Additionally, a list of contributions of workshop participants is available.
Deutsche Börse & Clearstream.

Euronext & Clearnet.

OKB.
No documents available.

References (A – List)

BNP Paribas Securities Services.
Contribution to the Joint CESR/ECB Consultation in the Field of Clearing and Settlement. (6/5/2002). read

BNP Paribas Securities Services.
Contribution to the ESCB-CESR Consultative Report: Standards for Securities Clearing and Settlement Systems in the European Union. (10/2003). read

BNP Paribas Securities Services.
Contribution to the Green Paper on Services of General Interest of the European Commission (12/2003) read

Brenning, Magdalena. (European Commission, Competition Directorate (D1)).
Competition Policy in the Financial Services Sector. Speech at the Law Society’s European Group, Brussels, (10/4/2003). read

CESR-ECB (Committee of European Securities Regulators, European Central Bank).
Joint Work of the EU European System of Central Banks and the Committee of European Securities Regulators in the Field of Clearing and Settlement: A Call for Contributions from Interested Parties. CESR/02-005b (15/2/2002). read

CESR-ECB (Committee of European Securities Regulators, European Central Bank).
Summary of the Responses to the ESCB/CESR Call for Contributions on European Clearing and Settlement Systems. CESR/02-159 (1/8/2002). read

CESR-ECB (Committee of European Securities Regulators, European Central Bank).
Standards for Securities Clearing and Settlement Systems in the European Union: Consultative Report. (7/2003). read

CESR-ECB (Committee of European Securities Regulators, European Central Bank).
Summary of Responses on the European System of Central Banks (ESCB) and Committee of European Securities Regulators (CESR) Joint Consultation on Standards for Securities Clearing and Settlement Systems in the European Union. (12/1/2003). read

Citigroup.
Creating a Safe and Level Playing Field – White Paper on Issues relating to Settlement of Securities in Europe. (7/2003). read

Citigroup.
Response to ESCB/CESR Consultative Report on the Standards for Securities Clearing and Settlement Systems in the European Union. (10/2003). read

Citigroup.
Response to ESCB/CESR Consultative Report on the Standards for Securities Clearing and Settlement Systems in the European Union – Supporting Document. (10/2003). read

Clearstream International.
Response to the Consultative Report of 1/2001 of the CPSS/IOSCO Joint Task Force: “Recommendations for Securities Settlement Systems”. (9/4/2001). read

CREST.
Contribution to the Joint CESR/ECB Consultation in the Field of Clearing and Settlement. (6/5/2002). read

CREST & Euroclear.
Delivering a Domestic Market for Europe. (7/2002). read

Deutsche Börse & Clearstream.
Cross-Border Equity Trading, Clearing & Settlement in Europe. White Paper (4/2002). read

Euroclear.
Delivering Low-Cost Cross-Border Settlement. (1/2003). read

ECSDA.
European Central Securities Depositories Association’s response to the Giovannini Report (4/2004). read

Deutsche Börse & Clearstream.
Contribution to the Joint Working Group between European System of Central banks and the Committee of European Securities Regulators in the Field of Clearing and Settlement. (5/2002). read

Deutsche Börse & Clearstream.
Clearstream and LCH.Clearnet Implement New Settlement Route Enhancing STP rates and improving market efficiency. Press Release (23/3/2004). read

ECB (European Central Bank).
Consolidation in the Securities Settlement Industry. Monthly Bulletin, pp. 53-59. (2/2000). read

ECB (European Central Bank).
The Eurosystem’s Policy Line with regard to Consolidation in Central Counterparty Clearing. (27/9/2001). read

European Association of Clearing Houses (EACH).
Standards of Risk Management Controls used by Central Counterparty Clearing Houses. (11/2001). read

European Association of Clearing Houses (EACH).
Standards of Risk Management Controls used by Central Counterparty Clearing Houses: Motivation. (11/2001). read

European Central Securities Depositories Association (ECSDA).
Comments of ECSDA regarding the Communication from the Commission to the Council and the European Parliament on “Clearing and Settlement in the European Union: Main Policy Issues and Future Challenges”. (9/2002). read

European Central Securities Depositories Association (ECSDA).
Response of ECSDA to the ESCB/CESR Consultative Report on Standards for Securities Clearing and Settlement Systems in the EU. (10/2003). read

European Commission, Competition Directorate.
Commission raises Competition Concerns about behaviour of Clearstream Banking AG. Commission’s Enquiry into Cross-Border Clearing and Settlement. IP/03/462 Brussels (31/3/2003). read

