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Plumbers and Visionaries: Securities Settlement and Europe’s Financial Market is a path-breaking account of the history and future of the securities settlement industry in Europe. Written by experienced journalist and author, Peter Norman, this book takes a look at the less visible, but nevertheless critical segment of the global capital markets, following the development of securities settlement across Europe’s frontiers. It encompasses the free-wheeling days of the Eurobond market in the 1960s, through the growing integration of the European Union, to the highly regulated and efficient multi-trillion euro business securities settlement it is today.

This book is the story of a financial sector that has grown hugely in importance in the 40 years since Euroclear, now the world’s premier settlement system for domestic and international securities transacti***, was created to deal with a settlement crisis that threatened to smother the international capital market in its infancy.

Beginning with the settlement crisis in the Eurobond market, this book describes how Euroclear and later Cedel, its arch-rival, were founded to deal with the problem. It follows the challenges posed by cross-border settlement for a growing range of securities when most financial infrastructures operated only within national frontiers. The book ***s how securities settlement became an issue for public policy after the stock market crash of 1987 and how the problems of cross-border settlement moved rapidly up the European policy agenda after the euro’s launch.

More than a mere history, this book engages with the people who created the modern European securities settlement industry and taps into the often entertaining memories of its founding fathers. This book also focuses on the difficulties and challenges of cross-border transacti*** which have been identified as hampering Europe’s economic growth. It looks at the present state of the industry seeking a way forward so that the securities settlement infrastructure will better serve a single European capital market.

List of tables anfigures.

Author’s Preface.

PART I: NEW PROBLEMS. NEW SOLUTIONS.

　Chapter 1: Settling securities across borders.

　　1.1 Turnover in the trilli***.

　　1.2 Process and players.

　Chapter 2: The Eurobond market and the New York Settlement crisis.

　　2.1 Autostrade shows the way.

　　2.2 Foreign dollar bonds and their settlement.

　　2.3 From Autostrade to the New York Settlement Crisis.

　　2.4 The AIBD.

　　2.5 Settlement Services in Luxembourg.

　Chapter 3: The ICSDs - Euroclear and Cedel.

　　3.1 Closings in Brussels.

　　3.2 The creation of Euroclear.

　　3.3 Establishing Cedel in Luxembourg.

　　3.4 Cedel’s success.

　　3.5 The wider settlement picture.

　Chapter 4: Euroclear fights back.

　　4.1 Sale of Euroclear to its users.

　　4.2 Difficult days.

　　4.3 Commitment to investment.

　　4.4 Euclid.

　　4.5 Securities lending and borrowing.

　　4.6 The Bridge.

　　4.7 Prospering in difficult times.

PART II: WINDS OF CHANGE.

　Chapter 5: New Markets, New Tensi***.

　　5.1 Caviar and Champagne.

　　5.2 1980s Deregulation and securitisation.

　　5.3 Diversification at Euro-clear.

　　5.4 The Belgian cooperative.

　Chapter 6: After the crash.

　　6.1 Strengthening cooperation and national systems.

　　6.2 European c***iderati***.

　　6.3 American influences.

　　*** Central banks push for DvP.

　Chapter 7: The coming of the euro.

　　7.1 A world transformed.

　　7.2 beyond G30.

　　7.3 The EMI and Lam***ssy.

　　7.4 The growth of Repo activity.

　　7.5 The ECB and Securities Settlement.

PART III: AN INDUSTRY IN FERMENT.

　Chapter 8: The Rivals.

　　8.1 Euroclear and the boom in domestic markets.

　　8.2 Lussi and the revival of Cedel.

　Chapter 9: Change at the Exchanges and CSDs.

　　9.1 Investment and c***olidation.

　　9.2 Seifert in Frankfurt - A story of vertical integration.

　　9.3 Theodore in Paris - Innovation through IT.

　　9.4 Taurus and Crest - a horizontal system by accident.

　　9.5 The Swiss Value Chain.

　　9.6 Different blueprints.

　Chapter 10: Corporate manoeuvrings.

　　10.1 Pressure for change.

　　10.2 A European Clearing House?

　　10.3 A meeting of minds in Marrakech.

　　10.4 Dark days for Euroclear.

　　10.5 The fight back begins.

　　10.6 The French defect.

　Chapter 11: Euroclear transformed.

　　11.1 Euroclear separates from M***an.

　　11.2 The creation of Euronext.

　　11.3 Euroclear acquires Sicovam.

　Chapter 12: Seifert's silo.

　　12.1 A flurry of initiatives.

　　12.2 Lussi’s fortunes ebb.

　　12.3 Lussi’s downfall.

　　12.4 The banks change tack.

　　12.5 Seifert secures Clearstream.

　Chapter 13: Europe with two setlement models.

