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This paper investigates the existence and extent of economies,of scale in depository,and ,settlement ,systems.  Evidence ,from ,16  settlement  institutions across different regions for the years 1993–2000 indicates the existence of  significant ,economies ,of  scale. ,The  degree ,of  such  economies, however, differs by size of settlement institution and region. While smaller  settlement  service  providers  reveal  a  high ,potential  of  economies for  scale,  larger  institutions  show  an  increasing  trend  toward  cost effectiveness. Clearing and settlement systems in countries in Europe and Asia report substantially larger economies,of scale than those of the USsystem. European  cross-border  settlement  seems ,to  be ,more ,cost  intensive than that on a domestic level, reflecting chiefly complexities of EUinternational  securities  settlement  systems ,and  differences  in  the  scope of  international  settlement ,service  providers.  The  evidence ,also  reveals that  investments  in  implementing  new  systems  and  upgrades  of  settlement technology continuously improved cost effectiveness over the sample period.  Key words:  securities  settlement,  economies  of  scale,  technological  progress  JEL classification: D4, G20, F36, L22, O33

Economies of Scale and Technological Development in Securities Depository and Settlement Systems