PRESS RELEASE

ECB hosts consultation on integration of short-term securities markets

16 September 2002

The European Central Bank (ECB) has agreed to a request from the ACI, the Financial Markets Association, to host on its behalf a consultation on how the European short-term securities markets can be further integrated.

The integration of Europe's financial markets is a prerequisite for reaping the full benefits of the single currency, in particular by facilitating an optimal allocation of capital across the European Union. The markets for short-term securities are comparatively less integrated than other segments of the euro-denominated money market, and private sector initiatives aimed at improving the current situation are welcome.

The ACI has asked the ECB to make the following documents available:

  • a document outlining the aim and procedure of the ACI consultation;
  • a report entitled "The Short-Term Paper Market in Europe", prepared by the EURIBOR-ACI;
  • a report entitled "The Money Market: Legal Aspects of Short-Term Securities", prepared by the European Financial Markets Lawyers Group (EFMLG) in support of the ACI initiative.

These documents will be available on the ECB's website as of 3 p.m. ECB time (C.E.T.) today.

Interested parties are invited to send their contributions to the ECB by 30 November 2002 (for details see the first document mentioned above).

Media contacts