Targeted consultation on integration of EU capital markets

The Commission is interested in the views of a wide range of stakeholders. Contributions are particularly sought from financial institutions and other markets participants, national supervisors, national ministries, the European Supervisory Authorities, EU institutions, non-governmental organisations, think tanks, consumers, users of financial services and academics. Market participants include operators and users of trading and post-trading infrastructures in the EU, notably trading venues, broker-dealers, issuers, institutional and retail investors, clearing counterparties (CCPs), central securities depositaries, trade repositories, asset managers, investment funds, regardless of where they are domiciled or where they have established their principal place of business.

The objective of this consultation is to gather stakeholder feedback on obstacles to financial market integration across the EU. This effort is a key part of rolling out the savings and investments union (SIU) strategy adopted on 19 March 2025. The SIU strategy aims to boost the EU economy by improving the way the EU financial system mobilises savings towards productive investments, offering more and better financial opportunities for both citizens and businesses.

Currently, various barriers, including those stemming from legal, regulatory, technological, and operational practices, hinder the full integration and efficiency of EU capital markets. Divergences in supervisory practices can also act as a barrier to capital‑market integration, as financial‑market participants operating across borders must manage different requirements across the single market. All of this prevents financial-market participants from benefiting from economies of scale and operational efficiency, ultimately increasing costs and restricting the availability of financial services to businesses and citizens. This consultation seeks to identify and address such barriers to facilitate a more market-driven process for developing and integrating EU capital markets, thereby enhancing financial opportunities and boosting economic competitiveness.

Please note that in order to ensure a fair and transparent consultation process responses should be submitted through the online questionnaires.

Also note that the question numbering might differ compared to the original pdf version of the consultation document published on 15 April.

Due to the length of the questionnaire, the online questionnaire has been divided into 2 parts.

Part 1

Part 1 contains the sections dedicated to

1. Simplification and burden reduction
2. Trading
3. Post-trading

Respond to part 1

Part 2

Part 2 contains the sections dedicated to

4. Horizontal barriers to trading and post-trading infrastructures
5. Asset management and funds
6. Supervision
7. Horizontal questions on the supervisory framework

Respond to part 2