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...

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...

European clearing houses are facing competition on their home markets for the first time. In order to meet this new challenge, the management of a clearing house needs to identify its stakeholders and their interests and must define a strategy including financial and non-financial aims, which...

European clearing houses are facing competition on their home markets for the first time. In order to meet this new challenge, the management of a clearing house needs to identify its stakeholders and their interests and must define a strategy including financial and non-financial aims, which...

European clearing houses are facing competition on their home markets for the first time. In order to meet this new challenge, the management of a clearing house needs to identify its stakeholders and their interests and must define a strategy including financial and non-financial aims. We...

The Balanced Scorecard is a well-established tool for the management of a company as it integrates financial and non-financial perspectives. However, little attention has been given to its theoretical and conceptual valuation. We illustrate how the stakeholder value theory corresponds with the...

In the last years equity exchanges have diversified their operations into business areas such as derivatives trading, post-trading services, and software sales. Securities trading, clearing, and settlement are subject to economies of scale and scope. The integration of these functions into one...

Despite many innovations and restructuring in the last years, the securities clearing and settlement industry in Europe is still said to be highly inefficient for cross-border transactions. This paper provides a fact based overview of the market, regulation, and recent developments that aim to...