Weaknesses in the enforcement of regulation have been targeted by the G-20 as a priority concern for reform. But enforcement efforts in securities markets have proven difficult and uneven. The recent scandal in the United States, wherein a Ponzi scheme orchestrated by Bernard Madoff went...

International financial integration has greatly increased the scope for changes in a country's net foreign asset position through the valuation channel, namely capital gains and losses on external assets and liabilities. We examine this valuation channel in a dynamic equilibrium portfolio model...

Intro -- Contents -- I. INTRODUCTION -- II. MAIN COMPONENTS OF SECURITIES MARKET INFRASTRUCTURE -- III. MAIN ECONOMIC FEATURES -- IV. INTEGRATION OF THE SECURITIES MARKET INFRASTRUCTURE IN EUROPE -- V. IMPACT OF INFRASTRUCTURE CONSOLIDATION -- VI. REGULATORY AND SUPERVISORY RESPONSE -- VII. AN...