Plumbers and Visionaries
Securities Settlement and Europe's Financial Market. By Euroclear
(Sprache: Englisch)
Crossing Frontiers is a story about the settlements industry in Europe, with an emphasis on cross border, influenced by the developments and business in the US and bound up with the Americanization of securities markets, all the while relating the impact on...
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Crossing Frontiers is a story about the settlements industry in Europe, with an emphasis on cross border, influenced by the developments and business in the US and bound up with the Americanization of securities markets, all the while relating the impact on Europe. It is intertwined with a fast growing, buccaneering, international capital market in which regulators, central banks, and the EU appear late on the scene. Financial infrastructure--back office and post trade--regarded as the unglamorous ends of the financial markets but alive with passion, marked by corporate, cultural and personal rivalries and increasingly political--a clash of commercial interests helps explain public policy dilemmas of today. And just how Crossing Frontiers covers the people and policies that have made and are shaping the industry, the book not only looks back at the history of the industry, but the present, and to the future. It concludes that the goal should be a securities and settlement infrastructure that is better suited to a single market to create a genuine Europe-wide capital market and makes suggestions as to the best way to achieve such.
Klappentext zu „Plumbers and Visionaries “
Plumbers and Visionaries: Securities Settlement and Europe's Financial Market is a path-breaking account of the history and future of the securities settlement industry in Europe. Written by experienced journalist and author, Peter Norman, this book takes a look at the less visible, but nevertheless critical segment of the global capital markets, following the development of securities settlement across Europe's frontiers. It encompasses the free-wheeling days of the Eurobond market in the 1960s, through the growing integration of the European Union, to the highly regulated and efficient multi-trillion euro business securities settlement it is today.This book is the story of a financial sector that has grown hugely in importance in the 40 years since Euroclear, now the world's premier settlement system for domestic and international securities transactions, was created to deal with a settlement crisis that threatened to smother the international capital market in its infancy.
Beginning with the settlement crisis in the Eurobond market, this book describes how Euroclear and later Cedel, its arch-rival, were founded to deal with the problem. It follows the challenges posed by cross-border settlement for a growing range of securities when most financial infrastructures operated only within national frontiers. The book demonstrates how securities settlement became an issue for public policy after the stock market crash of 1987 and how the problems of cross-border settlement moved rapidly up the European policy agenda after the euro's launch.
More than a mere history, this book engages with the people who created the modern European securities settlement industry and taps into the often entertaining memories of its founding fathers. This book also focuses on the difficulties and challenges of cross-border transactions which have been identified as hampering Europe's economic growth. It looks at the present state of the industry seeking a
... mehr
way forward so that the securities settlement infrastructure will better serve a single European capital market.
... weniger
Plumbers and Visionaries: Securities Settlement and Europe's Financial Market is a path-breaking account of the history and future of the securities settlement industry in Europe. Written by experienced journalist and author, Peter Norman, this book takes a look at the less visible, but nevertheless critical segment of the global capital markets, following the development of securities settlement across Europe's frontiers. It encompasses the free-wheeling days of the Eurobond market in the 1960s, through the growing integration of the European Union, to the highly regulated and efficient multi-trillion euro business securities settlement it is today.
This book is the story of a financial sector that has grown hugely in importance in the 40 years since Euroclear, now the world's premier settlement system for domestic and international securities transactions, was created to deal with a settlement crisis that threatened to smother the international capital market in its infancy.
Beginning with the settlement crisis in the Eurobond market, this book describes how Euroclear and later Cedel, its arch-rival, were founded to deal with the problem. It follows the challenges posed by cross-border settlement for a growing range of securities when most financial infrastructures operated only within national frontiers. The book demonstrates how securities settlement became an issue for public policy after the stock market crash of 1987 and how the problems of cross-border settlement moved rapidly up the European policy agenda after the euro's launch.
More than a mere history, this book engages with the people who created the modern European securities settlement industry and taps into the often entertaining memories of its founding fathers. This book also focuses on the difficulties and challenges of cross-border transactions which have been identified as hampering Europe's economic growth. It looks at the present state of the industry seeking a way forward so that the securities settlement infrastructure will better serve a single European capital market.
This book is the story of a financial sector that has grown hugely in importance in the 40 years since Euroclear, now the world's premier settlement system for domestic and international securities transactions, was created to deal with a settlement crisis that threatened to smother the international capital market in its infancy.
Beginning with the settlement crisis in the Eurobond market, this book describes how Euroclear and later Cedel, its arch-rival, were founded to deal with the problem. It follows the challenges posed by cross-border settlement for a growing range of securities when most financial infrastructures operated only within national frontiers. The book demonstrates how securities settlement became an issue for public policy after the stock market crash of 1987 and how the problems of cross-border settlement moved rapidly up the European policy agenda after the euro's launch.
