{"product_id":"plumbers-and-visionaries-9780470724255","title":"Plumbers and Visionaries","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eCrossing Frontiers is a story about the settlements industry in Europe, with an emphasis on cross border, influenced by the developments and business in the US and bound up with the Americanization of securities markets, all the while relating the impact on Europe.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"...will interest specialists, general readers and fans of detective fiction... grippingly relevant to current economic circumstances\"  (\u003ci\u003eFinancial Times\u003c\/i\u003e, Monday 7th January 2008)  \u003cp\u003e\"virtually the only book to cover this arcane subject comprehensively, it is an essential complement for any financial market’s library.\" (\u003ci\u003eFinancial World\u003c\/i\u003e, February 2008)\u003c\/p\u003e \u003cp\u003e\"...a comprehensive and exhaustively researched study..\" (\u003ci\u003eSpeed,\u003c\/i\u003e Vol. 2)\u003c\/p\u003e \u003cp\u003e“Norman has produced a history of EU clearing and settlement systems” (\u003ci\u003eEuropean Voice\u003c\/i\u003e, Thursday 14th February 2008)\u003c\/p\u003e \u003cp\u003e“...deserves to become compulsory reading for regulators and policy makers everywhere.\" (\u003ci\u003eGlobal Custodian\u003c\/i\u003e, Spring 2008)\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eList of Tables and Figures ix\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I New problems. New solutions 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Settling Securities Across Borders 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Turnover in the trillions 3\u003c\/p\u003e \u003cp\u003e1.2 Process and players 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 The Eurobond Market and the New York Settlement Crisis 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Autostrade shows the way 17\u003c\/p\u003e \u003cp\u003e2.2 Foreign dollar bonds and their settlement 19\u003c\/p\u003e \u003cp\u003e2.3 From Autostrade to the New York settlement crisis 20\u003c\/p\u003e \u003cp\u003e2.4 The AIBD 23\u003c\/p\u003e \u003cp\u003e2.5 Settlement services in Luxembourg 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The ICSDs – Euroclear and Cedel 29\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Closings in Brussels 29\u003c\/p\u003e \u003cp\u003e3.2 The creation of Euroclear 31\u003c\/p\u003e \u003cp\u003e3.3 Establishing Cedel in Luxembourg 35\u003c\/p\u003e \u003cp\u003e3.4 Cedel’s success 37\u003c\/p\u003e \u003cp\u003e3.5 The wider settlement picture 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Euroclear Fights Back 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 The sale of Euroclear to its users 43\u003c\/p\u003e \u003cp\u003e4.2 Difficult days 45\u003c\/p\u003e \u003cp\u003e4.3 Commitment to investment 48\u003c\/p\u003e \u003cp\u003e4.4 Euclid 51\u003c\/p\u003e \u003cp\u003e4.5 Securities lending and borrowing 52\u003c\/p\u003e \u003cp\u003e4.6 The Bridge 54\u003c\/p\u003e \u003cp\u003e4.7 Prospering in difficult times 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Winds of Change 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 New Markets, New Tensions 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Caviar and champagne 63\u003c\/p\u003e \u003cp\u003e5.2 The 1980s – Deregulation and securitisation 66\u003c\/p\u003e \u003cp\u003e5.3 Diversification at Euroclear 72\u003c\/p\u003e \u003cp\u003e5.4 The Belgian cooperative 76\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 After the Crash 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Strengthening cooperation and national systems 79\u003c\/p\u003e \u003cp\u003e6.2 European considerations 82\u003c\/p\u003e \u003cp\u003e6.3 American influences 84\u003c\/p\u003e \u003cp\u003e6.4 Central bankers push for DvP 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 The Coming of the Euro 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 A world transformed 91\u003c\/p\u003e \u003cp\u003e7.2 Beyond G30 92\u003c\/p\u003e \u003cp\u003e7.3 The EMI and Lamfalussy 94\u003c\/p\u003e \u003cp\u003e7.4 The growth of repo activity 97\u003c\/p\u003e \u003cp\u003e7.5 The ECB and securities settlement 100\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III An Industry in Ferment 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 The Rivals 107\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Euroclear and the boom in domestic markets 107\u003c\/p\u003e \u003cp\u003e8.2 Lussi and the revival of Cedel 116\u003c\/p\u003e \u003cp\u003e9 Change at the Exchanges and CSDs 123\u003c\/p\u003e \u003cp\u003e9.1 Investment and consolidation 123\u003c\/p\u003e \u003cp\u003e9.2 Seifert in Frankfurt – a story of vertical integration 125\u003c\/p\u003e \u003cp\u003e9.3 Th´eodore in Paris – innovation through IT 129\u003c\/p\u003e \u003cp\u003e9.4 Taurus and CREST – a horizontal system by accident 133\u003c\/p\u003e \u003cp\u003e9.5 The Swiss Value Chain 135\u003c\/p\u003e \u003cp\u003e9.6 Different blueprints 136\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Corporate Manoeuvrings 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Pressure for change 141\u003c\/p\u003e \u003cp\u003e10.2 A European clearing house? 