Charles McCreevy, the EU’s internal markets commissioner, has no inclination to add to the financial services industry’s regulatory fatigue. Or so he said in a speech in Luxembourg in September. That said, he probably won’t have any choice but to do so.
McCreevy speaks for most of the financial services sector when he laments the persistence of high cross-border trading costs in Europe. Like everyone else, he blames the fragmented clearing and settlement infrastructure, inherited from national markets.
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