Issuers and investors in the European short-term paper markets are therefore confronted with reduced depth and liquidity, and they have less diversification opportunities than in the US. The Short-Term European Paper (STEP) initiative, which was set up and is being led by ACI – The Financial Markets Association, aims to overcome such fragmentation and to promote the development of a pan-European short-term paper market.
Is there an element of banking that remains the exclusive privilege of banks? The chunking away of banking from the banks has given enormous business and growth for these non-banks. With their specialisation and focussed service rendering, they are able to offer that chosen service at greatest efficiency, speed and at very affordable cost to the consumers.