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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).

CONTACT

Europese Centrale Bank

Directoraat-generaal Communicatie

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