They will also increase cross-border competition to the benefit of investors and issuers alike.

No-one contests the need to address the high cost of and the corresponding difficulty of having access to cross-border clearing and settlement in the EU. We have not yet reached any definitive view on the precise measures we would propose to remedy this situation. It is clear, though, that the present system is untenable. Changes are going to have to be made. We believe the industry recognizes this as well and we would encourage them to be a part of the solution and not the problem.

They said it would never happen, we would never cross the border. And now here we are.

We made it quite clear to the French authorities that it can only be in very specific, limited circumstances,

One can stay within the legal rules, but not completely comply with the spirit,

These licenses will make it easier for new European-based online services to take off,