Economics growth

The importance of integrated markets and CMU

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ICMA has been concerned about ways in which recent regulations such as MiFID II or CSDR have created fragmentation in capital markets and about results of the first CMU action plan which have been often below expectations. Relaunching an CMU initiative is an opportunity to address these inadequacies, while integrating new challenges such as green finance and digital development.


ICMA (the International Capital Market Association) represents issuers, lead managers, dealers, asset managers, investors and market infrastructure providers in the international capital markets. ICMA has over 580 members, based across Europe and globally, and has set standards of good market practice in the international fixed income market for over 50 years. 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.

CMU (Capital Markets Union) has ...

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Revue Banque Nº838bis