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Consider Europe’s rival clearing and settlement systems. Ideally, Europe should have a central counterparty for all securities trading, because that would be most efficient for settlement and for minimizing movements of collateral. At present, this seems unlikely to happen. In principle, however, it should be possible for several securities markets to coexist in the euro zone, each with its own trading exchange, clearing mechanism, settlement system and depository.

The main idea of the paragraph

Besides, there has not been a central clearing and settlement system for securities trading, although there should be one for the sake of efficiency in settlement

此外，还没有建立一个用于股权交易的中央交换结算系统，虽然从提高结算效益的角度讲有这样的需要。

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