Plumbers and Visionaries

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Plumbers and Visionaries: Securities Settlement andEurope's Financial Market is a path-breaking account ofthe history and future of the securities settlement industry inEurope. Written by experienced journalist and author, Peter Norman,this book takes a look at the less visible, but neverthelesscritical segment of the global capital markets, following thedevelopment of securities settlement across Europe'sfrontiers. It encompasses the free-wheeling days of the Eurobondmarket in the 1960s, through the growing integration of theEuropean Union, to the highly regulated and efficientmulti-trillion euro business securities settlement it is today. This book is the story of a financial sector that has grown hugelyin importance in the 40 years since Euroclear, now theworld's premier settlement system for domestic andinternational securities transactions, was created to deal with asettlement crisis that threatened to smother the internationalcapital market in its infancy. Beginning with the settlement crisis in the Eurobond market, thisbook describes how Euroclear and later Cedel, its arch-rival, werefounded to deal with the problem. It follows the challenges posedby cross-border settlement for a growing range of securities whenmost financial infrastructures operated only within nationalfrontiers. The book demonstrates how securities settlement becamean issue for public policy after the stock market crash of 1987 andhow the problems of cross-border settlement moved rapidly up theEuropean policy agenda after the euro's launch. More than a mere history, this book engages with the people whocreated the modern European securities settlement industry and tapsinto the often entertaining memories of its founding fathers. Thisbook also focuses on the difficulties and challenges ofcross-border transactions which have been identified as hamperingEurope's economic growth. It looks at the present state ofthe industry seeking a way forward so that the securitiessettlement infrastructure will better serve a single Europeancapital market.

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Peter Norman

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Finance & Investments Finanz- u. Anlagewesen Finanzmarkt

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"...will interest specialists, general readers and fans ofdetective fiction... grippingly relevant to current economiccircumstances" (Financial Times, Monday 7th January2008) "virtually the only book to cover this arcanesubject comprehensively, it is an essential complementfor any financial market's library." (Financial World,February 2008) "...a comprehensive and exhaustively researched study.."(Speed, Vol. 2) "Norman has produced a history of EU clearing andsettlement systems" (European Voice, Thursday 14thFebruary 2008) "...deserves to become compulsory reading for regulatorsand policy makers everywhere." (Global Custodian, Spring2008)
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