An integrated market is perhaps easiest understood when it concerns goods, and where it refers to a situation where there are no barriers to trade across borders. The same reasoning can also be applied to the wider context of financial markets.
Market participants should generally not be discriminated in their access to the market on the basis of their location, and cross-border transactions should be treated equally to domestic ones, notably in terms of rules and costs. Progressing towards such an ideal setting with regard to all the segments of the financial markets is the challenge before us.