"Plumbers and Visionaries: Securities Settlement and Europe's
Financial Market" is a path-breaking account of the history and
future of the securities settlement industry in Europe. Written by
experienced journalist and author, Peter Norman, this book takes a
look at the less visible, but nevertheless critical segment of the
global capital markets, following the development of securities
settlement across Europe's frontiers. It encompasses the
free-wheeling days of the Eurobond market in the 1960s, through the
growing integration of the European Union, to the highly regulated
and efficient multi-trillion euro business securities settlement it
is today.
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.
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