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Investor Protection in EuropeCorporate Law Making, The MiFID and Beyond$
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Guido Ferrarini and Eddy Wymeersch

Print publication date: 2006

Print ISBN-13: 9780199202911

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199202911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 27 January 2022

The European Securities Industry. Further Evidence on the Roadmap to Integration

The European Securities Industry. Further Evidence on the Roadmap to Integration

(p.199) 7 The European Securities Industry. Further Evidence on the Roadmap to Integration
Investor Protection in Europe

Barbara Alemanni

Giuseppe Lusignani

Marco Onado

Oxford University Press

The integration of the European securities market is one of the most important and ambitious steps of the making of a unified financial system. This chapter shows why the issue of costs and competition between different trading and post-trading systems is the key point of future integration. In particular, the analysis starts with the roadmap set by the European Commission and the evolution of the regulatory approach towards the integration of the trading and post-trading sectors. It then reviews the results of the research on the main issues related to the integration of securities markets and comments on the present situation. In addition, some original measures of the explicit costs of trading for all main European exchanges are presented, adopting a bottom-up approach, which allows a comparison of the prices paid by different investors for different sizes of trades. The debate on fragmentation of different European post-trading systems is also briefly reviewed. The chapter concludes with some policy implications.

Keywords:   securities markets, post-trading systems, stock exchanges, Central Securities Depositories, Central Counterparties, clearing and settlement, trading costs, fragmentation

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