European banks and fund managers have urged Brussels to publicly commit to shortening the window for settling EU stock and bond trades, as the US and UK press on with plans to modernise their own markets.
A task force representing 18 market lobby groups on Monday called on EU authorities to “make a formal commitment” to reform settlement times. The task force, led by the Association for Financial Markets in Europe (AFME), also called for the bloc to set a timeframe to guide the industry in its preparations.
Settlement is the typically mundane but crucial process of matching and legally transferring assets from sellers to buyers.
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