All these concerted initiatives will bring benefits for Europe. Commercial service-providers will benefit from the level playing-field that common platforms, harmonised rules and reduced complexity will bring. Issuers will benefit from lower capital costs. Investors will benefit from better returns. However, the benefits go beyond the European post-trading activity, as an efficient posttrading market also contributes to the safeguarding of financial stability.
Efficient and integrated markets reinforce the shock-absorption capacity of the system, as they are more liquid and offer better opportunities for financing and risk distribution. Similarly, in periods of high market volatility, the efficency of processing, clearing and settlement and the timeliness of reusing funds contributes to the stability and shock-absorption capacity of financial markets.