Integrating Europe's Back Office: 10 years of turning in circles
The financial crisis has sharpened the debate on Europe’s back office architecture. This paper reviews the ECB’s decision to proceed with its Target 2 Securities (T2S) project, which aims to establish a common IT platform for securities settlement, reducing differences between current infrastructures. The apparently solid configuration of the project shakes, however, when we closely examine the impact of this common infrastructure on the competitive landscape. Notably, non-discriminatory access to the platform (low barriers to entry), clearer and independent governance, and full participation by Central Securities Depositories (CSDs and ICSDs) are essential conditions to ensure the initiative’s success. The paper also examines the possibility to build a level playing field for CSDs in Europe and evaluates the ESCB/CESR recommendations, discussing the progress achieved with the industry’s Code of Conduct and evaluating, as follow-up to the financial crisis, the relative merits of multiple vs single Central Counterparty Clearing (CCP) in OTC markets.
| Attachment | Size | Hits | Last download |
|---|---|---|---|
| 1851.pdf | 321.6 KB | 317 | 19 hours 32 min ago |
The financial crisis has sharpened the debate on Europe’s back office architecture. This paper reviews the ECB’s decision to proceed with its Target 2 Securities (T2S) project, which aims to establish a common IT platform for securities settlement, reducing differences between current infrastructures. The apparently solid configuration of the project shakes, however, when we closely examine the impact of this common infrastructure on the competitive landscape. Notably, non-discriminatory access to the platform (low barriers to entry), clearer and independent governance, and full participation by Central Securities Depositories (CSDs and ICSDs) are essential conditions to ensure the initiative’s success. The paper also examines the possibility to build a level playing field for CSDs in Europe and evaluates the ESCB/CESR recommendations, discussing the progress achieved with the industry’s Code of Conduct and evaluating, as follow-up to the financial crisis, the relative merits of multiple vs single Central Counterparty Clearing (CCP) in OTC markets.
-en-1673
[list_price] => 0.00000 [cost] => 0.00000 [sell_price] => 12.00000 [weight] => 300 [weight_units] => g [length] => 0 [width] => 0 [height] => 0 [length_units] => cm [pkg_qty] => 1 [default_qty] => 1 [unique_hash] => b0a4ba0fb743aa658675fd0027e1f6e8 [ordering] => 0 [shippable] => 1 [tags] => Array ( ) [path] => book/integrating-europes-back-office-10-years-turning-circles [field_book_isbn] => Array ( [0] => Array ( [value] => [safe] => ) ) [field_price] => Array ( [0] => Array ( [value] => 12 ) ) [field_book_series] => Array ( [0] => Array ( [value] => 106 [safe] => 106 ) ) [field_book_number] => Array ( [0] => Array ( [value] => 13 [safe] => 13 [view] => 13 ) ) [field_book_short_title] => Array ( [0] => Array ( [value] => [safe] => [view] => ) ) [field_book_author_external] => Array ( [0] => Array ( [value] => [safe] => ) ) [field_book_old_path] => Array ( [0] => Array ( [value] => 1851 [safe] => 1851 ) ) [field_book_downloads] => Array ( [0] => Array ( [value] => 249 [safe] => 249 ) ) [field_book_pages] => Array ( [0] => Array ( [value] => 10 [view] => 10 ) ) [field_book_price_pdf] => Array ( [0] => Array ( [value] => 0.00 ) ) [field_book_published] => Array ( [0] => Array ( [value] => 2009-06-04 00:00:00 [timezone] => Europe/Brussels [timezone_db] => Europe/Brussels [date_type] => datetime ) ) [field_book_publication_date] => Array ( [0] => Array ( [value] => 2009-06-04T00:00:00 [timezone] => Europe/Brussels [timezone_db] => Europe/Brussels [date_type] => date [view] => 04 June 2009 ) ) [field_book_author] => Array ( [0] => Array ( [nid] => 295 [view] => Karel Lannoo ) [1] => Array ( [nid] => 1833 [view] => Diego Valiante ) ) [field_image_cache] => Array ( [0] => ) [field_type] => Array ( [0] => Array ( [value] => BOOK [format] => [safe] =>BOOK
