In this sense, T2S is a demonstration of the market’s willingness to achieve deeper integration on a European scale. But legislative and regulatory action will also be required if the remaining barriers in the field of market infrastructure are to be removed.
This is because financial markets in Europe are subject to a vast network of legal rules, which sometimes conflict on issues such as taxation requirements, insolvency procedures and corporate governance. For full integration, we need to have a single rulebook for capital markets, and all market participants must have equal access to markets.