The final Report published by ACI, The Financial Markets Association, contains recommendations to foster the convergence of the heterogeneous market standards and practices that currently prevail in the segmented European short-term markets that currently prevail in the segmented European short-term markets..
The integration of Europe's financial markets is a prerequisite to reap the full benefits of the single currency, in particular by facilitating an optimal allocation of capital across the European Union. The markets for short-term debt instruments are comparatively less integrated than other segments of the euro-denominated money market.
The STEP (Short Term European Paper) initiative aims at fostering the convergence of the heterogeneous standards and practices that currently prevail in the European domestic markets and the international ECP market. Such convergence will not affect the existing national and European legislative, regulatory and supervisory frameworks. This will be achieved through market players’ voluntary compliance with standards set out in a market convention and would create a de-facto integrated pan-European wholesale market for short-term debt instruments.
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