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Integrating Europe's Back Office: 10 years of turning in circles. ECMI Policy Brief No. 13, June 2009

Lannoo, Karel and Valiante, Diego. (2009) Integrating Europe's Back Office: 10 years of turning in circles. ECMI Policy Brief No. 13, June 2009. [Policy Paper]

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    Abstract

    The financial crisis has sharpened the debate on Europe’s back office architecture. This paper reviews the ECB’s decision to proceed with its Target 2 Securities (T2S) project, which aims to establish a common IT platform for securities settlement, reducing differences between current infrastructures. The apparently solid configuration of the project shakes, however, when we closely examine the impact of this common infrastructure on the competitive landscape. Notably, non-discriminatory access to the platform (low barriers to entry), clearer and independent governance, and full participation by Central Securities Depositories (CSDs and ICSDs) are essential conditions to ensure the initiative’s success. The paper also examines the possibility to build a level playing field for CSDs in Europe and evaluates the ESCB/CESR recommendations, discussing the progress achieved with the industry’s Code of Conduct and evaluating, as follow-up to the financial crisis, the relative merits of multiple vs single Central Counterparty Clearing (CCP) in OTC markets.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    EU policies and themes > EU institutions & developments > European Central Bank
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECMI Policy Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 03 Oct 2009
    Page Range: p. 11
    Last Modified: 15 Feb 2011 18:16
    URI: http://aei.pitt.edu/id/eprint/11731

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