It is no coincidence that in the areas where such common infrastructure is missing, then integration is less well developed. The repo market, which is still hampered by a multitude of securities clearing and settlement systems, gives a still unfortunate example of that phenomenon.
Another example is the adoption of the EONIA rate, which underscores how market participants play an important role in fostering financial integration through the adoption of market conventions. The EONIA rate, which stands for Euro Over-Night Index Average, is the effective interest rate in the euro unsecured overnight interbank market.