I should also like to mention that the short-term securities market is the least integrated segment of the money market. The European commercial paper and certificates of deposit markets are segmented in several market places. But I expect that the market-led Short-Term European Paper initiative, the STEP initiative, will advance integration.
This initiative aims at the convergence of standards and practices through market participants’ compliance with the STEP Market Convention. In the coming days, Euribor ACI and Euribor FBE will formally adopt the STEP Market Convention. Issuers will then be able to apply for the STEP label. The Eurosystem has supported this private-sector initiative since its inception by acting as a catalyst.