[view] => Printed book ) [1] => Array ( [value] => [format] => [safe] => [view] => ) [2] => Array ( [value] => [format] => [safe] => [view] => ) ) [print_display] => 1 [print_display_comment] => 0 [print_display_urllist] => 1 [signup] => 0 [uc_order_product_id] => [0] => [taxonomy] => Array ( [taxonomy_term_5] => Array ( [title] => Financial Markets [href] => taxonomy/term/5 [attributes] => Array ( [rel] => tag [title] => ) ) [taxonomy_term_106] => Array ( [title] => ECMI Policy Briefs [href] => catalog/106 [attributes] => Array ( [rel] => tag [title] => Produced by the European Capital Markets Institute, which is managed and staffed by CEPS, papers in this new series provide authoritative insights into ongoing regulatory initiatives that will alter the European financial landscape. ) ) ) [files] => Array ( [1809] => stdClass Object ( [fid] => 1809 [uid] => 1 [filename] => 1851.pdf [filepath] => files/book/1851.pdf [filemime] => application/pdf [filesize] => 329323 [status] => 1 [timestamp] => 2009-09-03 17:22:45 [nid] => 1673 [vid] => 1673 [description] => 1851.pdf [list] => 1 [weight] => 0 ) ) [flatrate] => Array ( ) [shipping_type] => small_package [shipping_address] => stdClass Object ( [first_name] => Radoslav [last_name] => Minkov [company] => CEPS [street1] => place du Congres 1 [street2] => [city] => Brussels [zone] => 94 [postal_code] => 1000 [country] => 56 [phone] => ) [usps] => Array ( [vid] => 1673 [nid] => 1673 [container] => RECTANGULAR ) [weightquote] => Array ( ) [build_mode] => 0 [readmore] => 1 [content] =>The financial crisis has sharpened the debate on Europe’s back office architecture. This paper reviews the ECB’s decision to proceed with its Target 2 Securities (T2S) project, which aims to establish a common IT platform for securities settlement, reducing differences between current infrastructures. The apparently solid configuration of the project shakes, however, when we closely examine the impact of this common infrastructure on the competitive landscape. Notably, non-discriminatory access to the platform (low barriers to entry), clearer and independent governance, and full participation by Central Securities Depositories (CSDs and ICSDs) are essential conditions to ensure the initiative’s success. The paper also examines the possibility to build a level playing field for CSDs in Europe and evaluates the ESCB/CESR recommendations, discussing the progress achieved with the industry’s Code of Conduct and evaluating, as follow-up to the financial crisis, the relative merits of multiple vs single Central Counterparty Clearing (CCP) in OTC markets.
| Attachment | Size | Hits | Last download |
|---|---|---|---|
| 1851.pdf | 321.6 KB | 317 | 19 hours 32 min ago |
The financial crisis has sharpened the debate on Europe’s back office architecture. This paper reviews the ECB’s decision to proceed with its Target 2 Securities (T2S) project, which aims to establish a common IT platform for securities settlement, reducing differences between current infrastructures. The apparently solid configuration of the project shakes, however, when we closely examine the impact of this common infrastructure on the competitive landscape. Notably, non-discriminatory access to the platform (low barriers to entry), clearer and independent governance, and full participation by Central Securities Depositories (CSDs and ICSDs) are essential conditions to ensure the initiative’s success. The paper also examines the possibility to build a level playing field for CSDs in Europe and evaluates the ESCB/CESR recommendations, discussing the progress achieved with the industry’s Code of Conduct and evaluating, as follow-up to the financial crisis, the relative merits of multiple vs single Central Counterparty Clearing (CCP) in OTC markets.
