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Since the 70s, the European Commission (EC) continues its intent to harmonize and standardize EU Markets through a new set of Directives, Regulations and Rules. Many aspects to harmonize and standardize the financial market have already been covered through legislation and regulation. One of the aspects that have still to be covered concerns the regulation of market infrastructures.
The path to harmonization started with the issuance of the 15 barriers to cross-border (XBDR) ClearingSettlement report. Such barriers, classified as legal, tax, technical requirements or market practice, have been tackled during the past decade by regulations and technical improvements, but some of these barriers have not yet been resolved. The EC next...
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