The European Commission has published its second report on the creation of a more efficient cross-border system for the clearing and settlement of securities.
The study, compiled by the Giovannini Group, sets out strategies for the removal of 15 previously identified legislative and other barriers which currently make cross-border trading more difficult and expensive for investors.
'Clearing and settlement are at the core of any financial system; inefficiencies in these processes have serious consequences,' Group chief, Alberto Giovannini told the LMG news service, adding that:
'A financial market so fragmented not only does not perform its functions effectively, but also fails to attract investments from overseas.'
Recent estimates have revealed that it costs up to 50 times more to clear and settle cross border inter-EU trades than for internal trades in the US, due to the lack of integration between national markets in the former bloc.
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