花旗银行：2026年重构欧洲资本市场：从碎片化走向一体化研究报告（英文版）

Europe’s capital markets infrastructure consists of an array of often unconnected trading venues, clearing houses, settlement systems, central counterparties and data and technology providers – all of which are fragmented across the various countries in the region. This disjointedness has implications for capital formation, liquidity, costs and efficiency. As markets globally adopt newer technologies, including tokenization and digital assets, this lack of harmonization poses a systemic risk