Abstract
Securities services, an essential and constant part of the capital market industry, have historically escaped the limelight. Securities service infrastructure has shown its resilience—and sheer importance—in the face of market upheaval during the financial crisis of 2008. And yet, in many important ways, securities services have recently taken center stage in the regulatory environment. Why this sudden and acute regulatory interest today?
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Notes
- 1.
See Sect. 6.5.4 for further details.
- 2.
UNIDROIT, 2009. “Unidroit convention on substantive rules for intermediated securities.” Available at http://www.unidroit.org/english/conventions/2009intermediatedsecurities/convention.pdf.
- 3.
For example the standards developed by the International Securities Market Advisory Group, see the website of the International Capital Market Association for more. www.icmagroup.org.
- 4.
Committee on Payments and Market Infrastructures, 2012. “Principles for Financial Market Infrastructures.” Available at http://www.bis.org/cpmi/publ/d101.htm. N.b.: the Committee on Payment and Settlement Systems (CPSS) changed its name to the Committee on Payments and Market Infrastructures (CPMI), on 1 September 2014.
- 5.
Committee on Payments and Market Infrastructures, 2014. “Recovery of financial market infrastructures.” Available at http://www.bis.org/cpmi/publ/d121.pdf.
- 6.
ibid, pp. 8–11.
- 7.
P. Norman, Plumbers and Visionaries—Securities Settlement and Europe’s Financial Market, Wiley, 2007, p. 316.
- 8.
European Central Bank. Harmonization. Available at https://www.ecb.europa.eu/paym/t2s/harmonisation/activities/html/index.en.html.
- 9.
Committee on Payments and Market Infrastructures, 1992. “Delivery versus Payment in Securities Settlement Systems.” Available at http://www.bis.org/cpmi/publ/d06.pdf.
- 10.
AS Eesti Väärtpaberikeskus (Estonia), Bank of Greece Securities Settlement System (BOGS), BNY Mellon CSD SA/NV (Belgium), Centrálny depozitár cenných papierov SR, a. s. (Slovakia), Clearstream Banking AG (Germany), Depozitarul Central S.A. (Romania), Euroclear Belgium, Euroclear Finland Oy, Euroclear France, Euroclear Nederland, Iberclear—BME Group (Spain), Interbolsa (Portugal), KDD—Centralna klirinško depotna družba, d.d. (Slovenia), Központi Elszámolóház és Értéktár Zrt.—KELER (Hungary), Latvijas Centrālais Depozitārijs (Latvia), Lietuvos centrinis vertybinių popierių depozitoriumas (Lithuania), LuxCSD S.A. (Luxembourg), Malta Stock Exchange, Monte Titoli S.p.A. (Italy), National Bank of Belgium Securities Settlement System (NBB-SSS). Oesterreichische Kontrollbank Aktiengesellschaft (Austria), SIX SIS Ltd. (Switzerland). VP Lux S.a.r.l. (Luxembourg), VP Securities A/S (Denmark).
- 11.
PricewaterhouseCoopers AG Wirtschaftsprüfungsgesellschaft, 2013. “The 300-billion-euro Question: Survey on the Benefits of TARGET2-Securities.” Available at http://www.clearstream.com/blob/6220/fea603b397e51f16a0256b31fda02ad2/migrated-9b3hc6580nsgden-t2s-pwc-paper-pdf-data.pdf.
- 12.
Oliver Wyman, 2014. The T2S Opportunity: “Unlocking the hidden benefits of TARGET2-Securities.” Available at http://www.clearstream.com/blob/68228/9f9261051598b77e44bddf291d655859/t2opportunity-pdf-data.pdf.
- 13.
EUR-Lex. “Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 Text with EEA relevance.” Available at http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2014.257.01.0001.01.ENG.
- 14.
The European Repo council states in its 2014 biannual report that more than 90 % of repo in the USA are tri-party, versus slightly more than 10 % in the EU.
- 15.
IOSCO: “Principles on client identification and beneficial ownership for the securities industry.” Available at https://www.iosco.org/library/pubdocs/pdf/IOSCOPD167.pdf/.
- 16.
“A New Start for Europe: My Agenda for Jobs, Growth, Fairness and Democratic Change,” Opening Statement in the European Parliament Plenary Session, 15 July 2014.
- 17.
Lamfalussy Committee, “Final Report of the Committee of Wise Men on the Regulation of European Securities Markets,” 15 February 2001, p. 8.
Acknowledgment
The author would like to acknowledge the valuable contribution of Ms. Ann-Kathrin Treis, Ms. Brenda Nolden, and Mr. Christopher Hollifield and thank them for their continued support.
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Robert-Nicoud, M. (2017). Securities Services: Settlement, Custody and Financing. In: Francioni, R., Schwartz, R. (eds) Equity Markets in Transition. Springer, Cham. https://doi.org/10.1007/978-3-319-45848-9_6
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