As a result, it is easier for market participants to carry out large transactions within a short period of time and with lower costs. Hence,  BIS Review 38/2001  1  not only bid-ask spreads but also other indicators point towards an increase in the depth and liquidity of euro area financial markets.
Progress on financial market integration is also apparent in recent structural developments in stock markets. In 1999 and 2000, a vast array of initiatives were launched by stock exchanges with a view to forming alliances or merging activities.