Prospects and Challenges of a Pan-European Post-Trade Infrastructure
After more than a decade of indecision, the EU is finally now set to implement a consistent regulatory architecture for clearing and settlement. Following the agreement on a European market infrastructure Regulation (EMIR), the European Commission has proposed harmonised rules for centralised settlement depositaries (CSDs), while the European Central Bank is moving forward with its plans for a central eurozone settlement engine. This paper analyses three components of the new post-trade infrastructure measures: 1) the regulatory framework for and supervision of central counterparties under the new EMIR legislation, 2) the authorisation requirements of trade repositories and 3) the draft CSD Regulation and the progress with the ECB’s Target 2 Securities project. It then discusses the impact of the new rules, and argues that, analogous to the unexpected impact of MiFID on trading infrastructures, a similar EMIR revolution may be on its way.
Year of publication: |
2012-11
|
---|---|
Authors: | Lannoo, Karel ; Valiante, Diego |
Institutions: | Centre for European Policy Studies (CEPS) |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Valiante, Diego, (2010)
-
Framing Banking Union in the Euro Area: Some empirical evidence
Valiante, Diego, (2014)
-
NYSE Euronext – Deutsche Börse Merger: Let the dance go on!
Valiante, Diego, (2011)
- More ...