05099oam 22012734 450 991095679440332120250426110535.0978661382161497814623255801462325580978145272491114527249119781282448421128244842097814519095481451909543(CKB)3360000000443199(EBL)3014473(SSID)ssj0000941495(PQKBManifestationID)11543328(PQKBTitleCode)TC0000941495(PQKBWorkID)10964024(PQKB)10198269(OCoLC)694141147(MiAaPQ)EBC3014473(IMF)WPIEE2006241(IMF)WPIEA2006241WPIEA2006241(EXLCZ)99336000000044319920020129d2006 uf 0engur|n|---|||||txtccrIntegration of the Securities Market Infrastructure in the European Union : Policy and Regulatory Issues /Elias Kazarian1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (29 p.)IMF Working Papers"October 2006."9781451865011 1451865015 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 countriesBankingimfCapacityimfCapital marketimfCapitalimfClearing and settlement systemsimfClearing of securitiesimfClearinghousesimfFinanceimfFinance: GeneralimfFinancial InstrumentsimfFinancial instrumentsimfGeneral Financial Markets: General (includes Measurement and Data)imfInfrastructureimfInstitutional InvestorsimfIntangible CapitalimfInvestment & securitiesimfInvestmentimfInvestments: GeneralimfMacroeconomicsimfNon-bank Financial InstitutionsimfPension FundsimfSaving and investmentimfSecurities marketsimfSecurities settlement systemsimfSecuritiesimfUnited KingdomimfSecurities industrySecuritiesBankingCapacityCapital marketCapitalClearing and settlement systemsClearing of securitiesClearinghousesFinanceFinance: GeneralFinancial InstrumentsFinancial instrumentsGeneral Financial Markets: General (includes Measurement and Data)InfrastructureInstitutional InvestorsIntangible CapitalInvestment & securitiesInvestmentInvestments: GeneralMacroeconomicsNon-bank Financial InstitutionsPension FundsSaving and investmentSecurities marketsSecurities settlement systemsSecuritiesKazarian Elias1815824International Monetary Fund.Monetary and Capital Markets Dept.DcWaIMFBOOK9910956794403321Integration of the Securities Market Infrastructure in the European Union4371356UNINA