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ICMA publishes briefing on the importance of integrated capital markets and CMU
ICMA briefing: The Importance of Integrated Capital Markets and CMU

29 July 2019 The International Capital Market Association’s (ICMA’s) mission is to promote resilient well-functioning international and globally coherent cross-border debt securities markets, which are essential to fund sustainable economic growth and development. There is a significant degree of consistency between this mission and the objectives of the European Commission’s Capital Markets Union (CMU) initiative. Given this, ICMA has supported CMU from the outset and continues to see significant value in the further development of the CMU concept. The element of integration inherent in this concept is a point that is integral to much of ICMA’s work, which strives to avoid unnecessary market fragmentation and disruption given that such aspects run counter to the development of deep, liquid, efficient markets.  

To feed the Commission’s own deliberation of the appropriate way in which to best build upon the significant efforts which have already gone into CMU, ICMA has prepared a short briefing paper on the importance of integrated capital markets and CMU.  This encompasses some high-level observations on the incremental complexity introduced by Brexit and the importance of making progress to fulfil the objectives of CMU in a way which allows the EU to achieve better outcomes in a highly competitive global environment. The paper also outlines why it is that ICMA considers there to be a big opportunity to fully exploit the synergies between each of the CMU, the sustainability action plan and the FinTech action plan. Finally, the annex to the paper includes some additional detailed observations regarding specific work to further fulfil CMU objectives.

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