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For there to be a single market, each individual market would have to allow seamless trading between itself and the other euro-zone markets. At a trivial level, that would require the exchanges and systems to have the same clearing and settlement cycles. At present they are a long way from this, with exchanges opening and closing at different times and relying on a variety of clearing deadlines that require constant vigilance from investors.

The main idea of the paragraph

In order to establish a single unified Euro-security market (in the EU), the first and most important is to adopt the same clearing and settlement cycles.

为了在欧盟建立统一的欧元证券市场，最重要的是采用相同的票据交换和结算周期。

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• Summary