04880oam 22011774 450 991078852530332120230829002230.01-4623-2558-01-4527-2491-11-282-44842-01-4519-0954-39786613821614(CKB)3360000000443199(EBL)3014473(SSID)ssj0000941495(PQKBManifestationID)11543328(PQKBTitleCode)TC0000941495(PQKBWorkID)10964024(PQKB)10198269(OCoLC)694141147(MiAaPQ)EBC3014473(IMF)WPIEE2006241(EXLCZ)99336000000044319920020129d2006 uf 0engur|n|---|||||txtccrIntegration of the Securities Market Infrastructure in the European Union : Policy and Regulatory Issues /Elias KazarianWashington, D.C. :International Monetary Fund,2006.1 online resource (29 p.)IMF Working Papers"October 2006."1-4518-6501-5 Includes bibliographical references.""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""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.IMF Working Papers; Working Paper ;No. 2006/241Securities industryEuropean Union countriesSecuritiesEuropean Union countriesFinance: GeneralimfInfrastructureimfInvestments: GeneralimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfGeneral Financial Markets: General (includes Measurement and Data)imfInvestmentimfCapitalimfIntangible CapitalimfCapacityimfFinanceimfInvestment & securitiesimfMacroeconomicsimfSecuritiesimfSecurities settlement systemsimfClearing and settlement systemsimfSecurities marketsimfFinancial instrumentsimfClearing of securitiesimfClearinghousesimfBankingimfSaving and investmentimfCapital marketimfUnited KingdomimfSecurities industrySecuritiesFinance: GeneralInfrastructureInvestments: GeneralPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsGeneral Financial Markets: General (includes Measurement and Data)InvestmentCapitalIntangible CapitalCapacityFinanceInvestment & securitiesMacroeconomicsSecuritiesSecurities settlement systemsClearing and settlement systemsSecurities marketsFinancial instrumentsClearing of securitiesClearinghousesBankingSaving and investmentCapital marketKazarian Elias1462130International Monetary Fund.Monetary and Capital Markets Dept.DcWaIMFBOOK9910788525303321Integration of the Securities Market Infrastructure in the European Union3670973UNINA