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：2004
出版社：European Central Bank
摘要：Over the past few years, numerous securities exchanges have altered their ownership structures by transforming themselves from mutualised, member-owned companies into forprofit, shareholder-owned companies. Within Europe, the adoption of the euro, legal and regulatory changes adopted pursuant to the European Commission’s Financial Services Action Plan, and the resulting market integration have also caused alliances and mergers among exchanges and other institutions involved in the post-trade processing of securities transactions to flourish. These recent trends in market integration and consolidation have facilitated an increase in cross-border trading and have brought significant increases in market efficiency: markets are more liquid and provide a wider range of products at lower costs than in the past. The growth in “collateralised transactions” (including repos and securities lending), many of which involve counterparties located in different jurisdictions, has also fuelled growth in cross-border transactions.
