The regulation of cross-border clearing and settlement in the European Union from a legitimacy perspective
License
Access Rights
Cadmus Permanent Link
Full-text via DOI
ISBN
ISSN
1566-7529; 1741-6205
Issue Date
Type of Publication
Keyword(s)
LC Subject Heading
Other Topic(s)
EUI Research Cluster(s)
Initial version
Published version
Succeeding version
Preceding version
Published version part
Earlier different version
Initial format
Author(s)
Citation
European Business Organization Law Review, 2012, 13, 3, 441-474
[Global Governance Programme]; [European, Transnational and Global Governance]
Cite
IGLESIAS-RODRÍGUEZ, Pablo, The regulation of cross-border clearing and settlement in the European Union from a legitimacy perspective, European Business Organization Law Review, 2012, 13, 3, 441-474, [Global Governance Programme], [European, Transnational and Global Governance] - https://hdl.handle.net/1814/24174
Abstract
Post-trading activities such as clearing and settlement (C&S) constitute a central element in the integration of European financial markets. However, unlike other areas of financial services, C&S has received little legislative and regulatory attention and, as a result, important barriers to the cross-border provision of C&S services persist in the European Union. In order to remove some of these barriers, the financial industry created, under the auspices of the European Commission, the European Code of Conduct for Clearing and Settlement, a self-regulatory instrument aimed at achieving a smoother provision of cross-border C&S services. This paper uses the concepts of input/output legitimacy to analyse the Code's representative nature and effectiveness. It shows that, first, the Code has not received input from all the relevant constituencies potentially affected by C&S, and second, that there are serious threats to future compliance with the Code related to the competitive pressures of European financial markets. The paper also identifies the proposals to regulate C&S facilities at EU level as well as the new European supervision authorities in the financial field as elements which may highly contribute to the input/output legitimacy of cross-border C&S rules in the EU.
Table of Contents
Additional Information
Published online: 09 October 2012