According to ECB estimates, our monetary policy measures have contributed to reducing euro-area long-term risk-free rates by around 80 basis points since June 2014. [4] As a result, spreads over bonds issued by non-euro area sovereigns have increased notably.
In order to carry out and clear cross border securities trade efficiently, electronic trading, clearing, and settlement systems must be synchronized. Technology in use on the national exchanges seeking to integrate operations must be harmonized as the systems used across the exchanges are not identical, they must at least allow for an efficient, uninterrupted flow of information across borders.