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The silent revolution: Clearing and settlement in the future
Journal of Securities Operations & Custody,
2
(2),
163-168
(2009)
Abstract
In order to create a single European capital market the clearing and settlement infrastructure of Europe, which has grown out of national markets, must be modernised and streamlined to operate effectively across borders. A number of key changes are required to improve the quality and safety of the infrastructure that supports the wholesale OTC markets which are crucial to the functioning of the financial system. These include the wider adoption of central counterparty mechanisms and netting of transactions. Initiatives being pursued by the authorities in Europe need to be followed by global initiatives to upgrade market infrastructure.
Keywords: clearing; settlement; OTC markets; central counterparty (CCP); credit derivatives
The full article is available to subscribers to the journal.
Author's Biography
Godfried De Vidts is a recognised authority on European financial and political issues, engaging with the European central banks and treasuries, the European Commission and the European Parliament. Throughout his career, he has been a member of various official working groups such as the European Central Bank (ECB) Contact Group on Euro Securities Infrastructures (Cogesi), the ECB Macroprudential Policies and Financial Stability Contact Group (MFCG), and the ESMA Secondary Markets Standing Committee Consultative Working Group. Since starting his career in financial markets in 1972, Godfried has worked with multiple financial products. He has always been keen to support innovative market developments. As a past president of ACI — Financial Markets Association and as Chairman of ICMA European Repo and Collateral Council (ERCC), recently changed to Special Adviser to ICMA’s ERCC, he frequently contributes papers to specialist financial publications and is a regular speaker at conferences.