European Commission.
Communication from the Commission to the Council and the European Parliament: Clearing and Settlement in the European Union. Main Policy Issues and Future Challenges. COM(2002)257 (28/5/2002). read

European Commission.
Communication on Clearing and Settlement – Summary of Responses (18/12/2002). read

European Parliament, Economic and Monetary Affairs Committee (Rapporteur: Generoso Andria).
Report on the Communication from the Commission to the Council and the European Parliament entitled ‘Clearing and settlement in the European Union. Main policy issues and future challenges’ COM(2002) 257 – C5 0325/2002 – 2002/2169(COS)). FINAL A5-0431/2002 (4/12/2002). read

European Commission.
Communication from the Commission to the Council and the European Parliament: Clearing and Settlement in the European Union – The way forward. Draft, COM(2004)xxx (unpublished). read

European Parliamentary Financial Services Forum (EPFSF).
Minutes of the Meeting of EPFSF. (19/2/2003). read

Federation of European Stock Exchanges.
Comments on the Preliminary Draft Sections of the Giovannini II Report on EU Clearing and Settlement Arrangements (01/2003) read

Giovannini Group.
Cross-Border Clearing and Settlement Arrangements in the European Union. Brussels (11/2001). read

Giovannini Group.
Second Report on EU Clearing and Settlement Arrangements. Brussels (4/2003). read

London Stock Exchange (LSE).
Response to the European Commission Communication on “Clearing and Settlement in the European Union: Main Policy Issues and Future Challenges”. (30/8/2002). read

Marson, Jacques-Philippe (President & CEO, BNP Paribas Securities Services).
Regulatory Structure for Securities Markets. Speech, Sixth European Financial Markets Convention, Federation of European Securities Exchanges, Brussels (31/5/2002). read

Monti, Mario (European Commissioner for Competition Matters).
The Future for Competition Policy in the European Union. Speech, Merchant Taylor’s Hall, London (9/7/2001). read

Monti, Mario (European Commissioner for Competition Policy).
The Integration of European Capital Market Infrastructures and Competition Law. Association of Private Client Investment Managers and Stockbrokers. (APCIMS) Brussels (5/12/2002). read

Murray, Thomas, Contribution to the ESCB-CESR call on Standards for Securities Clearing and Settlement Systems in the European Union, (10/2003) read

Terol, Ignacio R. & Daniela Russo (Directorate General Payment Systems, European Central Bank).
The Euro Area Securities Clearing and Settlement Infrastructure: Recent Changes and Issues for Debate. (28/4/2000). read

Additional references (B – List)

CPSS (Committee on Payment and Settlement Systems–Bank for International Settlements).
The Role of Central Bank Money in Payment Systems. (8/2003) read

CPSS-IOSCO (Committee on Payment and Settlement Systems–Bank for International Settlements) (Technical Committee-International Organization of Securities Commissions).
Recommendations for Central Securities Settlement Systems. Consultative Report (1/2001). read

CPSS-IOSCO (Committee on Payment and Settlement Systems–Bank for International Settlements) (Technical Committee-International Organization of Securities Commissions).
Recommendations for Central Securities Settlement Systems. (11/2001). read

CPSS-IOSCO (Committee on Payment and Settlement Systems–Bank for International Settlements) (Technical Committee-International Organization of Securities Commissions).
Assessment methodology for “Recommendations for Securities Settlement Systems”. (11/2002). read

CPSS-IOSCO (Committee on Payment and Settlement Systems–Bank for International Settlements) (Technical Committee-International Organization of Securities Commissions).
Recommendations for Central Counterparties. Consultative Report (3/2004). read

European Central Bank.
Standards for the Use of EU Securities Settlement Systems in ESCB Credit Operations. (1/1998). read

European Commission.
Green Paper on Vertical Restraints in EC Competition Policy. COM(96)721 final (22/1/1997). read

European Commission.
Communication from the Commission on the application of the Community Competition Rules to Vertical Restraints. Follow-up to the Green Paper on Vertical Restraints C 365 98/C 365/03 (1998). read

European Commission.
Competition policy in Europe: The competition rules for supply and distribution agreements. European Communities (2002). read

European Securities Forum (ESF).
EuroCCP: ESF’s Blueprint for a Single Pan-European Central Counterparty. (6/12/2000). read

European Securities Forum (ESF).
Integration of Clearing & Settlement in Europe – ESF’s Call for Action. (7/5/2003). read

European Securities Forum (ESF).
ESF’s Contribution to the ESCB-CESR Consultation on ‘Standards for Securities Clearing and Settlement Systems in the European Union’ and on ‘The Scope of Application of the ESCB-CESR Standards’. (6/11/2003). read

