The financial crisis has undoubtedly reinforced the role of regulators in the prevention of systemic risks. It has also highlighted the need to extend their action beyond the traditional boundaries, especially at the European level, in line with the recommendations of the Larosière report.

However, the crisis has also brought to light the need for a better regulation, less based on pure conformity to the standards and more focused on what is likely to happen in the real life. Such an evolution will certainly lead to challenge both the regulators and the banks. The running of “stress tests” on a regular basis is a good example of this new concern.

Market infrastructures, both in payments and securities businesses, are not only another key factor in the reduction of systemic risks, but they are also a strong pre requisite to the building of a true European unified market for payments and securities. The questions of their design, membership and operational soundness are very highly positionned on the stakeholder’s agenda.

At EUROGROUP CONSULTING, we have a long and rich experience of assignments on behalf of central banks as well as market infrastructures, at national and cross border levels. From our deep knowledge of bank’s needs, we are in a good position to help regulators and market infrastructures to find compromises leading to consensual implementations consistent with market evolutions.