EU-wide messaging system to exceed two-year deadline

A Europe-wide messaging system will be impossible to implement within its two-year timetable, which will be a blow to the European Commission's drive towards a more integrated securities market, according to Swift.

The financial messaging organisation has published a consultation document on the creation of a Europe-wide messaging protocol that was commissioned in 2003 by the Giovannini Group, financial advisers to the EC.

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