Peter Norman – Plumbers & Visionaries

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Plumbers and Visionaries: Securities Settlement and Europe’s Financial Market is a groundbreaking study of Europe’s securities settlement industry’s past and future.

This book, written by seasoned journalist and author Peter Norman, examines a less visible but crucial section of the global financial markets, tracing the evolution of securities settlement across Europe’s borders.

That spans the free-wheeling days of the Eurobond market in the 1960s to the highly regulated and efficient multi-trillion euro company securities settlement it is today.

This is the story of a financial sector that has grown enormously in importance in the 40 years since Euroclear, now the world’s premier settlement system for domestic and international securities transactions, was established to deal with a settlement crisis that threatened to suffocate the international capital market in its early days.

Beginning with the Eurobond settlement crisis, this book discusses how Euroclear and subsequently Cedel, its arch-rival, were established to address the issue.

It is a response to the issues faced by cross-border settlement for a growing spectrum of securities when most financial infrastructures only worked within national borders.

The book explains how, following the 1987 stock market meltdown, securities settlement became a public policy concern, and how, with the introduction of the euro, cross-border settlement issues rose quickly up the European policy agenda.

This book is more than just a history; it connects with the individuals who formed the modern European securities settlement business and draws on the frequently amusing memories of its founding fathers.

This book also examines the problems and challenges of cross-border transactions, which have been cited as a barrier to Europe’s economic progress.

It examines the current situation of the business in order to chart a course ahead that would better serve a unified European capital market.

TABLE OF MATERIALS

Tables and figures are listed below.

Preface.

NEW PROBLEMS IN PART I NEW OPTIONS.

Chapter 1: Cross-Border Securities Settlement

1.1 Trillions of dollars in revenue.

1.2 The Process and the Players

The Eurobond Market and the New York Settlement Crisis, Chapter 2.

2.1 Autostrade demonstrates the path.

2.2 Settlement of foreign dollar bonds

2.3 The Autostrade Crisis and the New York Settlement Crisis

The AIBD is 2.4.

2.5 Luxembourg Settlement Services

Euroclear and Cedel are the ICSDs discussed in Chapter 3.

Closings in Brussels (3.1).

3.2 The establishment of Euroclear.

3.3 Cedel’s establishment in Luxembourg.

Cedel’s success is 3.4.

3.5 The big picture of settlement.

Euroclear fights back in Chapter 4.

4.1 Euroclear’s sale to its customers.

4.2 days of difficulty

4.3 Investment commitment.

Euclid 4.4

4.5 Lending and borrowing of securities

The Bridge (4.6).

4.7 Surviving through terrible times.

PART II: CHANGE WINDS

New Markets, New Tensions, Chapter 5

5.1 Champagne and Caviar

5.2 Deregulation and securitisation in the 1980s

5.3 Euroclear’s diversification.

The Belgian cooperative is number 5.4.

After the crash, in Chapter 6.

6.1 Improving collaboration and national systems

6.2 European perspectives.

6.3 Influences from America

6.4 Central banks advocate for DvP.

Chapter 7: The Euro’s Arrival.

7.1 A altered world

7.2 G30 and Beyond

7.3 Lamfalussy and the EMI

7.4 Increased Repo activity.

7.5 The European Central Bank and Securities Settlement

PART III: A FERMENTING INDUSTRY

Chapter 8: The Competitors

8.1 Euroclear and the domestic market boom

8.2 Lussi and the Resurrection of Cedel

Change at the Exchanges and CSDs is covered in Chapter 9.

9.1 Consolidation and investment

9.2 Seifert in Frankfurt – A vertical integration narrative

9.3 Theodore in Paris – IT Innovation

9.4 Taurus and Crest – an unintentional horizontal system

The Swiss Value Chain (9.5).

9.6 distinct blueprints

Corporate Manoeuvrings (Chapter 10)

10.1 Change is under pressure.

10.2 Is There a European Clearing House?

10.3 A mind-meld in Marrakech.

Euroclear is having a bad day.

10.5 The battle for survival starts.

10.6 The French emigration.

Euroclear Has Been Transformed.

11.1 Euroclear is split from Morgan.

11.2 The establishment of Euronext.

11.3 Euroclear purchases Sicovam.

Seifert’s Silo (Chapter 12).

12.1 A slew of initiatives

12.2 Lussi’s fortunes are fading.

12.3 Lussi’s demise

12.4 The banks alter course.

Clearstream is secured by 12.5 Seifert.

Europe’s Two Settlement Models, Chapter 13

Crest is acquired by Euroclear.

13.2 A less-than-ideal outcome.

13.3 Incorporating the vertical and horizontal models

13.4 The merger of LCH and Clearnet.

13.5 points for fair and clear.

13.6 Structure and governance changes

PART IV: A PROBLEM FOR EUROPE.

The EU responds in Chapter 14.

14.1 The Agenda of Lisbon

14.2 The Lamfalussy Wise Men’s Committee.

The Giovannini Reports (14.3).

14.4 The expense of fragmentation

14.5 The Commission speaks up.

14.6 Andria’s report

The ESCB/CESR criteria are 14.7.

14.8 Reports from the G30 and the EFR.

14.9 MiFID.

14.10 The second message from the Commission.

McCreevy arrives at 14.11.

Setting Parameters (Chapter 15).

15.1 Exchanges and Algorithms

15.2 Seifert and the Unintended Consequences Law

15.3 Exchange consolidation: a volatile catalyst

15.4 Competition authorities oppose silos.

15.5 Interoperability and competition

15.6 in favor of and against a single CCP

15.7 User dissatisfaction

Euroclear undergoes a transformation.

Work in Progress (Chapter 16).

Euroclear’s domestic market in Europe is 16.1.

Cesame and the destruction of the Giovannini walls.

Frameworks for the Future, Chapter 17.

17.1 Two solutions at the same time

17.2 The code of ethics.

Target2-Securities 17.3

17.4 T2S – The sequel.

17.5 questions, and then some.

Conclusions and Reflections (Chapter 18).

Appendix A: Bibliography and References

Appendix B: Important dates for the European Securities Settlement Industry.

Appendix C: Who’s Who in European Securities Settlement History.

Glossary of Technical Terms (Appendix D).

Afterword (Appendix E).

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