"Market participants have asked for harmonisation of settlement and insolvency laws but member states don't want to change insolvency rules, for example, because if you start tinkering with those then you have to change the legal foundations of each country," Schol said. This time round the EU executive, the European Commission, has proposed thornier steps for knitting together national markets by creating an EU tape or record of stock and bond trades by 2024, a step exchanges will lobby hard to water down.Ī single EU point of access for information on listed companies to mirror the 'Edgar' filings system on Wall Street, is also proposed.īut far tougher reforms like harmonising settlement, taxes on investments and accounting will need tackling to create a truly seamless EU securities market like in the United States, Schol and others said.
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