TY  - JOUR
AU  - Giovannini, Alberto
TI  - Why the European Securities Market is Not Fully Integrated
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 14476
PY  - 2008
Y2  - November 2008
DO  - 10.3386/w14476
UR  - http://www.nber.org/papers/w14476
L1  - http://www.nber.org/papers/w14476.pdf
N1  - Author contact info:
Alberto Giovannini
Via Monti Parioli 25 
00197 Roma
Italy
E-Mail: alberto.giovannini@alum.mit.edu
M1  - published as Alberto Giovannini. "Why the European Securities Market Is Not Fully Integrated," in Alberto Alesina and Francesco Giavazzi, editors, "Europe and the Euro" University of Chicago Press (2010)

M3  - presented at "Europe and the Euro", October 17-18, 2008
AB  - 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.
ER  -