　　13.1 Euroclear acquires Crest.

　　13.2 A sub-optimal outcome.

　　13.3 Embedding the vertical and horizontal models.

　　13.4 LCH and Clearnet merge.

　　13.5 Fair and Clear.

　　13.6 Changes in structures and governance.

PART IV: AN ISSUE FOR EUROPE.

　Chapter 14: The EU reacts.

　　14.1 The Lisbon Agenda.

　　14.2 The Lam***ssy Committee of Wise Men.

　　14.3 The Giovannini Reports.

　　14.4 The cost of fragmentation.

　　14.5 The Commission responds.

　　14.6 The Andria report.

　　14.7 The ESCB/CESR standards.

　　14.8 The G30 and EFR reports.

　　14.9 MiFID.

　　14.10 The Commission’s second communication.

　　14.11 The arrival of McCreevy.

　Chapter 15: Setting parameters.

　　15.1 Algorithms and Exchanges.

　　15.2 Seifert and the law of unintended c***equences.

　　15.3 Exchange c***olidation: an unpredictable catalyst.

　　15.4 Competition authorities turn against silos.

　　15.5 Competition and interoperability.

　　15.6 For and against a single CCP.

　　15.7 User discontent.

　　15.8 Change at Euroclear.

　Chapter 16: Work in progress.

　　16.1 Euroclear’s domestic market for Europe.

　　16.2: Cesame and the dismantling of the Giovannini barriers.

　Chapter 17: Frameworks for the future.

　　17.1 Two soluti*** at once.

　　17.2 The code of conduct.

　　17.3 Target2-Securities.

　　17.4 T2S - The follow up.

　　17.5 Questi*** and more questi***.

　Chapter 18: Conclusi*** and reflecti***.

Appendix A. References and Bibliography.

Appendix B. Key dates for the Securities Settlement Industry in Europe.

Appendix C. Who’s Who in the History of European Securities Settlement.

Appendix D. Glossary of Technical Terms.

Appendix E. Afterword.

Index.

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The day (21 July 1967) was Belgian national day...A few hundred meters away, in a building of M***an Guaranty, the US bank, bankers and technicians were launching a securities settlement service to try to overcome a paperwork crisis that threatened to throttle a still yound international capital market: the Eurobond market.

The Eurobond market that spawned Euroclea***as a reaction to national financial restricti*** in the US.

The users were soon at odds with the emerging Cedel/DBC/Sicovam group. THe press reported their fears that Deutsche Boerse and the Banque de France would have excessive influence over the planned trila***l group. Some complained that Lussi was seeking the right to negotiate detailed terms of the merge***ithout having to obtain additional backing along the way from Cedel shareholders.

In 2001, an international group of securities clearing houses, which included LCH, Clearnet and Eurex, set up an association called CCP12 with the aim of improving global clearing, netting and CCP services. The underlying message to the E*** was clear: keep your tank off our lawn or face ruinous competition.

The higher volumes generated by smaller ticket sizes are, at first sight, great news for exchanges and post-trade service providers. They mean more invoices and much higher revenues from fees. But such business growth has also meant much greater pressure from users, such as the big investment banks which dominate European equity trading, for lower fees and cost cutting measures on the part of infrastructure providers. Dissatisfaction with the resp***e has encouraged users to c***ider strategies to disintermediate exchanges and other infrastructure providers when costs do not fall.

"There are now equity traders who have on their screen a little calculator that calculates not only the cost of trading but also the cost of clearing and settling the transaction. And they will not do certain transacti*** when the cost is too great, " Tupker added.

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Plumbers and Visionaries: Securities Settlement and Europe’s Financial Market is a path-breaking account of the history and future of the securities settlement industry in Europe. Written by experienced journalist and author, Peter Norman, this book takes a look at the less visible, but nevertheless critical segment of the global capital markets, following the development of securities settlement across Europe’s frontiers. It encompasses the free-wheeling days of the Eurobond market in the 1960s, through the growing integration of the European Union, to the highly regulated and efficient multi-trillion euro business securities settlement it is today.

This book is the story of a financial sector that has grown hugely in importance in the 40 years since Euroclear, now the world’s premier settlement system for domestic and international securities transacti***, was created to deal with a settlement crisis that threatened to smother the international capital market in its infancy.

Beginning with the settlement crisis in the Eurobond market, this book describes how Euroclear and later Cedel, its arch-rival, were founded to deal with the problem. It follows the challenges posed by cross-border settlement for a growing range of securities when most financial infrastructures operated only within national frontiers. The book ***s how securities settlement became an issue for public policy after the stock market crash of 1987 and how the problems of cross-border settlement moved rapidly up the European policy agenda after the euro’s launch.

More than a mere history, this book engages with the people who created the modern European securities settlement industry and taps into the often entertaining memories of its founding fathers. This book also focuses on the difficulties and challenges of cross-border transacti*** which have been identified as hampering Europe’s economic growth. It looks at the present state of the industry seeking a way forward so that the securities settlement infrastructure will better serve a single European capital market.