An efficient securities settlement system is a principal component of the infrastructure necessary for developing government securities markets. The settlement system affects the degree of confidence investors have in the market infrastructure, determines whether trading in the primary and secondary markets flows smoothly and influences the capacity of markets to expand. Settlement procedures depend on country circumstances and the degree of automation. But irrespective of the approach, policy makers should try to minimise the various risks in the system and, where necessary, improve settlement procedures.
This policy area reviews the major policy issues involved in developing a government settlement and describes its main components, including the types of securities accounts, central depository systems, the different settlement arrangements and the role of central counterparties. Issues related to cross-border mergers and acquisitions among different national and international central depositories in the EU will be addressed.
The following are documents published up to and including the year 2003. From 2004 to 2010 all documents can be found only in the archive available in the website’s Reserved area. Instead, since January 2011, all documents will be found in both areas of the website. Access to the Reserved area is free, but limited to Partners only. Please find more information at the Join us section.
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The aim of our Discussion Forum is to promote dialogue on specific topics proposed by the Secretariat and by Partners.
