| Popis: |
This chapter reflects on the operations, impact, and role that financial market infrastructures (FMIs) have in the US securities holding system and more broadly on the society. It identifies the regulatory failures in the regulation of securities holding FMI systems and the costs and risks intermediated securities systems imposed on securities markets (internal cost) and on the economy and the public interest more generally (external costs). While intermediation in the securities holding environment is essential for modern securities markets, it nevertheless imposes externalities onto outside constituencies that need to be addressed. The chapter challenges the status quo of the securities holding infrastructures. It engages their primary regulators to set more ambitious goals for the intermediated securities system and engages with policy options oriented towards increased transparency and direct holding. |
