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Cross-border clearing and settlement arrangements in the European Union

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  • The Giovannini Group

Abstract

The findings reported here raise some serious concerns. Relative to domestic transactions, transactions within the European economy that occur across Member Sates are far more complex, are hindered by a number of significant barriers and, given the data that the group has been able to collect, are much more costly than domestic transactions. It is perhaps no exaggeration to conclude, from the analysis in this report, that inefficiencies in clearing and settlement represent the most primitive and thus most important barrier to integrated financial markets in Europe. The removal of these inefficiencies is a necessary condition for the development of a large and efficient financial infrastructure in Europe. This is the first of two reports on cross-border clearing and settlement arrangements in the European Union and focuses on identifying the sources of inefficiency that exist in the current arrangements. A second report, to be published in 2002, will be more forward looking and will attempt to assess the prospects for the EU clearing and settlement architecture, with a particular emphasis on public policy aspects.

Suggested Citation

  • The Giovannini Group, 2002. "Cross-border clearing and settlement arrangements in the European Union," European Economy - Economic Papers 2008 - 2015 163, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:ecopap:0163
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    Citations

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    Cited by:

    1. Li, Shaofang & Marinč, Matej, 2016. "Competition in the clearing and settlement industry," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 40(C), pages 134-162.
    2. Schmiedel, Heiko, 2004. "Performance of international securities markets," Bank of Finland Scientific Monographs, Bank of Finland, volume 0, number sm2004_028, July.
    3. Rossi, Sergio, 2004. "The enlargement of the euro area: what lessons can be learned from EMU?," Journal of Asian Economics, Elsevier, vol. 14(6), pages 947-970, January.
    4. Ms. Froukelien Wendt & Peter Katz & Alice Zanza, 2018. "Organizing Central Securities Depositories in Developing Markets—7 Considerations," IMF Working Papers 2018/066, International Monetary Fund.
    5. Schmiedel, Heiko & Malkamaki, Markku & Tarkka, Juha, 2006. "Economies of scale and technological development in securities depository and settlement systems," Journal of Banking & Finance, Elsevier, vol. 30(6), pages 1783-1806, June.
    6. Schmiedel, Heiko & Malkamäki, Markku & Tarkka, Juha, 2002. "Economies of scale and technological development in securities depository and settlement systems," Bank of Finland Research Discussion Papers 26/2002, Bank of Finland.
    7. Li, Shaofang & Marinč, Matej, 2018. "Economies of scale and scope in financial market infrastructures," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 53(C), pages 17-49.
    8. Giuseppe Bruno & Ernesto Maurizio Ordine & Antonio Scalia, 2005. "Banks� participation in the Eurosystem auctions and money market integration," Temi di discussione (Economic working papers) 562, Bank of Italy, Economic Research and International Relations Area.
    9. Seppo Honkapohja & Frank Westermann, 2009. "Financial Architecture," Palgrave Macmillan Books, in: Seppo Honkapohja & Frank Westermann (ed.), Designing the European Model, chapter 11, pages 366-398, Palgrave Macmillan.

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