Developing Regulation in the Field of Financial Market Infrastructures
Securities markets' infrastructures are the subject of regulatory concerns, especially due to their systemic importance and their key role in investor protection. Different initiatives, both international as regional - esp. in the EU and in the US - have been introduced or announced. The present overview essentially deals with the European developments in the field of securities and in derivatives as well. Especially in the latter fields, reforms are urgently needed to reduce risk, introducing central clearing parties (CCPs), and trade repositories. The role of the European Securities and Markets Authority (ESMA) is especially mentioned.