TY  - UNPD
A1  - Serifsoy, Baris
A1  - Weiß, Marco
T1  - Settling for efficiency : a framework for the European securities transactions industry
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 151
N2  - 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.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 151 
KW  - Europäische Union
KW  - trading
KW  - clearing
KW  - settlement
KW  - straight-through processing
KW  - central counterparty
KW  - regulation
KW  - efficiency
KW  - EU
KW  - consistent systems
KW  - Wertpapierhandel
KW  - Internationaler Kreditmarkt
KW  - Regulierung
Y1  - 2005
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3950
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-15310
N1  - January 5, 2005. First version: November 2003 (No. 120)
IS  - January 5, 2005
PB  - Univ., Fachbereich Wirtschaftswiss.
CY  - Frankfurt am Main
ER  -