Europe’s New Post-Trade Infrastructure Rules. ECMI Policy Brief No. 20, 8 November 2012


Autoria(s): Lannoo, Karel.; Valiante, Diego.
Data(s)

01/11/2012

Resumo

After more than a decade of indecision, the EU is finally now set to implement a consistent regulatory architecture for clearing and settlement. Following the agreement on a European market infrastructure Regulation (EMIR), the European Commission has proposed harmonised rules for centralised settlement depositaries (CSDs), while the European Central Bank is moving forward with its plans for a central eurozone settlement engine. This paper analyses three components of the new post-trade infrastructure measures: 1) the regulatory framework for and supervision of central counterparties under the new EMIR legislation, 2) the authorisation requirements of trade repositories and 3) the draft CSD Regulation and the progress with the ECB’s Target 2 Securities project. It then discusses the impact of the new rules, and argues that, analogous to the unexpected impact of MiFID on trading infrastructures, a similar EMIR revolution may be on its way.

Formato

application/pdf

Identificador

http://aei.pitt.edu/37320/1/ECMI_PB_No_20_Post%2DTrade_Market_Infrastructure.pdf

Lannoo, Karel. and Valiante, Diego. (2012) Europe’s New Post-Trade Infrastructure Rules. ECMI Policy Brief No. 20, 8 November 2012. [Policy Paper]

Relação

http://www.ceps.be/book/europe%E2%80%99s-new-post-trade-infrastructure-rules

http://aei.pitt.edu/37320/

Palavras-Chave #regulations/regulatory policies #capital, goods, services, workers #financial crisis 2008-on/reforms/economic governance
Tipo

Policy Paper

NonPeerReviewed