Integration, regulation, and policy of securities market infrastructures in the euro area
Purpose – The purpose of this paper is to investigate the state of integration of securities market infrastructure in Europe. Design/methodology/approach – Given the lack of quantitative and price-based measures, this paper adopts a rather qualitative approach to evaluating the degree and evolution of integration in the securities market infrastructure within Europe. Future challenges, policy options for regulation and market design are discussed. Findings – Despite its single currency, the euro area securities infrastructure remains highly fragmented due to cross-border differences in tax regimes, procedures, laws, and vested interests. Cost savings and increased efficiency can be expected from further integration. Originality/value – This is the only paper which provides a comprehensive and comparative analysis of the current level of integration of the securities infrastructure in the euro area and its implications for regulation and market policy.
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