by European Commission, Directorate-General for Economic and Financial Affairs in Brussels .
Written in English
Dated February 2002.
|Statement||The Giovannini Group.|
|Series||Economic papers / European Commission -- no.163, Economic papers -- no.163.|
|Contributions||Giovannini Group., European Commission. Directorate-General for Economic and Financial Affairs.|
|The Physical Object|
|Number of Pages||88|
Reports published by the Giovannini group on cross-border clearing and settlement arrangements in the European Union (). The European Commission has adopted a Communication on an action plan to create a genuine single market in securities in the European Union and to make cross-border clearing and settlement effective, safe and efficient at European level. Author: Gael Churchill. Post-trading activities such as clearing and settlement (C&S) constitute a central element in the integration of European financial markets. However, unlike other areas of financial services, C&S has received little legislative and regulatory attention and, as a result, important barriers to the cross-border provision of C&S services persist in the European by: 4. This report by the Giovannini Group deals with the clearing and settlement of cross-border or more accurately cross-system - securities transactions in the European Union. The objectives of the report are to assess the current arrangements for cross-border clearing and settlement and to identify the main sources of inefficiency relative to the.
The Giovannini Group (), Cross-Border Clearing and Settlement Arrangements in the European Union (Brussels: The European Commission, November). Return to text. Charlie McCreevy (), The Development of the European Capital Market (London: London School of Economics, March 9). Return to text. See McCreevy (), p. 3. Return to text. He served as Chair of the Group on Cross-border Clearing and Settlement Arrangements in the EU, formed in by the European Commission. He was also a Member of the Advisory Scientific Committee for the European Systemic Risk Board when it was created in In , a consultative group appointed by the European Commission (the “Giovannini Group”) published a report on cross-border clearing and settlement arrangements within the European Union.5 The report identified 15 important barriers to efficient cross-border clearing and settlement. One of the legal barriers. Securities settlement in Europe is still said to be highly inefficient for cross-border transactions. This paper provides an overview of the market, regulation, and recent approaches that aim to improve the efficiency of the cross-border settlement in Europe. The European code of conduct and TARGET2-Securities are identified as primary concerns.
Chapter Addressing Cross-Border Aspects of Securities Clearing and Settlement Systems in the European Union; Chapter Mortgage Markets and Foreclosure Processes in Europe and the United States; Chapter Resolving Systemically Important Financial Institutions: Mandatory Recapitalization of Financial Institutions Using “Bail-Ins”. This is the first of two reports on cross-border clearing and settlement arrangements in the European Union and focuses on identifying the sources of inefficiency that exist in the current arrangements. A second report, to be published in , will be more forward looking and will attempt to assess the prospects for the EU clearing and. The significant progress on the unification of cross-border securities trading infrastructure within the European Union (EU) has been paving the road to an integrated EU financial market. However, more dynamic changes towards integration are happening a level below, namely at the clearing and settlement arrangements. The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.