World Finance Informs

Europe's capital markets have become more integrated in some areas, but important differences remain in the infrastructure connecting investors, issuers and financial intermediaries across national borders. The European Central Bank says financial integration in the euro area has strengthened since late 2022, while fragmentation remains particularly visible in securities settlement and asset servicing. National legal frameworks, tax arrangements and market practices continue to influence how cross-border transactions are processed. That makes European Capital Markets a question of infrastructure as much as financial depth. Investors may operate within a common European market, but the systems supporting trading, clearing, settlement and asset...