Plumbers and Visionaries: Securities Settlement and Europe's Financial MarketISBN: 978-0-470-72425-5
Hardcover
368 pages
January 2008
This is a Print-on-Demand title. It will be printed specifically to fill your order. Please allow an additional 10-15 days delivery time. The book is not returnable.
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This book is the story of a financial sector that has grown hugely
in importance in the 40 years since Euroclear, now the
world’s premier settlement system for domestic and
international securities transactions, was created to deal with a
settlement crisis that threatened to smother the international
capital market in its infancy.
Beginning with the settlement crisis in the Eurobond market, this
book describes how Euroclear and later Cedel, its arch-rival, were
founded to deal with the problem. It follows the challenges posed
by cross-border settlement for a growing range of securities when
most financial infrastructures operated only within national
frontiers. The book demonstrates how securities settlement became
an issue for public policy after the stock market crash of 1987 and
how the problems of cross-border settlement moved rapidly up the
European policy agenda after the euro’s launch.
More than a mere history, this book engages with the people who
created the modern European securities settlement industry and taps
into the often entertaining memories of its founding fathers. This
book also focuses on the difficulties and challenges of
cross-border transactions which have been identified as hampering
Europe’s economic growth. It looks at the present state of
the industry seeking a way forward so that the securities
settlement infrastructure will better serve a single European
capital market.