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Study on consolidation and reducing fragmentation in trading and post-trading infrastructures in Europe
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Study on consolidation and reducing fragmentation in trading and post-trading infrastructures in Europe

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Метаданни за публикацията

EU capital markets will not succeed in their current structure and require reform. Savings and Investment Union will only achieve its goal of increasing investors’ and issuers’ participation by growing both the demand for and the supply of investment solutions. However, the EU capital market's market infrastructure is inefficient and costly, and its inherent complexity does not support these goals. The overarching objective remains the development of an integrated European market infrastructure aligned with the SIU’s goals. A decisive change is required to transition to a simplified infrastructure based on the principles of competition, interoperability and resilience. Achieving this goal requires not only technical and operational progress but also substantive legal harmonisation across EU Member States to address the persistent fragmentation in trading and post-trading services. The basic principles have, in large part, been identified historically in studies beginning with the Giovannini Report in 2001. Still, progress in agreeing and implementing them has been slow, especially in the areas of tax and securities law. The findings in this study are based on approximately 100 interviews with market infrastructure providers, market participants, and public authorities, completed by a structured survey. One of the dominant findings of the Study is that persistent national legal barriers remain among the most significant obstacles to the further development of EU capital markets. These barriers create operational frictions in cross-border business, adding costs, complexity, and legal uncertainty for securities transactions. Market participants repeatedly emphasised that the fragmentation of legal frameworks impedes their daily operations and undermines the efficiency of post-trade processes.
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