The Euro Area Securities Clearing and Settlement Infrastructure: Recent Changes and Issues for Debate
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چکیده
The infrastructure for securities clearing and settlement in the euro area is currently being shaped. While, in the field of payment systems, the TARGET system allows for the real-time transfer of cash between any of the 5,000 participants throughout the European Union, the infrastructure for securities settlement is fragmented in a multiplicity of systems which is hindering the integration of the euro area financial markets. As a result, it is no easier for a euro area bank to settle trades denominated in euro than in other currencies. The introduction of the euro has triggered the consolidation of these systems, as a result either of mergers, alliances or links. The emergence of Clearstream (merger between Cedel and DBC), the agreed merger between Euroclear and Sicovam; the alliance SEGA-CREST, the agreement between Clearnet and London Clearing House and the merger between the Amsterdam, Brussels and Paris stock exchanges are important steps towards the consolidation of the industry.
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