Securities secondary markets may require prompt interventions by authorities to ensure their stability and functionality. This can only happen if a network between competent authorities for the efficient and timely exchange of information is in place. •  Securities clearing and settlement systems fall under the competence of both central banks and securities or banking supervisors and thus deserve joint consideration.
Securities regulators and central banks have already initiated a discussion of issues of common interest. The fruitful experience of the CPSS-IOSCO Joint Task Force on Securities Settlement Systems is an incentive to conduct similar work at the EU level.