143\u003c\/p\u003e \u003cp\u003e10.3 A meeting of minds in Marrakech 144\u003c\/p\u003e \u003cp\u003e10.4 Dark days for Euroclear 146\u003c\/p\u003e \u003cp\u003e10.5 The fight back begins 147\u003c\/p\u003e \u003cp\u003e10.6 The French defect 149\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Euroclear Transformed 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Euroclear separates from Morgan 151\u003c\/p\u003e \u003cp\u003e11.2 The creation of Euronext 156\u003c\/p\u003e \u003cp\u003e11.3 Euroclear acquires Sicovam 158\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Seifert’s Silo 163\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 A flurry of initiatives 163\u003c\/p\u003e \u003cp\u003e12.2 Lussi’s fortunes ebb 165\u003c\/p\u003e \u003cp\u003e12.3 Lussi’s downfall 167\u003c\/p\u003e \u003cp\u003e12.4 The banks change tack 170\u003c\/p\u003e \u003cp\u003e12.5 Seifert secures Clearstream 171\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Europe with Two Settlement Models 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 Euroclear acquires CREST 175\u003c\/p\u003e \u003cp\u003e13.2 A sub-optimal outcome 179\u003c\/p\u003e \u003cp\u003e13.3 Embedding the vertical and horizontal models 182\u003c\/p\u003e \u003cp\u003e13.4 LCH and Clearnet merge 184\u003c\/p\u003e \u003cp\u003e13.5 Fair \u0026amp; Clear 186\u003c\/p\u003e \u003cp\u003e13.6 Changes in structures and governance 187\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV An Issue for Europe 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 The EU Reacts 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 The Lisbon Agenda 193\u003c\/p\u003e \u003cp\u003e14.2 The Lamfalussy Committee of Wise Men 194\u003c\/p\u003e \u003cp\u003e14.3 The Giovannini Reports 196\u003c\/p\u003e \u003cp\u003e14.4 The cost of fragmentation 200\u003c\/p\u003e \u003cp\u003e14.5 The Commission responds 201\u003c\/p\u003e \u003cp\u003e14.6 The Andria Report 203\u003c\/p\u003e \u003cp\u003e14.7 The ESCB\/CESR standards 203\u003c\/p\u003e \u003cp\u003e14.8 The G30 and EFR Reports 205\u003c\/p\u003e \u003cp\u003e14.9 MiFID 206\u003c\/p\u003e \u003cp\u003e14.10 The Commission’s second communication 207\u003c\/p\u003e \u003cp\u003e14.11 The arrival of McCreevy 208\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Setting Parameters 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 Algorithms and exchanges 213\u003c\/p\u003e \u003cp\u003e15.2 Seifert and the law of unintended consequences 215\u003c\/p\u003e \u003cp\u003e15.3 Exchange consolidation: an unpredictable catalyst 217\u003c\/p\u003e \u003cp\u003e15.4 Competition authorities turn against silos 218\u003c\/p\u003e \u003cp\u003e15.5 Competition and interoperability 220\u003c\/p\u003e \u003cp\u003e15.6 For and against a single CCP 222\u003c\/p\u003e \u003cp\u003e15.7 User discontent 224\u003c\/p\u003e \u003cp\u003e15.8 Change at Euroclear 227\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Work in Progress 233\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Euroclear’s domestic market for Europe 233\u003c\/p\u003e \u003cp\u003e16.2 Cesame and dismantling the Giovannini barriers 238\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 Frameworks for the Future 243\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 Two solutions at once 243\u003c\/p\u003e \u003cp\u003e17.2 The code of conduct 244\u003c\/p\u003e \u003cp\u003e17.3 Target2-Securities 250\u003c\/p\u003e \u003cp\u003e17.4 T2S – the follow-up 254\u003c\/p\u003e \u003cp\u003e17.5 Questions and more questions 259\u003c\/p\u003e \u003cp\u003e18 Conclusions and Reflections 265\u003c\/p\u003e \u003cp\u003eAppendices 271\u003c\/p\u003e \u003cp\u003eA References and bibliography 271\u003c\/p\u003e \u003cp\u003eB Key dates for the securities settlement industry in Europe 279\u003c\/p\u003e \u003cp\u003eC Who’s who in the history of European securities settlement 291\u003c\/p\u003e \u003cp\u003eD Glossary of technical terms 311\u003c\/p\u003e \u003cp\u003eE Postscript 329\u003c\/p\u003e \u003cp\u003eIndex 333\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":48864638402903,"sku":"9780470724255","price":54.62,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780470724255.jpg?v=1722272842","url":"https:\/\/bookcurl.com\/products\/plumbers-and-visionaries-9780470724255","provider":"Book Curl","version":"1.0","type":"link"}