Integration of the Securities Market Infrastructure in the European Union : : Policy and Regulatory Issues / / Elias Kazarian

• Record Nr.: UNINA9910788525303321
• Autore: Kazarian Elias
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2006
• ISBN: 1-4623-2558-0; 1-4527-2491-1; 1-282-44842-0; 1-4519-0954-3; 9786613821614
• Descrizione fisica: 1 online resource (29 p.)
• Collana: IMF Working Papers
• Soggetti: Securities industry - European Union countries; Securities - European Union countries; Finance: General; Infrastructure; Investments: General; Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors; General Financial Markets: General (includes Measurement and Data); Investment; Capital; Intangible Capital; Capacity; Finance; Investment & securities; Macroeconomics; Securities; Securities settlement systems; Clearing and settlement systems; Securities markets; Financial instruments; Clearing of securities; Clearinghouses; Banking; Saving and investment; Capital market; United Kingdom
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: "October 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. MAIN COMPONENTS OF SECURITIES MARKET INFRASTRUCTURE""; ""III. MAIN ECONOMIC FEATURES""; ""IV. INTEGRATION OF THE SECURITIES MARKET INFRASTRUCTURE IN EUROPE""; ""V. IMPACT OF INFRASTRUCTURE CONSOLIDATION""; ""VI. REGULATORY AND SUPERVISORY RESPONSE""; ""VII. AN ALTERNATIVE APPROACH: A TWO-TIER REGULATORY FRAMEWORK""; ""REFERENCE""
• Sommario/riassunto: This paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the risks associated with cross-border clearing and settlement and concludes that, due to institutionalized deficiencies, the current cross-border regulatory framework may not be adequate or effective in addressing and preventing a real cross-border crisis. The paper proposes a two-tier regulatory framework for securities infrastructure in Europe entailing the creation of a centralized "federal" European regulatory framework for regional systems, in addition to the current national regulatory framework for domestic systems.