An introduction to the European Post-Trade Market - Clearstream

Contents
THE EUROPEAN POST-TRADE MARKET
Contents
Executive Summary .................................................................................................................... 5
1 Introduction ...................................................................................................................................... 6
2 Overview of the Post-Trade Market .................................................................................. 7
2.1 Market basics ........................................................................................................................................ 7
2.2 Five distinct post-trade functions ...................................................................................................... 8
2.3 Providers of post-trade services ........................................................................................................ 11
2.4 Market-structure development .......................................................................................................... 13
2.5 Market size ............................................................................................................................................ 14
2.6 Summary ................................................................................................................................................ 15
3 Safety of Post-Trade Services ................................................................................................ 16
3.1 Post-trade risks and risk takers ........................................................................................................ 16
3.2 Risk mitigation ...................................................................................................................................... 17
3.3 Summary ................................................................................................................................................ 19
4 Competition, Efficiency and Governance .................................................................... 20
4.1 Competition for post-trade services .................................................................................................. 21
4.2 Efficiency of post-trade services ........................................................................................................ 25
4.3 Effectiveness of existing governance structures ............................................................................ 27
4.4 Summary ................................................................................................................................................ 30
5 Conclusion ........................................................................................................................................ 31
List of Exhibits ................................................................................................................................ 33
Glossary .............................................................................................................................................. 34
References ........................................................................................................................................ 38
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