2008
DOI: 10.1007/978-3-540-78550-7_4
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Trends in European Cross-Border Securities Settlement – TARGET2-Securities and the Code of Conduct

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Cited by 9 publications
(8 citation statements)
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“…Clearing and settlement services facilitate good functioning of capital markets by lowering the transaction costs that an investor faces when completing a trade (Giddy et al, 1996;Schaper, 2008). When a security is transacted in the securities market, the trade has to be cleared and settled, and only then can the transaction be completed.…”
Section: Clearing and Settlement Institutions In Europe And In The Usmentioning
confidence: 99%
See 1 more Smart Citation
“…Clearing and settlement services facilitate good functioning of capital markets by lowering the transaction costs that an investor faces when completing a trade (Giddy et al, 1996;Schaper, 2008). When a security is transacted in the securities market, the trade has to be cleared and settled, and only then can the transaction be completed.…”
Section: Clearing and Settlement Institutions In Europe And In The Usmentioning
confidence: 99%
“…According to the European Central Bank (2007,2008), the average costs for securities settlement through T2S infrastructure could be reduced to D 0.28 per transaction; however, the participation of all relevant CSDs is essential for the success of T2S infrastructure. If the participation in T2S infrastructure is voluntary, the low number of transactions could raise the costs per transaction (Schaper, 2008). The Eurosystem invited all CSDs in Europe to outsource their settlement services to T2S.…”
Section: Clearing and Settlement Institutions In Europe And In The Usmentioning
confidence: 99%
“…Well-developed clearing and settlement services are the essential ingredients of well-functioning capital markets. As the financial markets become more and more integrated (Boot, 2011), the importance of clearing and settlement services (viewed as a subset of transaction costs that investors face in a banking system (Giddy, Saunders, and Walter, 1996;Schaper, 2008)) is increasing. This indicates that an efficient clearing and settlement system is crucial to minimize the risks and costs involved in the transactions.…”
Section: Research Questions Addressed In This Studymentioning
confidence: 99%
“…Clearing and settlement services facilitate well-functioning of capital markets by lowering transaction costs that an investor faces when completing a trade (Giddy, et al, 1996;Schaper, 2008). When a security is transacted in the securities market, the trade has to be cleared and settled only then the transaction can be completed.…”
Section: Clearing and Settlement Institutions In Europe And In The Usmentioning
confidence: 99%
See 1 more Smart Citation