More than a mere history, this book engages with the people who created the modern European securities settlement industry and taps into the often entertaining memories of its founding fathers. This book also focuses on the difficulties and challenges of cross-border transactions which have been identified as hampering Europe's economic growth. It looks at the present state of the industry seeking a way forward so that the securities settlement infrastructure will better serve a single European capital market.
Inhaltsverzeichnis zu „Plumbers and Visionaries “
- List of tables and figures- Author's Preface
PART I: NEW PROBLEMS. NEW SOLUTIONS
Chapter 1: Settling securities across borders
1.1 Turnover in the trillions
1.2 Process and players
Chapter 2: The Eurobond market and the New York Settlement crisis
2.1 Autostrade shows the way
2.2 Foreign dollar bonds and their settlement
2.3 From Autostrade to the New York Settlement Crisis
2.4 The AIBD
2.5 Settlement Services in Luxembourg
Chapter 3: The ICSDs - Euroclear and Cedel
3.1 Closings in Brussels
3.2 The creation of Euroclear
3.3 Establishing Cedel in Luxembourg
3.4 Cedel's success
3.5 The wider settlement picture
Chapter 4: Euroclear fights back
4.1 Sale of Euroclear to its users
4.2 Difficult days
4.3 Commitment to investment
4.4 Euclid
4.5 Securities lending and borrowing
4.6 The Bridge
4.7 Prospering in difficult times
PART II: WINDS OF CHANGE
Chapter 5: New Markets, New Tensions
5.1 Caviar and Champagne
5.2 1980s Deregulation and securitisation
5.3 Diversification at Euro-clear
5.4 The Belgian cooperative
Chapter 6: After the crash
6.1 Strengthening cooperation and national systems
6.2 European considerations
6.3 American influences
6.4 Central banks push for DvP
Chapter 7: The coming of the euro
7.1 A world transformed
7.2 beyond G30
7.3 The EMI and Lamfalussy
7.4 The growth of Repo activity
7.5 The ECB and Securities Settlement
PART III: AN INDUSTRY IN FERMENT
Chapter 8: The Rivals
8.1 Euroclear and the boom in domestic markets
8.2 Lussi and the revival of Cedel
Chapter 9: Change at the Exchanges and CSDs
9.1 Investment and consolidation
9.2 Seifert in Frankfurt - A story of vertical integration
9.3 Theodore in Paris - Innovation through IT
9.4 Taurus and Crest - a horizontal system by accident
9.5 The Swiss Value Chain
9.6 Different blueprints
Chapter 10: Corporate manoeuvrings
10.1 Pressure for change
10.2 A European Clearing House?
10.3 A meeting of minds in Marrakech
10.4 Dark
... mehr
days for Euroclear
10.5 The fight back begins
10.6 The French defect
Chapter 11: Euroclear transformed
11.1 Euroclear separates from Morgan
11.2 The creation of Euronext
11.3 Euroclear acquires Sicovam
Chapter 12: Seifert's silo
12.1 A flurry of initiatives
12.2 Lussi's fortunes ebb
12.3 Lussi's downfall
12.4 The banks change tack
12.5 Seifert secures Clearstream
Chapter 13: Europe with two settlement models
13.1 Euroclear acquires Crest
13.2 A sub-optimal outcome
13.3 Embedding the vertical and horizontal models
13.4 LCH and Clearnet merge
13.5 Fair and Clear
13.6 Changes in structures and governance
PART IV: AN ISSUE FOR EUROPE
Chapter 14: The EU reacts
14.1 The Lisbon Agenda
14.2 The Lamfalussy Committee of Wise Men
14.3 The Giovannini Reports
14.4 The cost of fragmentation
14.5 The Commission responds
14.6 The Andria report
14.7 The ESCB/CESR standards
14.8 The G30 and EFR reports
14.9 MiFID
14.10 The Commission's second communication
14.11 The arrival of McCreevy
Chapter 15: Setting parameters
15.1 Algorithms and Exchanges
15.2 Seifert and the law of unintended consequences
15.3 Exchange consolidation: an unpredictable catalyst
15.4 Competition authorities turn against silos
15.5 Competition and interoperability
15.6 For and against a single CCP
15.7 User discontent
15.8 Change at Euroclear
Chapter 16: Work in progress
16.1 Euroclear's domestic market for Europe
16.2: Cesame and the dismantling of the Giovannini barriers
Chapter 17: Frameworks for the future
17.1 Two solutions at once
17.2 The code of conduct
17.3 Target2-Securities
17.4 T2S - The follow up
17.5 Questions and more questions
Chapter 18: Conclusions and reflections
- Appendix A. References and Bibliography
- Appendix B. Key dates for the Securities Settlement Industry in Europe
- Appendix C. Who's Who in the History of European Securities Settlement
- Appendix D. Glossary of Technical Terms
