Settling for efficiency : a framework for the European securities transactions industry

Despite a lot of re-structuring and many innovations in recent years, the securities transaction industry in the European Union is still a highly inefficient and inconsistently configured system for cross-border transact
Despite a lot of re-structuring and many innovations in recent years, the securities transaction industry in the European Union is still a highly inefficient and inconsistently configured system for cross-border transactions. This paper analyzes the functions performed, the institutions involved and the parameters concerned that shape market and ownership structure in the industry. Of particular interest are microeconomic incentives of the main players that can be in contradiction to social welfare. We develop a framework and analyze three consistent systems for the securities transaction industry in the EU that offer superior efficiency than the current, inefficient arrangement. Some policy advice is given to select the 'best' system for the Single European Financial Market.
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Metadaten
Author:Baris Serifsoy, Marco Weiß
URN:urn:nbn:de:hebis:30-15310
Series (Serial Number):Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting (151)
Publisher:Univ., Fachbereich Wirtschaftswiss.
Place of publication:Frankfurt am Main
Document Type:Working Paper
Language:English
Year of Completion:2005
Year of first Publication:2005
Publishing Institution:Univ.-Bibliothek Frankfurt am Main
Release Date:2005/09/19
Tag:EU ; central counterparty ; clearing ; consistent systems; efficiency ; regulation ; settlement ; straight-through processing ; trading
SWD-Keyword:Wertpapierhandel / Internationaler Finanzmarkt / Wertpapiergeschäft / Wirtschaftliche Effizienz / Regulierung / EU-Staaten
Source:Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting ; 151
HeBIS PPN:188877819
Institutes:Wirtschaftswissenschaften
Dewey Decimal Classification:330 Wirtschaft
JEL-Classification:F36 Financial Aspects of Economic Integration
G28 Government Policy and Regulation
G34 Mergers; Acquisitions; Restructuring; Corporate Governance
L22 Firm Organization and Market Structure
P51 Comparative Analysis of Economic Systems
Sammlungen:Universitätspublikationen
Licence (German):License Logo Veröffentlichungsvertrag für Publikationen

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