Market infrastructures : harmonisation of market practices and integration of systems

摘要

This article tries to demonstrate, various processes are in progress today to eventually produce a genuine integrated European financial market. However, only one aspect was mentioned here, the one we usually refer to as the back office, and more specifically one of the back office components : settlement. It is however worth underlining that this sector is considered as one of the major priorities of the EU authorities today. Harmonisation of market practices and processes, as well as their regulatory and legal environments (including harmonisation within tax processes, e. g. the implementation of withholding tax) rapidly become key factors. JEL classification : F36, G14, G28