-en-1673
[list_price] => 0.00000 [cost] => 0.00000 [sell_price] => 12.00000 [weight] => 300 [weight_units] => g [length] => 0 [width] => 0 [height] => 0 [length_units] => cm [pkg_qty] => 1 [default_qty] => 1 [unique_hash] => b0a4ba0fb743aa658675fd0027e1f6e8 [ordering] => 0 [shippable] => 1 [tags] => Array ( ) [path] => book/integrating-europes-back-office-10-years-turning-circles [field_book_isbn] => Array ( [0] => Array ( [value] => [safe] => ) ) [field_price] => Array ( [0] => Array ( [value] => 12 ) ) [field_book_series] => Array ( [0] => Array ( [value] => 106 [safe] => 106 ) ) [field_book_number] => Array ( [0] => Array ( [value] => 13 [safe] => 13 [view] => 13 ) ) [field_book_short_title] => Array ( [0] => Array ( [value] => [safe] => [view] => ) ) [field_book_author_external] => Array ( [0] => Array ( [value] => [safe] => ) ) [field_book_old_path] => Array ( [0] => Array ( [value] => 1851 [safe] => 1851 ) ) [field_book_downloads] => Array ( [0] => Array ( [value] => 249 [safe] => 249 ) ) [field_book_pages] => Array ( [0] => Array ( [value] => 10 [view] => 10 ) ) [field_book_price_pdf] => Array ( [0] => Array ( [value] => 0.00 ) ) [field_book_published] => Array ( [0] => Array ( [value] => 2009-06-04 00:00:00 [timezone] => Europe/Brussels [timezone_db] => Europe/Brussels [date_type] => datetime ) ) [field_book_publication_date] => Array ( [0] => Array ( [value] => 2009-06-04T00:00:00 [timezone] => Europe/Brussels [timezone_db] => Europe/Brussels [date_type] => date [view] => 04 June 2009 ) ) [field_book_author] => Array ( [0] => Array ( [nid] => 295 [view] => Karel Lannoo ) [1] => Array ( [nid] => 1833 [view] => Diego Valiante ) ) [field_image_cache] => Array ( [0] => ) [field_type] => Array ( [0] => Array ( [value] => BOOK [format] => [safe] =>BOOK
[view] => Printed book ) [1] => Array ( [value] => [format] => [safe] => [view] => ) [2] => Array ( [value] => [format] => [safe] => [view] => ) ) [print_display] => 1 [print_display_comment] => 0 [print_display_urllist] => 1 [signup] => 0 [uc_order_product_id] => [0] => [taxonomy] => Array ( [5] => stdClass Object ( [tid] => 5 [vid] => 3 [name] => Financial Markets [description] => [weight] => 6 ) [106] => stdClass Object ( [tid] => 106 [vid] => 4 [name] => ECMI Policy Briefs [description] => Produced by the European Capital Markets Institute, which is managed and staffed by CEPS, papers in this new series provide authoritative insights into ongoing regulatory initiatives that will alter the European financial landscape. [weight] => 0 ) ) [files] => Array ( [1809] => stdClass Object ( [fid] => 1809 [uid] => 1 [filename] => 1851.pdf [filepath] => files/book/1851.pdf [filemime] => application/pdf [filesize] => 329323 [status] => 1 [timestamp] => 2009-09-03 17:22:45 [nid] => 1673 [vid] => 1673 [description] => 1851.pdf [list] => 1 [weight] => 0 ) ) [flatrate] => Array ( ) [shipping_type] => small_package [shipping_address] => stdClass Object ( [first_name] => Radoslav [last_name] => Minkov [company] => CEPS [street1] => place du Congres 1 [street2] => [city] => Brussels [zone] => 94 [postal_code] => 1000 [country] => 56 [phone] => ) [usps] => Array ( [vid] => 1673 [nid] => 1673 [container] => RECTANGULAR ) [weightquote] => Array ( ) [build_mode] => 0 [readmore] => 1 [content] => Array ( [print_links] => Array ( [#weight] => -101 [#value] => [#title] => [#description] => [#printed] => 1 ) [display_price] => Array ( [#weight] => -10 [#access] => 1 [#value] =>BOOK
