Plumbers and Visionaries

Peter Norman 지음

Wiley 2008년 07월 31일 출간

작품소개

책소개

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

목차

List of Tables and Figures.Preface.PART I: NEW PROBLEMS. NEW SOLUTIONS.Chapter 1: Settling Securities Across Borders.1.1 Turnover in the trillions.1.2 Process and players.Chapter 2: The Eurobond Market and the New York Settlement crisis.2.1 Autostrade shows the way.2.2 Foreign dollar bonds and their settlement.2.3 From Autostrade to the New York Settlement Crisis.2.4 The AIBD.2.5 Settlement Services in Luxembourg.Chapter 3: The ICSDs - Euroclear and Cedel.3.1 Closings in Brussels.3.2 The creation of Euroclear.3.3 Establishing Cedel in Luxembourg.3.4 Cedel&-s success.3.5 The wider settlement picture.Chapter 4: Euroclear fights back.4.1 Sale of Euroclear to its users.4.2 Difficult days.4.3 Commitment to investment.4.4 Euclid.4.5 Securities lending and borrowing.4.6 The Bridge.4.7 Prospering in difficult times.PART II: WINDS OF CHANGE.Chapter 5: New Markets, New Tensions.5.1 Caviar and Champagne.5.2 1980s&&~ Deregulation and securitisation.5.3 Diversification at Euroclear.5.4 The Belgian cooperative.Chapter 6: After the crash.6.1 Strengthening cooperation and national systems.6.2 European considerations.6.3 American influences.6.4 Central banks push for DvP.Chapter 7: The Coming of the Euro.7.1 A world transformed.7.2 Beyond G30.7.3 The EMI and Lamfalussy.7.4 The growth of Repo activity.7.5 The ECB and Securities Settlement.PART III: AN INDUSTRY IN FERMENT.Chapter 8: The Rivals.8.1 Euroclear and the boom in domestic markets.8.2 Lussi and the revival of Cedel.Chapter 9: Change at the Exchanges and CSDs.9.1 Investment and consolidation.9.2 Seifert in Frankfurt - A story of vertical integration.9.3 Theodore in Paris - Innovation through IT.9.4 Taurus and Crest - a horizontal system by accident.9.5 The Swiss Value C

출판사 서평

"...will interest specialists, general readers and fans of detective fiction... grippingly relevant to current economic circumstances"& (Financial Times, Monday 7th January 2008)"virtually the only book to cover this arcane subject&comprehensively, it is an&essential complement for any financial market&-s library." (Financial World, February 2008)"...a comprehensive and exhaustively researched study.." (Speed, Vol. 2)&"Norman has produced a history of EU clearing and settlement systems&" (European Voice, Thursday 14th February 2008)&"...deserves to become compulsory reading for regulators and policy makers everywhere." (Global Custodian, Spring 2008)

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저자(글) Peter Norman

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Peter Norman is a London-based journalist and writer, specialising in European issues. He began a career in journalism in 1968, as a trainee for Reuters Economic Services in London. He later worked for the Times of London and the Wall Street Journal-Europe before joining the Financial Times in 1988 with responsibility for the newspaper-s UK and international economic news coverage. He spent 22 years of his professional life on the European mainland, based at various times in Frankfurt, Bonn and Brussels. After three years in Bonn as the FT-s chief German correspondent, he moved in 1998 to Brussels as bureau chief and chief EU correspondent.