Anecdotal evidence collected via market survey from counterparties active in the repo market suggests that the share of euro area cross-border transactions increased further to around 30% in December 2004. The least integrated segment of the money market is the short-term paper market.
Indeed, this market is not only much smaller than its counterpart in the United States, but it is also segmented along national borders in the EU. In the United States, there is a single and very well developed market for commercial paper, with an outstanding volume of almost USD 1.5 trillion.