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Advancing the capital markets union in Europe: a roadmap for harmonising securities post-trading

Author

Listed:
  • Hanssens, Benjamin
  • de Vega, David Sandín
  • Sowa, Hannah Franziska

Abstract

Harmonising European post-trade activities is essential for bolstering capital markets and better serving European citizens and companies. Progress is required in both enhancing the current landscape and developing digital solutions. This article concentrates on the present post-trade environment, with a particular focus on non-harmonised elements, particularly in securities settlement, collateral management and asset servicing. The Eurosystem supports the ongoing creation of a harmonised European rulebook with standards that address current barriers and improve existing post-trade processes in these areas. A coordinated roadmap is necessary to transition to the single rulebook, allowing Europe to fully benefit from enhanced data quality and end-to-end automation. JEL Classification: E42, E58

Suggested Citation

  • Hanssens, Benjamin & de Vega, David Sandín & Sowa, Hannah Franziska, 2025. "Advancing the capital markets union in Europe: a roadmap for harmonising securities post-trading," Economic Bulletin Articles, European Central Bank, vol. 4.
    • Handle: RePEc:ecb:ecbart:2025:0004:2
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    File URL: https://www.ecb.europa.eu//press/economic-bulletin/articles/2025/html/ecb.ebart202504_02~088e848790.en.html
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    More about this item

    Keywords

    Capital markets union; collateral; financial market infrastructures; ISO 20022.; payments; post-trade; savings and investments union; securities settlement;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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