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Feature: Problem with the plumbing
22 June 2010
Global Investor/isf looks at the crisis in the Eurozone government bond markets and the regulatory and structural problems that has highlighted
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Eurozone government bond markets
The crisis in the Eurozone government bond markets has highlighted the structural impediments and regulatory shortcomings that are still preventing the creation of a truly integrated securities market in the EU.
Yet few would argue that such an objective is a critical component for the future success of the EU as an economic entity. Trading systems may appear to be relatively straightforward with EuroMTS, Broker Tec and e-Speed providing in most countries the infrastructure for trading of the most liquid Government bonds in Europe. But the clearing and settlement behind even these as well as bonds traded on local domestic markets are still a collection of disparate systems. As a result, added layers of costs and complexity are introduced, which discourage financial transactions and causes national markets to be isolated.
The Giovannini Group, formed in 1996, produced two reports that identified a total of 15 specific barriers that prevent...
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