Differences in legal frameworks as well as in clearing and settlement systems are the usual suspects and, indeed, these are the major actors in the impediment play. The process of translating European legislation into national law, making securities market laws compatible among the members of the European Union, is currently progressing in slow motion. Fortunately, progress towards integrated securities markets is in the offing.
The “Committee of Wise Man” chaired by Monsieur Lamfalussy has drafted an ambitious plan to speed up the legislative process of the EU Commission’s “Financial Services Action Plan”. This plan aims to create a fully integrated financial market in Europe by 2005. Priorities set in the Lamfalussy plan will bring us an integrated and competitive European securities market as early as 2003.