Financial services and financial infrastructures were segmented and fragmented into national units by political borders and capital controls when the European Common Market was founded 50 years ago, in 1957. The programme to create a European single market by 1992 concentrated on goods rather than services. The sensible aim of making securities markets and their infrastructures safer after the ...
Willem Buiter, a former member of the Bank of England's monetary policy committee, has warned that T2S 'is a form of mission and mandate creep' that could ultimately weaken the ECB. 'The legitimacy of central bank independence where it makes sense - in the conduct of monetary policy - is undermined when the independent central bank accumulates tasks and functions that do not require the same de...
Intervention by Congress and the Securities and Exchange Commission in 1976 led, by the end of the 1990s, to a cheap and efficient, utility-model US clearing and settlement infrastructure with The Depository Trust and Clearing Corp. (DTCC) at its centre, US model also product of regulatory intervention, rather than purely out of market consensus.
"There are now equity traders who have on their screen a little calculator that calculates not only the cost of trading but also the cost of clearing and settling the transaction. And they will not do certain transactions when the cost is too great, " Tupker added.
The higher volumes generated by smaller ticket sizes are, at first sight, great news for exchanges and post-trade service providers. They mean more invoices and much higher revenues from fees. But such business growth has also meant much greater pressure from users, such as the big investment banks which dominate European equity trading, for lower fees and cost cutting measures on the part of i...
In 2001, an international group of securities clearing houses, which included LCH, Clearnet and Eurex, set up an association called CCP12 with the aim of improving global clearing, netting and CCP services. The underlying message to the ESF was clear: keep your tank off our lawn or face ruinous competition. Footnote: CCP12 followed an established tradition of international financial organizatio...
The users were soon at odds with the emerging Cedel/DBC/Sicovam group. THe press reported their fears that Deutsche Boerse and the Banque de France would have excessive influence over the planned trilateral group. Some complained that Lussi was seeking the right to negotiate detailed terms of the merger without having to obtain additional backing along the way from Cedel shareholders. The point...
The day (21 July 1967) was Belgian national day...A few hundred meters away, in a building of Morgan Guaranty, the US bank, bankers and technicians were launching a securities settlement service to try to overcome a paperwork crisis that threatened to throttle a still yound international capital market: the Eurobond market.
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