DMCA
Settling for Efficiency- A Framework for the European Securities Transaction Industry ∗ (2005)
| Citations: | 4 - 1 self |
BibTeX
@MISC{Serifsoy05settlingfor,
author = {Baris Serifsoy and Marco Weiß},
title = {Settling for Efficiency- A Framework for the European Securities Transaction Industry ∗},
year = {2005}
}
Share
 |
 |
 |
 |
||
OpenURL
Abstract
Despite a lot of re-structuring and many innovations in recent years, the securities transaction industry in the European Union is still a highly inefficient and inconsistently configured system for cross-border transactions. This paper analyzes the functions performed, the institutions involved and the parameters concerned that shape market and ownership structure in the industry. Of particular interest are microeconomic incentives of the main players that can be in contradiction to social welfare. We develop a framework and analyze three consistent systems for the securities transaction industry in the EU that offer superior efficiency than the current, inefficient arrangement. Some policy advice is given to select the ’best ’ system for the Single European Financial Market. JEL Classification: F 36, G 28, G 34, L22, P 51
Keyphrases
efficiency framework european security transaction industry security transaction industry many innovation particular interest social welfare microeconomic incentive shape market superior efficiency jel classification recent year single european financial market main player cross-border transaction inefficient arrangement policy advice configured system european union consistent system ownership structure
