It is going to change, quite dramatically, the way European markets work. |
People in the U.S. and Asia are seeing this as an indication that Europe is getting its act together. |
There is an awful lot of change being foreseen and implemented in a very short period of time, which is causing some issues for the people who have to make the changes. |
We've just completed a draft recommendation for a common communication protocol for settlement and clearing in the EU. The final version will be published in March 2006, and we're looking for infrastructure to be compliant with the terms of that protocol within two years. |