LEADER 04880oam 22011774 450 001 9910788525303321 005 20230829002230.0 010 $a1-4623-2558-0 010 $a1-4527-2491-1 010 $a1-282-44842-0 010 $a1-4519-0954-3 010 $a9786613821614 035 $a(CKB)3360000000443199 035 $a(EBL)3014473 035 $a(SSID)ssj0000941495 035 $a(PQKBManifestationID)11543328 035 $a(PQKBTitleCode)TC0000941495 035 $a(PQKBWorkID)10964024 035 $a(PQKB)10198269 035 $a(OCoLC)694141147 035 $a(MiAaPQ)EBC3014473 035 $a(IMF)WPIEE2006241 035 $a(EXLCZ)993360000000443199 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIntegration of the Securities Market Infrastructure in the European Union : $ePolicy and Regulatory Issues /$fElias Kazarian 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (29 p.) 225 1 $aIMF Working Papers 300 $a"October 2006." 311 $a1-4518-6501-5 320 $aIncludes bibliographical references. 327 $a""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"" 330 3 $aThis paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the risks associated with cross-border clearing and settlement and concludes that, due to institutionalized deficiencies, the current cross-border regulatory framework may not be adequate or effective in addressing and preventing a real cross-border crisis. The paper proposes a two-tier regulatory framework for securities infrastructure in Europe entailing the creation of a centralized "federal" European regulatory framework for regional systems, in addition to the current national regulatory framework for domestic systems. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/241 606 $aSecurities industry$zEuropean Union countries 606 $aSecurities$zEuropean Union countries 606 $aFinance: General$2imf 606 $aInfrastructure$2imf 606 $aInvestments: General$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aInvestment$2imf 606 $aCapital$2imf 606 $aIntangible Capital$2imf 606 $aCapacity$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aMacroeconomics$2imf 606 $aSecurities$2imf 606 $aSecurities settlement systems$2imf 606 $aClearing and settlement systems$2imf 606 $aSecurities markets$2imf 606 $aFinancial instruments$2imf 606 $aClearing of securities$2imf 606 $aClearinghouses$2imf 606 $aBanking$2imf 606 $aSaving and investment$2imf 606 $aCapital market$2imf 607 $aUnited Kingdom$2imf 615 0$aSecurities industry 615 0$aSecurities 615 7$aFinance: General 615 7$aInfrastructure 615 7$aInvestments: General 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aInvestment 615 7$aCapital 615 7$aIntangible Capital 615 7$aCapacity 615 7$aFinance 615 7$aInvestment & securities 615 7$aMacroeconomics 615 7$aSecurities 615 7$aSecurities settlement systems 615 7$aClearing and settlement systems 615 7$aSecurities markets 615 7$aFinancial instruments 615 7$aClearing of securities 615 7$aClearinghouses 615 7$aBanking 615 7$aSaving and investment 615 7$aCapital market 700 $aKazarian$b Elias$01462130 712 02$aInternational Monetary Fund.$bMonetary and Capital Markets Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788525303321 996 $aIntegration of the Securities Market Infrastructure in the European Union$93670973 997 $aUNINA