Patrick Hess

Specialised Institutions & LSIs

Division: Universal & Diversified Inst. 3
Current Position: Principal Supervisor
Fields of interest: International Economics,Financial Economics,Other Special Topics
Email: patrick.hess@ecb.europa.eu

Biography

Education: 1990-1996
MA in Sinology and Economics, Heidelberg University, Germany; 1992-1993
Vrije Universiteit Amsterdam, The Netherlands; 1989-1990
Beijing Foreign Studies University 北京外国语大学, People's Republic of China
Professional experience: 2020-
Principal Supervisor – Division Specialised Institutions & LSIs 3, Directorate General Specialised Institutions & LSIs, European Central Bank; 2014-2020
Principal Oversight Expert – Division Oversight, Directorate General Market Infrastructure & Payments, ECB; 2013-2014
Senior China Economist – Division External Developments, Directorate General International & European Relations, ECB; 2003-2013
Senior Market Infrastructure Expert – Division TARGET, Directorate General Payments & Market Infrastructure, ECB; 1996-2003
Product Manager, Global Cash Management, Deutsche Bank
Teaching experience: 2017-
China’s financial system – MEAS, Goethe University Frankfurt, Germany; 2009-2011
Chinese economic policy – Institute of Chinese Studies, Heidelberg University, Germany

ECB publications

8 July 2010

OCCASIONAL PAPER SERIES - No. 116

Securities clearing and settlement in China: markets, infrastructures and policy-making

Patrick Hess

English

Abstract: China is taking a more active role on the world stage, even more so since its rapid and strong recovery from the global recession. In the financial realm this expansion is underpinned by a strategy to build strong and competitive capital markets at home. In order to achieve this goal, well-functioning and sound securities infrastructures are an important pre-requisite, and therefore they receive a lot of attention from Chinese policy-makers, as well as from market participants both in China and abroad. This paper evaluates the current market infrastructure, including the legal and regulatory framework, for securities trading, clearing and settlement in mainland China, and analyses the policy-making in this field. The paper finds that, following huge progress in recent years, the post-trading processes are increasingly safe and efficient. It concludes that, given the effectiveness of the policy process, Chinese clearing and settlement are likely to develop into the
JEL Code: E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G15 : Financial Economics→General Financial Markets→International Financial Markets
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
P34 : Economic Systems→Socialist Institutions and Their Transitions→Financial Economics