01822cas a2200241 a 4500 AALejournalIMF004498 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451865011 1018-5941 BD-DhAAL BD-DhAAL Kazarian, Elias. Integration of the Securities Market Infrastructure in the European Union : Policy and Regulatory Issues / Elias Kazarian. Washington, D.C. : International Monetary Fund, 2006. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the risks associated with cross-border clearing and settlement and concludes that, due to institutionalized deficiencies, the current cross-border regulatory framework may not be adequate or effective in addressing and preventing a real cross-border crisis. The paper proposes a two-tier regulatory framework for securities infrastructure in Europe entailing the creation of a centralized "federal" European regulatory framework for regional systems, in addition to the current national regulatory framework for domestic systems. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2006/241 Full text available on IMF http://elibrary.imf.org/view/journals/001/2006/241/001.2006.issue-241-en.xml IMF e-Library