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Plumbers and visionaries : securities settlement and Europe's financial market

Author: Peter Norman
Publisher: Chichester, England ; Hoboken, NJ : John Wiley & Sons, ©2007.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
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  Read more...
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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Peter Norman
ISBN: 9780470724255 0470724250
OCLC Number: 182552900
Description: xii, 352 pages ; 25 cm
Contents: Part I New problems. New solutions 1 --
1 Settling Securities Across Borders 3 --
1.1 Turnover in the trillions 3 --
1.2 Process and players 9 --
2 The Eurobond Market and the New York Settlement Crisis 17 --
2.1 Autostrade shows the way 17 --
2.2 Foreign dollar bonds and their settlement 19 --
2.3 From Autostrade to the New York settlement crisis 20 --
2.4 The AIBD 23 --
2.5 Settlement services in Luxembourg 25 --
3 The ICSDs --
Euroclear and Cedel 29 --
3.1 Closings in Brussels 29 --
3.2 The creation of Euroclear 31 --
3.3 Establishing Cedel in Luxembourg 35 --
3.4 Cedel's success 37 --
3.5 The wider settlement picture 39 --
4 Euroclear Fights Back 43 --
4.1 The sale of Euroclear to its users 43 --
4.2 Difficult days 45 --
4.3 Commitment to investment 48 --
4.4 Euclid 51 --
4.5 Securities lending and borrowing 52 --
4.6 The Bridge 54 --
4.7 Prospering in difficult times 55 --
Part II Winds of Change 61 --
5 New Markets, New Tensions 63 --
5.1 Caviar and champagne 63 --
5.2 The 1980s --
Deregulation and securitisation 66 --
5.3 Diversification at Euroclear 72 --
5.4 The Belgian cooperative 76 --
6 After the Crash 79 --
6.1 Strengthening cooperation and national systems 79 --
6.2 European considerations 82 --
6.3 American influences 84 --
6.4 Central bankers push for DvP 87 --
7 The Coming of the Euro 91 --
7.1 A world transformed 91 --
7.2 Beyond G30 92 --
7.3 The EMI and Lamfalussy 94 --
7.4 The growth of repo activity 97 --
7.5 The ECB and securities settlement 100 --
Part III An Industry in Ferment 105 --
8 The Rivals 107 --
8.1 Euroclear and the boom in domestic markets 107 --
8.2 Lussi and the revival of Cedel 116 --
9 Change at the Exchanges and CSDs 123 --
9.1 Investment and consolidation 123 --
9.2 Seifert in Frankfurt --
a story of vertical integration 125 --
9.3 Theodore in Paris --
innovation through IT 129 --
9.4 Taurus and CREST --
a horizontal system by accident 133 --
9.5 The Swiss Value Chain 135 --
9.6 Different blueprints 136 --
10 Corporate Manoeuvrings 141 --
10.1 Pressure for change 141 --
10.2 A European clearing house? 143 --
10.3 A meeting of minds in Marrakech 144 --
10.4 Dark days for Euroclear 146 --
10.5 The fight back begins 147 --
10.6 The French defect 149 --
11 Euroclear Transformed 151 --
11.1 Euroclear separates from Morgan 151 --
11.2 The creation of Euronext 156 --
11.3 Euroclear acquires Sicovam 158 --
12 Seifert's Silo 163 --
12.1 A flurry of initiatives 163 --
12.2 Lussi's fortunes ebb 165 --
12.3 Lussi's downfall 167 --
12.4 The banks change tack 170 --
12.5 Seifert secures Clearstream 171 --
13 Europe with Two Settlement Models 175 --
13.1 Euroclear acquires CREST 175 --
13.2 A sub-optimal outcome 179 --
13.3 Embedding the vertical and horizontal models 182 --
13.4 LCH and Clearnet merge 184 --
13.5 Fair & Clear 186 --
13.6 Changes in structures and governance 187 --
Part IV An Issue for Europe 191 --
14 The EU Reacts 193 --
14.1 The Lisbon Agenda 193 --
14.2 The Lamfalussy Committee of Wise Men 194 --
14.3 The Giovannini Reports 196 --
14.4 The cost of fragmentation 200 --
14.5 The Commission responds 201 --
14.6 The Andria Report 203 --
14.7 The ESCB/CESR standards 203 --
14.8 The G30 and EFR Reports 205 --
14.9 MiFID 206 --
14.10 The Commission's second communication 207 --
14.11 The arrival of McCreevy 208 --
15 Setting Parameters 213 --
15.1 Algorithms and exchanges 213 --
15.2 Seifert and the law of unintended consequences 215 --
15.3 Exchange consolidation: an unpredictable catalyst 217 --
15.4 Competition authorities turn against silos 218 --
15.5 Competition and interoperability 220 --
15.6 For and against a single CCP 222 --
15.7 User discontent 224 --
15.8 Change at Euroclear 227 --
16 Work in Progress 233 --
16.1 Euroclear's domestic market for Europe 233 --
16.2 Cesame and dismantling the Giovannini barriers 238 --
17 Frameworks for the Future 243 --
17.1 Two solutions at once 243 --
17.2 The code of conduct 244 --
17.3 Target2-Securities 250 --
17.4 T2S --
the follow-up 254 --
17.5 Questions and more questions 259 --
B Key dates for the securities settlement industry in Europe 279 --
C Who's who in the history of European securities settlement 291.
Responsibility: Peter Norman.
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Abstract:

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  Read more...

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"...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 Read more...

 
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