In a joint statement several European Trade Associations call for a further consolidation process in European clearing and settlement infrastructures. Particularly, the existing vertical silos in Germany, Spain and Italy are seen as a mayor obstacle to rationalising the European post-trade infrastructure and should therefore be dismantled. These structures create potential for severe competitive distortions and represent a hurdle to European financial integration, the French Association of Investment Firms (AFEI), the Italian Association of Financial Intermediaries (ASSOSIM), the French Banking Federation (FBF) and the London Investment Banking Association (LIBA) state.
The associations also call for the definition of strict governance and competition rules for infrastructures providers, the imposition of the unbundling of the vertical silos, and the support for horizontal consolidation and the emergence of single or dominant pan-European infrastructures both for clearing and settlement, and the provision of a favourable environment.
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