All in the name of competition: European securities exchanges

European securities exchanges including futures and options markets as well as cash equity exchanges are liquid, efficient and competitive, while making the most of technology’s vast possibilities. On the road to the integrated European securities market, they face different legislative and non‐legislative barriers. The EU legislative framework must be designed in such a way as to be able to catch up with competitive and technological developments. Strong and modernised EU financial legislation should be beneficial not only for the securities markets but more importantly for the EU economy as a whole. An efficient and integrated securities market is vital in the process of raising the level of competitiveness, the efficient allocation of capital, mobilising savings and disciplining management. Many European countries need to overhaul their pensions systems, since ageing populations become a rising burden on state finances. Thus, most EU member states are likely to stimulate the creation of partially equity‐based private pension provision. This paper tries to position the current role of the securities exchanges. It also touches upon the legislative environment and technological developments they employ that help them continue to remain competitive on the global scene. In conclusion the author states that the EU legislators as well as the securities exchanges themselves have to make great efforts in order to achieve the best possible level of service for their clients.