期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2007
卷号：1
出版社：European Central Bank
摘要：This paper tries to contribute to the discussion on the role of securities settlement infrastructures for nancial integration in Europe. It presents a model that can explain a well-known stylized fact of securities settle- ment, the surprisingly high fees charged by central securities depositories (CSDs) for settlement through links between CSDs. As the model turns out to provide a robust explanation for this stylized fact, it is then used to analyzes an important policy question, the welfare e¤ects of mergers of CSDs.
关键词：Securities settlement; link settlement fees; central securities;depositories.
