Information and communication technologies and the integration of financial marketplaces: The development of the Euroclear single platform for cross-border securities settlement.

Panourgias, Nikiforos S (2008) Information and communication technologies and the integration of financial marketplaces: The development of the Euroclear single platform for cross-border securities settlement. PhD thesis, London School of Economics and Political Science.

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Abstract

While cross-border financial activity continues to grow, facilitated by the adoption of electronic information and communication technologies (ICTs) and the multi-jurisdictional presence of large financial corporations, securities marketplaces have remained locally organised. Why has marketplace integration in this area lagged when ICTs have made possible the linking of geographically remote transacting parties and enhanced their calculative capabilities. This question raises issues regarding distinctions between markets and marketplaces and the implication of ICTs in the constitution of financial marketplaces that this research seeks to address through a study of an initiative to use ICTs to integrate the securities marketplaces of the UK and Ireland, France, Belgium, Holland, and Brussels-based international central securities depository Euroclear Bank. Adopting an approach informed by the social studies of finance that emphasise the importance of technologies, systematic knowledge, and material practices in the functioning of financial markets, the central empirical focus of the research is to trace the articulation of human and non-human entities involved in the development of the Euroclear cross-marketplace securities settlement platform. The study shows that integrating securities marketplaces is far from being a neat technical process requiring the integration of ICT systems. Instead, a meticulous sociotechnical re-articulation of the exchange architectures that format the encounters between transacting parties and transacting parties and objects of exchange is required. Furthermore, as the new arrangements take shape, they become a concrete interrogation of the world - both conceptual and material - surrounding them; technical issues become part of wider controversies, with points of interface between the emerging system and other sociotechnical networks it comes into contact with becoming nodes of actions, questions, and reactions from agencies required to respond to the demands of the new platform from the world around it. In the process, competing inscriptions of assumptions about the world are rendered explicit and contestable as the experiment of ICT-inspired marketplace integration becomes embroiled in a trial of rival conceptions of politico-economic integration.

Item Type:	Thesis (PhD)
Uncontrolled Keywords:	Information Technology, Business Administration, Management
Sets:	Collections > ProQuest Etheses Departments > Management
URI:	http://etheses.lse.ac.uk/id/eprint/2958

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