TY - BOOK ID - 11264351 TI - Integration of the securities market infrastructure in the European Union : policy and regulatory issues AU - Kazarian, Elias G. AU - International Monetary Fund. PY - 2006 SN - 1451865015 1462325580 1451909543 9786613821614 1452724911 1282448420 PB - [Washington, D.C.] : International Monetary Fund, Monetary and Capital Markets Dept., DB - UniCat KW - Electronic books. -- local. KW - Securities -- European Union countries. KW - Securities industry -- European Union countries. KW - Finance KW - Business & Economics KW - Investment & Speculation KW - Securities industry KW - Securities KW - Financial services industry KW - Finance: General KW - Infrastructure KW - Investments: General KW - Pension Funds KW - Non-bank Financial Institutions KW - Financial Instruments KW - Institutional Investors KW - General Financial Markets: General (includes Measurement and Data) KW - Investment KW - Capital KW - Intangible Capital KW - Capacity KW - Investment & securities KW - Macroeconomics KW - Securities settlement systems KW - Clearing and settlement systems KW - Securities markets KW - Financial instruments KW - Clearing of securities KW - Clearinghouses KW - Banking KW - Saving and investment KW - Capital market KW - United Kingdom UR - https://www.unicat.be/uniCat?func=search&query=sysid:11264351 AB - This paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the risks associated with cross-border clearing and settlement and concludes that, due to institutionalized deficiencies, the current cross-border regulatory framework may not be adequate or effective in addressing and preventing a real cross-border crisis. The paper proposes a two-tier regulatory framework for securities infrastructure in Europe entailing the creation of a centralized "federal" European regulatory framework for regional systems, in addition to the current national regulatory framework for domestic systems. ER -