Competition and co-operation: developments in cross-border securities settlement and derivatives clearing

Quarterly Bulletin 1998 Q2
Published on 01 June 1998

By Bob Hills and Chris Young of the Bank’s Payment and Settlement Policy Division.

The article outlines recent developments and new initiatives in cross-border securities settlement and derivatives clearing. It suggests that competition for post-EMU business is already resulting in increased co-operation, in the form of links between systems. These developments have implications for the risks in cross-border clearing and settlement and for market structure, and raise issues for central banks and regulators.

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