This paper investigates the state and process of integration of the European securities market infrastructure. The … finds that, despite the single currency, the euro area securities infrastructure remains highly fragmented and … groups of market infrastructure. Economies of scale and scope and positive network externalities inherent in the securities …

indicators are based on granular data from securities holdings statistics and help us disentangle the main drivers of the … area banks significantly decreased their investment in debt securities issued by banks in other euro area countries and … flight from government debt securities, a trend that has since reversed. …

The Wirecard scandal is a wake-up call alerting German politics to the importance of securities market integrity. The … bond markets. A fundamental overhaul of a fragmented securities markets supervisory regime in Europe would offer the ….e. securities and trading), much like the SSM in the world of banking. To fill this new role, ESMS would have to be established as a …