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@techreport{NBERw14476,
 title = "Why the European Securities Market is Not Fully Integrated",
 author = "Giovannini, Alberto",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "14476",
 year = "2008",
 month = "November",
 doi = {10.3386/w14476},
 URL = "http://www.nber.org/papers/w14476",
 abstract = {I describe the challenge of fully integrating securities markets in Europe by integrating the clearing and settlement functionalities.  The initial condition is characterized by a multitude of standards, conventions, regulation and laws, which are inconsistent with a barrier-free post-trading environment.  In addition, the current providers of post-trading services are mostly for-profit monopolies.  The EU reform strategy is discussed in detail, and its performance so far is assessed.  I argue that the special features of the post-trading industry may help understand the disappointing progress so far.},
}