D. whereas inefficiencies exist in the market for cross-border clearing and settlement in the EU which arise partly from two sources: higher operating costs per transaction due to national differences of legal nature, technical requirements, market practices and tax procedures, and in some cases higher margins due to restrictive market practices,E. whereas the above-mentioned Giovannini reports identified 15 barriers due to these national
differences and the CESAME Group is working to coordinate private and public sector initiatives to remove them, and whereas some of the legal and access-related barriers can only be removed through legi
...[+++]slation,
D. considérant que les lacunes du marché de la compensation et du règlement-livraison transfrontaliers dans l'UE ont deux origines: des frais plus élevés par transaction s'expliquant par les disparités nationales en matière de législation, de normes techniques, de prix de marché et de procédures fiscales, et, dans certains cas, des marges plus importantes liées aux pratiques de marché restrictives,