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European financial market integration: the problem of clearance and settlements

Author: Walter, Ingo ; Saunders, A. ; Giddy, I.INSEAD Area: Economics and Political Science Series: Working Paper ; 95/63/EPS Publisher: Fontainebleau : INSEAD, 1995.Language: EnglishDescription: 55 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: In this paper, the economics of financial market utilities in Europe - notably those involved in the securities clearance and settlement process - are examined in the context of the creation of an efficient, unified pan-European capital market. Various models of cross-border clearance and settlement are considered, with the conclusion that the multiple-access model among national and international transactions utilities and custodians is probably in the best interests of end-users and financial market efficiency
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In this paper, the economics of financial market utilities in Europe - notably those involved in the securities clearance and settlement process - are examined in the context of the creation of an efficient, unified pan-European capital market. Various models of cross-border clearance and settlement are considered, with the conclusion that the multiple-access model among national and international transactions utilities and custodians is probably in the best interests of end-users and financial market efficiency

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