Searching for the Holy Grail

Despite much hard work, the distant dream of having full harmonization of global settlements and clearing remains a dream.

Imagine everywhere in the world, investors buying and selling securities using the same platforms, the same settlement procedures, the same clearing protocols. Unfortunately imagination is all you will need, as delegates at Sibos yesterday heard of the many barriers that still prevent that dream becoming reality.

At a panel discussion comprising representatives from the G30, the Giovannini Committee, the SIA, Euoclear and SWIFT, it became clear that much work has been done in the US and Europe to improve the harmonization between various markets' clearing and settlements systems.

Much of this work to date has focused on finding and identifying the barriers that exist. These...

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