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It also outlines international coordination efforts and ongoing work streams within the G20 and the International Organisation of Securities Commissions (IOSCO).
Three existing legislative instruments already concern the post-trade environment: the Settlement Finality and Financial Collateral Directives and the Commission Withholding Tax Recommendation. Each has contributed to a more stable and efficient post-trading environment.
However, the Commission’s vision is the removal of all barriers linked to post-trading. In the Internal Market, it must be as easy to buy, own and sell foreign shares as domestic ones. To achieve this, there are some key challenges ahead. The current pipe-line includes legislative measures such as the European Market Infrastructure Regulation ("EMIR"), the Securities Law Directive, Central Securities Depositories ("CSD") regulation and policy measures on Close-out netting. Some of these legislative initiatives are more advanced then others.