructures for financial integration in Europe. It presents a model that can explain a well-known stylized fact of securities settlement, the surprisingly high fees charged by central securities depositories (CSDs) for settlement through links between CSDs. As the model turns out to provide a robust explanation for this stylized fact, it is then used to analyzes an important policy question, the welfare effects of mergers of CSDs.
Subjects: 
central securities depositories
link settlement fees
Securities settlement
JEL: 
G21
G15
L13
Document Type: 
Working Paper

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