Introduction  •  I would like to thank the Deutsche Bundesbank for giving me the opportunity to present my views on a subject, clearing and settlement of securities transactions, which is currently "burning", although it has long been considered of secondary importance.
•  Indeed, securities clearing and settlement used to be considered pure "paperwork" - necessary for the business, but not very attractive from an intellectual or policy perspective. Now, however, there is increasing awareness that "processing" has turned into a highly dynamic field which requires careful strategic analysis and decision-making, a field where there are plenty of new profit opportunities and challenging developments.