Here, the development of payment systems plays an important role. Secondly, securities clearing and settlement systems need to be made more integrated and efficient. The third area where progress is most needed is the integration and coordination of financial supervision. Of these three areas, I will next briefly focus on securities trade.
BIS Review 19/2006  3  A problem in the securities markets is their current lack of depth and integration. An important challenge is the fragmentation of clearing and settlement systems. It is an important factor behind the high price of securities transactions in Europe. This applies particularly to trade in equities.