Post-trade activities follow the execution of a securities transaction, culminating with final exchange of securities and funds between the both parties of the trade. Such activities, clearing and settlement in particular, play a vital role in the smooth functioning of securities markets. The fragmented landscape of clearing and settlement infrastructures, as a major barrier to creating an integrated pan-European financial market, has attracted much attention of the EU Commission and other relevant authorities. The private sector has taken measures to change the fragmented landscape through consolidation. The trend of consolidation and the process of demutualization of clearing and settlement system operators have triggered debate over the preferable ownership and governance structure of these operators. This book offers a snapshot of the governance structure and arrangements of some major clearing and settlement system operators in Europe and USA from a stakeholder perspective. Implications for management will be deduced after the comparison of the stakeholder management of these system operators.

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