A European Mechanism for the Issuance and Initial Distribution of Debt Securities
Abstract Although the European Union (EU) has implemented initiatives and common rules regarding securities settlements, no similar integration initiatives have been proposed for the issuance and initial distribution of debt securities. The EU does not function as a single market given that issuers...
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| Format: | Article |
| Language: | English |
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Springer
2020-06-01
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| Series: | Intereconomics |
| Online Access: | https://doi.org/10.1007/s10272-020-0894-0 |
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| _version_ | 1841525627753070592 |
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| author | Georgios Pavlidis |
| author_facet | Georgios Pavlidis |
| author_sort | Georgios Pavlidis |
| collection | DOAJ |
| description | Abstract Although the European Union (EU) has implemented initiatives and common rules regarding securities settlements, no similar integration initiatives have been proposed for the issuance and initial distribution of debt securities. The EU does not function as a single market given that issuers of euro debt instruments still have to use multiple and non-harmonised channels and procedures. A harmonised European framework for the issuance and initial distribution of debt securities or the establishment of a new European market infrastructure service is widely considered a way to create a deep and liquid single market for debt instruments. While such a paradigm shift promises significant improvements compared with the existing debt issuance and distribution landscape, a hasty and poorly designed public intervention would risk distorting the market, thereby increasing complexity and bringing more fragmentation. |
| format | Article |
| id | doaj-art-733f91bab7594a00b811f77746d75055 |
| institution | Kabale University |
| issn | 0020-5346 1613-964X |
| language | English |
| publishDate | 2020-06-01 |
| publisher | Springer |
| record_format | Article |
| series | Intereconomics |
| spelling | doaj-art-733f91bab7594a00b811f77746d750552025-01-17T08:34:13ZengSpringerIntereconomics0020-53461613-964X2020-06-0155318719110.1007/s10272-020-0894-0A European Mechanism for the Issuance and Initial Distribution of Debt SecuritiesGeorgios Pavlidis0School of Law and Social Sciences, Neapolis University PaphosAbstract Although the European Union (EU) has implemented initiatives and common rules regarding securities settlements, no similar integration initiatives have been proposed for the issuance and initial distribution of debt securities. The EU does not function as a single market given that issuers of euro debt instruments still have to use multiple and non-harmonised channels and procedures. A harmonised European framework for the issuance and initial distribution of debt securities or the establishment of a new European market infrastructure service is widely considered a way to create a deep and liquid single market for debt instruments. While such a paradigm shift promises significant improvements compared with the existing debt issuance and distribution landscape, a hasty and poorly designed public intervention would risk distorting the market, thereby increasing complexity and bringing more fragmentation.https://doi.org/10.1007/s10272-020-0894-0 |
| spellingShingle | Georgios Pavlidis A European Mechanism for the Issuance and Initial Distribution of Debt Securities Intereconomics |
| title | A European Mechanism for the Issuance and Initial Distribution of Debt Securities |
| title_full | A European Mechanism for the Issuance and Initial Distribution of Debt Securities |
| title_fullStr | A European Mechanism for the Issuance and Initial Distribution of Debt Securities |
| title_full_unstemmed | A European Mechanism for the Issuance and Initial Distribution of Debt Securities |
| title_short | A European Mechanism for the Issuance and Initial Distribution of Debt Securities |
| title_sort | european mechanism for the issuance and initial distribution of debt securities |
| url | https://doi.org/10.1007/s10272-020-0894-0 |
| work_keys_str_mv | AT georgiospavlidis aeuropeanmechanismfortheissuanceandinitialdistributionofdebtsecurities AT georgiospavlidis europeanmechanismfortheissuanceandinitialdistributionofdebtsecurities |