Abstract
The European post-trading landscape is recently changing fundamentally due to regulatory actions, the financial crisis, and the strong linkage of the global financial markets. The systemic importance of post-trading infrastructures underlines the industry’s significant dependence on safe and efficient processes and thus the importance of reliable IT-systems. Using the Delphi methodology in a study among a multitude of experts from different areas of post-trading, we develop a joint and coherent view of the most important issues relating to IT the post-trading system has to cope with.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Brancheau, J.C., Janz, B.D., Wetherbe, J.C.: Key Issues in Information Systems Management: 1994-1995 SIM Delphi Results. MIS Quarterly 20(2), 225–242 (1996)
Chlistalla, M., Gomber, P., Schaper, T.: The Future of the European Post-Trading System - A Delphi Study on the Future of the European Post-Trading System in the Light of Globalization and the Financial Crisis. Ibidem-Verlag, Hannover (2010)
Chlistalla, M., Schaper, T.: Modifying the Balanced Scorecard for a Network Industry - The Case of the Clearing Industry. In: Godart, C., Gronau, N., Sharma, S., Canals, G. (eds.) Software Services for e-Business and e-Society, Nancy, pp. 255–271 (2009)
Couper, M.R.: The Delphi Technique: characteristics and sequence model. Advances in Nursing Science 7, 72–77 (1984)
Euroclear, Delivering a Domestic Market for Europe (July 2002)
European Central Bank, T2S Online. Quarterly Review 1/2009 (2009)
European Central Bank, OTC Derivatives and Post-Trading Infrastructures (2009b)
European Commission Directive 2004/39/EC of the European Parliament and of the Council of April 21, 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (2004)
European Commission, Draft working document on Post-Trading (2006)
European Commission, COM(2009) 332 Ensuring efficient, safe and sound derivatives markets (2009)
European Commission, SEC (2009) 905 Staff Working Paper (2009b)
FESE Share Ownership Structure in Europe (December 2008), http://www.fese.be/_lib/files/Share_Ownership_Survey_2007_Final.pdf (retrieved November 4, 2009)
FESE, EACH, and ECSDA, The European Code of Conduct for Clearing and Settlement (2006)
Francotte, P.: Rising to the challenge of the crisis and change. The view from the CEO of Euroclear (14), 1–8 (2009)
Freeman, R.E.: Strategic Management: A Stakeholder Approach, Pitman (1984)
Gomber, P.: The transformed environment of the derivatives industry after recent market turmoil, Focus No. 193, World Federation of Exchanges (2009)
Gomber, P., Schaper, T.: Impact of Information Technology on Settlement Services for Equities. Market Study (2007)
Gibson, J.M.E.: Using the Delphi to identify the content and context of nurses continuing professional development needs. Journal of Clinical Nursing 7, 451–459 (1998)
Giovannini Group, Cross-Border Clearing and Settlement Arrangements in the EU (2001)
Hasson, F., Keeney, S., McKeena, H.: Research Guidelines for the Delphi survey technique. Journal of Advanced Nursing 32(4), 1008–1015 (2000)
Knieps, G.: Competition in the Post-Trade Markets: A Network Economic Analysis of the Securities Business. Journal of Industry, Competition and Trade 6(1), 45–60 (2006)
LIBA, ESF, and ICMA, Letter to the ECB on Securities Sector Representation in T2S Committees (2007), http://www.icma-group.org/market_practice/Advocacy/clearing_and_settlement/target2-securities.html (accessed April 27, 2007)
Link Up Markets, Link Up Markets (2009), http://www.linkupmarkets.com/pdf/LinkUpMarkets_August2009.pdf (retrieved October 20, 2009)
Mitchell, R.K., Agle, B.R., Wood, D.J.: Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What really Counts. Academy of Management Review 22(4), 853–886 (1997)
NERA, The direct costs of clearing and settlement: an EU-US comparison, Corporation of London City Research Series, No. 1 (2004)
Oxera, Monitoring prices, cost and volumes of trading and post-trading services, Report prepared for the European Commission (2009)
Pirrong, C.: The Industrial Organization of Execution, Clearing and Settlement in Financial Markets. In: CFS, DBAG and EFL Research Conference, Frankfurt, June 13-14 (2008)
Schmiedel, H., Malkamäki, M., Tarkka, J.: Economies of scale and technological development in securities depository and settlement systems. Journal of Banking & Finance 30, 1783–1806 (2006)
Serifsoy, B.: Stock exchange business models and their operative performance. Journal of Banking & Finance 31, 2978–3012 (2007)
Serifsoy, B., Weiß, M.: Settling for efficiency – A framework for the European securities transaction industry. Journal of Banking & Finance 31, 3034–3057 (2007)
Wendt, F.: Intraday Margining of Central Counterparties: EU Practice and a Theoretical Evaluation of Benefits and Costs. Netherlands Central Bank, Amsterdam (2006)
WFE, Report on Total Value of Share Trading (2009), http://www.world-exchanges.org/statistics/time-series/value-share-trading (retrieved October 22, 2009)
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2010 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
Schaper, T., Chlistalla, M. (2010). The Impact of Information Technology on European Post-Trading. In: Nelson, M.L., Shaw, M.J., Strader, T.J. (eds) Sustainable e-Business Management. AMCIS 2010. Lecture Notes in Business Information Processing, vol 58. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-15141-5_5
Download citation
DOI: https://doi.org/10.1007/978-3-642-15141-5_5
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-15140-8
Online ISBN: 978-3-642-15141-5
eBook Packages: Computer ScienceComputer Science (R0)