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- Title
Horizontal and vertical integration in securities trading and settlement.
- Authors
Tapking, Jens; Jing Yang
- Abstract
The article reports on horizontal and vertical integration in securities trading and settlement. Securities trading and settlement are essential parts of any securities transaction. Trading is the process that results in an agreement between a seller and a buyer to exchange securities for funds. Settlement refers to the actual transfer of securities from the seller to the buyer and the transfer of the funds from the buyer to the seller. In the European Union, the securities trading and settlement infrastructure is highly fragmented. There are over 20 national exchanges and about as many central securities depositories (CSDs). Market participants, central banks and regulators agree that consolidation is desirable.
- Subjects
MERGERS &; acquisitions; FINANCIAL markets; HORIZONTAL integration; VERTICAL integration; BANKING industry; EUROPEAN Union
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 4, p469
- ISSN
0005-5166
- Publication type
Article