Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/23416 
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dc.contributor.authorSerifsoy, Barisen
dc.contributor.authorWeiss, Marcoen
dc.date.accessioned2009-01-29T16:05:29Z-
dc.date.available2009-01-29T16:05:29Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/23416-
dc.description.abstractDespite 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.en
dc.language.isoengen
dc.publisher|aJohann Wolfgang Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften |cFrankfurt a. M.en
dc.relation.ispartofseries|aWorking Paper Series: Finance & Accounting |x151en
dc.subject.jelP51en
dc.subject.jelG34en
dc.subject.jelG28en
dc.subject.jelL22en
dc.subject.jelF36en
dc.subject.ddc330en
dc.subject.keywordtradingen
dc.subject.keywordclearingen
dc.subject.keywordsettlementen
dc.subject.keywordstraight-through processingen
dc.subject.keywordcentral counterpartyen
dc.subject.keywordregulationen
dc.subject.keywordefficiencyen
dc.subject.keywordEUen
dc.subject.keywordconsistent systemsen
dc.subject.stwWertpapierhandelen
dc.subject.stwInternationaler Finanzmarkten
dc.subject.stwWertpapiergeschäften
dc.subject.stwWirtschaftliche Effizienzen
dc.subject.stwRegulierungen
dc.subject.stwEU-Staatenen
dc.titleSettling for Efficiency: A Framework for the European Securities Transactions Industry-
dc.typeWorking Paperen
dc.identifier.ppn484582291en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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