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The organisation of market infrastructures in Europe

Market infrastructures (trading venues, central counterparties - CCPs, central securities depositories - CSDs) play a central role on financial markets.

This role has significantly grown since the financial crisis. In particular, G20 pledges made CCPs key nodes of financial markets: they reduce systemic risk on markets – in particular on OTC derivatives markets – while themselves becoming systemic institutions.

The outcome of the referendum on United Kingdom’s exit from the European Union, as well as consolidation plans between the major European market infrastructures, create a new context which shall be taken into account in terms of market infrastructures.

This is why Odile Renaud-Basso, Director-General of the Treasury, appointed Mr Levy-Garboua, a well-recognized expert of banking and market infrastructures, to lead a reflection on this fundamental question for the organisation and the efficiency of European financial markets.

Disclaimer: the conclusions of the present report belong to Mr Levy-Garboua, and do not necessarily reflect the position of the Directorate-General of the Treasury.


React to this report

All interested parties are invited to react to the report at the following address:, in order to contribute to the reflection on this important matter.

This reflects the commitment of the Directorate-General of the Treasury in favour of sure and efficient European financial markets.


     Crédit illustration© Fotolia

    Publié le 12/01/2017