[#delta] => 0 ) [#title] => [#description] => [#theme_used] => 1 [#printed] => 1 [#type] => [#value] => [#prefix] => [#suffix] => [#children] => Printed book ) [1] => Array ( [#formatter] => default [#node] => stdClass Object *RECURSION* [#type_name] => book [#field_name] => field_type [#weight] => 1 [#theme] => text_formatter_default [#item] => Array ( [value] => [format] => [safe] => [#delta] => 1 ) [#title] => [#description] => [#theme_used] => 1 [#printed] => 1 [#type] => [#value] => [#prefix] => [#suffix] => ) [2] => Array ( [#formatter] => default [#node] => stdClass Object *RECURSION* [#type_name] => book [#field_name] => field_type [#weight] => 2 [#theme] => text_formatter_default [#item] => Array ( [value] => [format] => [safe] => [#delta] => 2 ) [#title] => [#description] => [#theme_used] => 1 [#printed] => 1 [#type] => [#value] => [#prefix] => [#suffix] => ) [#title] => [#description] => [#children] => Printed book [#printed] => 1 ) [#single] => 1 [#attributes] => Array ( ) [#required] => [#parents] => Array ( ) [#tree] => [#context] => full [#page] => 1 [#field_name] => field_type [#title] => type [#access] => 1 [#label_display] => inline [#teaser] => [#node] => stdClass Object *RECURSION* [#type] => content_field [#children] => Printed book [#printed] => 1 ) [#title] => [#description] => [#children] =>| Attachment | Size |
|---|---|
| 1851.pdf | 321.6 KB |
The financial crisis has sharpened the debate on Europe’s back office architecture. This paper reviews the ECB’s decision to proceed with its Target 2 Securities (T2S) project, which aims to establish a common IT platform for securities settlement, reducing differences between current infrastructures. The apparently solid configuration of the project shakes, however, when we closely examine the impact of this common infrastructure on the competitive landscape. Notably, non-discriminatory access to the platform (low barriers to entry), clearer and independent governance, and full participation by Central Securities Depositories (CSDs and ICSDs) are essential conditions to ensure the initiative’s success. The paper also examines the possibility to build a level playing field for CSDs in Europe and evaluates the ESCB/CESR recommendations, discussing the progress achieved with the industry’s Code of Conduct and evaluating, as follow-up to the financial crisis, the relative merits of multiple vs single Central Counterparty Clearing (CCP) in OTC markets.
| Attachment | Size |
|---|---|
| 1851.pdf | 321.6 KB |
The financial crisis has sharpened the debate on Europe’s back office architecture. This paper reviews the ECB’s decision to proceed with its Target 2 Securities (T2S) project, which aims to establish a common IT platform for securities settlement, reducing differences between current infrastructures. The apparently solid configuration of the project shakes, however, when we closely examine the impact of this common infrastructure on the competitive landscape. Notably, non-discriminatory access to the platform (low barriers to entry), clearer and independent governance, and full participation by Central Securities Depositories (CSDs and ICSDs) are essential conditions to ensure the initiative’s success. The paper also examines the possibility to build a level playing field for CSDs in Europe and evaluates the ESCB/CESR recommendations, discussing the progress achieved with the industry’s Code of Conduct and evaluating, as follow-up to the financial crisis, the relative merits of multiple vs single Central Counterparty Clearing (CCP) in OTC markets.
Related Publications
- Comparing EU and US Responses to the Financial Crisis
- ECMI Statistical Package 2009 - bundle version (PDF+Excel)
- ECMI Statistical Package 2009 - Excel Version
- ECMI Statistical Package 2009 - PDF Version
- The road ahead after de Larosière
- Macro-Prudential Regulation
- Consumer Credit in Europe (1995-2008): ECRI Statistical Package 2009
- Consumer Bankruptcy Regimes and Credit Default in the US and Europe
- Lending to Households in Europe (1995-2008): ECRI Statistical Package 2009
- Mind the Basel Gap