- Appendix E. Afterword
- Index
10.5 The fight back begins
10.6 The French defect
Chapter 11: Euroclear transformed
11.1 Euroclear separates from Morgan
11.2 The creation of Euronext
11.3 Euroclear acquires Sicovam
Chapter 12: Seifert's silo
12.1 A flurry of initiatives
12.2 Lussi's fortunes ebb
12.3 Lussi's downfall
12.4 The banks change tack
12.5 Seifert secures Clearstream
Chapter 13: Europe with two settlement models
13.1 Euroclear acquires Crest
13.2 A sub-optimal outcome
13.3 Embedding the vertical and horizontal models
13.4 LCH and Clearnet merge
13.5 Fair and Clear
13.6 Changes in structures and governance
PART IV: AN ISSUE FOR EUROPE
Chapter 14: The EU reacts
14.1 The Lisbon Agenda
14.2 The Lamfalussy Committee of Wise Men
14.3 The Giovannini Reports
14.4 The cost of fragmentation
14.5 The Commission responds
14.6 The Andria report
14.7 The ESCB/CESR standards
14.8 The G30 and EFR reports
14.9 MiFID
14.10 The Commission's second communication
14.11 The arrival of McCreevy
Chapter 15: Setting parameters
15.1 Algorithms and Exchanges
15.2 Seifert and the law of unintended consequences
15.3 Exchange consolidation: an unpredictable catalyst
15.4 Competition authorities turn against silos
15.5 Competition and interoperability
15.6 For and against a single CCP
15.7 User discontent
15.8 Change at Euroclear
Chapter 16: Work in progress
16.1 Euroclear's domestic market for Europe
16.2: Cesame and the dismantling of the Giovannini barriers
Chapter 17: Frameworks for the future
17.1 Two solutions at once
17.2 The code of conduct
17.3 Target2-Securities
17.4 T2S - The follow up
17.5 Questions and more questions
Chapter 18: Conclusions and reflections
- Appendix A. References and Bibliography
- Appendix B. Key dates for the Securities Settlement Industry in Europe
- Appendix C. Who's Who in the History of European Securities Settlement
- Appendix D. Glossary of Technical Terms
- Appendix E. Afterword
- Index
... weniger
Autoren-Porträt von Peter Norman
Peter Norman is a London-based journalist and writer, specialising in European issues. He began a career in journalism in 1968, as a trainee for Reuters Economic Services in London. He later worked for the Times of London and the Wall Street Journal-Europe before joining the Financial Times in 1988 with responsibility for the newspaper's UK and international economic news coverage. He spent 22 years of his professional life on the European mainland, based at various times in Frankfurt, Bonn and Brussels. After three years in Bonn as the FT's chief German correspondent, he moved in 1998 to Brussels as bureau chief and chief EU correspondent. He has combined book authorship and journalism since returning to the UK in July 2002. 'Plumbers and Visionaries: Securities Settlement and Europe's Financial Market', is his second work of recent European history.
Bibliographische Angaben
- Autor: Peter Norman
- 2007, 1. Auflage, 368 Seiten, Maße: 24,4 cm, Gebunden, Englisch
- Verlag: Wiley & Sons
- ISBN-10: 0470724250
- ISBN-13: 9780470724255
- Erscheinungsdatum: 09.01.2008
Sprache:
Englisch
Rezension zu „Plumbers and Visionaries “
"...will interest specialists, general readers and fans of detective fiction... grippingly relevant to current economic circumstances" (Financial Times, Monday 7th January 2008)"virtually the only book to cover this arcane subject comprehensively, it is an essential complement for any financial market's library." (Financial World, February 2008)
"...a comprehensive and exhaustively researched study.." (Speed, Vol. 2)
"Norman has produced a history of EU clearing and settlement systems" (European Voice, Thursday 14th February 2008)
Pressezitat
"...will interest specialists, general readers and fans of detective fiction... grippingly relevant to current economic circumstances" (Financial Times, Monday 7th January 2008)"virtually the only book to cover this arcane subject comprehensively, it is an essential complement for any financial market's library." (Financial World, February 2008)
"...a comprehensive and exhaustively researched study.." (Speed, Vol. 2)
"Norman has produced a history of EU clearing and settlement systems" (European Voice, Thursday 14th February 2008)
"...deserves to become compulsory reading for regulators and policy makers everywhere." (Global Custodian, Spring 2008)
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