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The Balanced Scorecard (BSC) is a well-established framework for the management of a company as it integrates financial and non-financial perspectives. Little attention has been given to its theoretical and conceptual valuation. We illustrate how the stakeholder value theory corresponds with the concept of the BSC and show the importance of underlying cause-and-effect relationships between its perspectives. For the case of clearing in Europe which is currently facing profound changes, we present our three-phased approach how to adjust and to extend Kaplan and Norton's original concept. We modify the generic BSC by adding risk management as a separate perspective and by integrating competition and IT. Based on multiple case studies, we then validate whether the modified BSC is suited to meet the specifics of the clearing industry.

The European post-trading landscape is recently changing fundamentally due to regulatory actions, the financial crisis, and the strong linkage of the global financial markets. The systemic importance of post-trading infrastructures underlines the industry's significant dependence on safe and efficient processes and thus the importance of reliable IT-systems. Using the Delphi methodology in a study among a multitude of experts from different areas of post-trading, we developed a joint and coherent view of the most important issues relating to IT the post-trading system has to cope with. Keywords

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The cross-border securities settlement in Europe is still said to be highly inefficient. One main reason can be seen in technical barriers between the different domestic settlement systems. Beside efforts to implement industryspecific communication standards an integration of the different settlement systems is necessary. The CSD-link model, the hub and spokes model, and the European CSD model aim to integrate European securities settlement. They have in common that they address the problem of interlinkage of national Central Securities Depositories and differ essentially in the way of achieving integration. These models are evaluated from a macroeconomic perspective considering transaction costs, risks, and the integration of the cross-border securities settlement process.