Financial Services Authority.
RIE and RCH sourcebook: Feedback on CP 39 and “final” text. Policy Statement (4/2001). read

Francotte, Pierre (CEO, Euroclear Bank).
Domesticating Cross-Border Settlement. pp. 7-15, Journal of Securities Operations (Fall 2002). read

G30.
Global Clearing and Settlement: A Plan of Action. (2003). read

Gilchrist, John (reGen).
Eurozone Payment and Securities Settlement Systems Interdependence: Will Consolidation Initiatives lead to Contagion; Who is Accountable? Policy Paper (2/2004). read

Goldberg, Linda / John Kambhu / James M. Mahoney / Lawrence Radecki & Asani Sarkar.
Securities Trading and Settlement in Europe: Issues and Outlook. Vol. 8, No. 4, Federal Reserve Bank of New York, Current Issues in Economics and Finance. (4/2002). read

Hämäläinen, Sirkka (Member of the Executive Board, ECB).
Consolidation in the European Securities Infrastructure – What is Needed? Speech, ECB-CFS Research Network on “Capital markets and Financial Integration (30/4/2002). read

Heinemann, Friedrich / Michael Schröder / Martin Schüler / Claudia Stirböck, & Peter Westerheide (Zentrum für Europäische Wirtschaftsforschung - ZEW).
Towards a Single European Market in Asset Management. (5/2003). read

Hervo, Frédéric & Thomas Ros (Directorate General Operations, Division for the Studies and Oversight of Payment and Securities Settlement Systems, Banque de France).
Post-Market Infrastructures and Financial Stability. Financial Stability Review (11/2002). read

International Securities Services Association.
Recommendations 2000. (6/2000). read

Joskow, Paul L.
Regulatory Priorities for Reforming Infrastructure Sectors in Developing Countries. Paper prepared for the Annual World Bank Conference on Development Economics, Washington, D.C. (4/1998). read

Köppl, Thorsten V. & Cyril Monnet (European Central Bank, Directorate General Research).
Guess What: It’s the Settlements! (11/2003). read

London Investment Banking Association (LIBA).
Comment on ESCB-CESR: Standards for Securities Clearing and Settlement Systems in the European Union. (26/11/2003). read

Lamb, Andrew M. (Managing Director, Risk & Deputy Chief Executive, LCH).
Contribution from the London Clearing House to the joint work of CESR and ECB in the Field of Clearing and Settlement. Ref AML/2515gb/CESR-ECB (30/4/2002). read

Lee, Ruben.
The Future of Securities Exchanges. Ch. 1, in Brookings-Wharton Papers on Financial Services, Robert Litan & Richard Herring (eds.) (2002). read

Leinonen, Harry.
Restructuring Securities Systems Processing – A Blue Print Proposal for Real-Time/T+0 Processing. Bank of Finland Discussion Papers, No. 7-2003 (6/3/2003). read

Liebowitz, S.J. & S.E. Margolis.
Are Network Externalities a New Source of Market Failure? Vol. 17, pp, 1-22, Research in Law and Economics (1995). read

Milne, Alistair.
Competition and the Rationalisation of European Securities Clearing and Settlement. (7/2002). read

Office of Fair Trading.
Market Investigation References: A Consultation Paper. OFT501 (7/2002). read

Peeperkorn, Luc (European Commission, DG IV-A-1).
The Economics of Verticals. pp. 10-17, Number 2 Competition Policy Newsletter (6/1998). read

PriceWaterhouseCoopers.
Global Clearing & Settlement – A Plan of Action. (2003). read

Rey, Patrick / Paul Seabright & Jean Tirole.
The Activities of a Monopoly Firm in Adjacent Competitive Markets: Economic Consequences And Implications For Competition Policy. Institut d’Economie Industrielle, Université de Toulouse-1 (21/9/2001). read

Salop, Steven C.
Vertical Mergers and Monopoly Leverage. Georgetown University Law Center Washington, (2001) read

Schmiedel, Heiko / Markku Malkamäki, & Juha Tarkka.
Economies of Scale and Technological Development in Securities Depository and Settlement Systems. Bank of Finland Discussion Papers, No. 26-2002 (1/10/2002). read

Serifsoy, Baris & Marco Weiss.
Efficient Systems for the Securities Transaction Industry - A Framework for the European Union. Department of Finance, Johann Wolfgang Goethe-University Frankfurt/Main (28/11/2003). read

White, Lawrence J.
U.S. Public Policy toward Network Industries. AEI-Brookings Joint Center for Regulatory Studies, Washington, DC, USA. (1999). read

© Graham Bishop