Michael Chlistalla Books

The European post-trading system has changed significantly in the last years and is currently facing enormous challenges, e. g. due to the financial crisis, stricter regulation of financial markets, globalization, and the automation of securities processing. Until now, a systematic assessment of the European post-trading industry is missing in academic literature. Using the Delphi methodology, this study among 158 experts from different areas of the post-trading industry aims to develop a joint and coherent view of what the European post-trading system will look like in the future. It identifies measures for the improvement of the post-trading system and the most important issues concerning risk management and information technologies within this industry.

This study investigates the impact of regulation on European equities markets from different perspectives and by using various methodologies. Four research questions aim to shed light on how regulatory objectives impact on securities trading and post-trading. While the a priori perspective hints at the danger of imminent order flow fragmentation and potential negative effects of competition induced by regulation, we find empirical evidence for the legislators' success in fostering competition between European equities markets. Moreover, we introduce a new measure for a systematic comparison of market quality other than the long-established liquidity measures.