Advancing the capital markets union in Europe: a roadmap for harmonising securities post-trading

Benjamin Hanssens, David Sandín de Vega and Hannah Franziska Sowa

Economic Bulletin Articles, 2025, vol. 4

Abstract: Harmonising European post-trade activities is essential for bolstering capital markets and better serving European citizens and companies. Progress is required in both enhancing the current landscape and developing digital solutions. This article concentrates on the present post-trade environment, with a particular focus on non-harmonised elements, particularly in securities settlement, collateral management and asset servicing. The Eurosystem supports the ongoing creation of a harmonised European rulebook with standards that address current barriers and improve existing post-trade processes in these areas. A coordinated roadmap is necessary to transition to the single rulebook, allowing Europe to fully benefit from enhanced data quality and end-to-end automation. JEL Classification: E42, E58

Keywords: Capital markets union; collateral; financial market infrastructures; ISO 20022.; payments; post-trade; savings and investments union; securities settlement (search for similar items in EconPapers)
Date: 2025-06
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbart:2025:0004:2

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