Pricing of settlement link services and mergers of central securities depositories

Arbeitspapier

This paper tries to contribute to the discussion on the role of securities settlement infrastructures for financial integration in Europe. It presents a model that can explain a well-known stylized fact of securities settlement, the surprisingly high fees charged by central securities depositories (CSDs) for settlement through links between CSDs. As the model turns out to provide a robust explanation for this stylized fact, it is then used to analyzes an important policy question, the welfare effects of mergers of CSDs.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ECB Working Paper ; No. 710

Classification and Topics

• Classification: Wirtschaft ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages ; International Financial Markets ; Oligopoly and Other Imperfect Markets
• Subject: central securities depositories ; link settlement fees ; Securities settlement ; Wertpapierhandel ; Bankentgelt ; Wertpapierdepot ; Unternehmenskonzentration ; EU-Staaten

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Tapking, Jens
• Event: Veröffentlichung
• (who): European Central Bank (ECB)
• (where): Frankfurt a. M.
• (when): 2007

Further information

• Handle: http://hdl.handle.net/10419/153144
• Last update: 10.03.2025, 11:42 AM CET