Co-ordinated action by market participants may be the best means to address this issue, and that is why we welcomed the initiative of the ACI and have lent our logistical support to it. Conclusions What I conclude from these examples is the following.
There are possible ways, in between pure legislative or regulatory action on the one hand, and sheer competition on the other, for promoting the integration of the financial markets. One such way is coordination within the private sector. It is a common experience around the world that where this avenue is used without endangering competition, it can produce the desirable results.