Author： De Vidts Godfried
Publisher： Henry Stewart Publications
ISSN： 1753-1802
Source： Journal of Securities Operations & Custody, Vol.2, Iss.2, 2009-07, pp. : 163-168
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Abstract
In order to create a single European capital market the clearing and settlement infrastructure of Europe, which has grown out of national markets, must be modernised and streamlined to operate effectively across borders. A number of key changes are required to improve the quality and safety of the infrastructure that supports the wholesale OTC markets which are crucial to the functioning of the financial system. These include the wider adoption of central counterparty mechanisms and netting of transactions. Initiatives being pursued by the authorities in Europe need to be followed by global initiatives to upgrade market infrastructure.
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