the main issuers of so - called eurobonds or international securities. today, over 250, 000 outstanding isins ( 20 % of these isins are euro - denominated ) are issued through the two icsds, with a value of roughly €9. 2 trillion. from a european capital 2 / 4 bis central bankers'speeches market perspective, these assets are important. they account for about 25 % of all outstanding marketable assets eligible as collateral with the eurosystem. i would like to see the announced strategy of the two groups to bring eurobonds to be settled in t2s starting to take effect by 2018. issuance as we see t2s roll out, it has become apparent that despite the progress towards a more integrated market, issuance has remained a largely national business across the eu, often as a result of legacy structures and national rules. indeed, the issue was first identified in the t2s harmonisation agenda in 2011 and remains relevant today. recently adopted legislation, namely the csdr level ii, addresses certain aspects of the location of issuance. in particular, it covers the rights of issuers, allowing them to have their securities recorded in the csd of their choice. however, despite both t2s and the csdr, fragmentation endures and a domestic issuance process at european level does not exist at the moment. there are several possible reasons why the market has failed to generate a more integrated and efficient securities issuance industry. these include legal constraints and, specifically, uncertainties arising from issuing in foreign jurisdictions, where some or all aspects of the issuer ’ s domestic law no longer apply. in addition, regulatory restrictions or domestic market practices may prevent issuers from reaching out to the whole eu investor base. take, for example, restrictions on the location of primary dealers in sovereign debt or national registration procedures. the result is that – regardless of the launch of a single securities settlement engine ( t2s ) and the single legal framework ( csdr ) – the market has remained national, from the perspective of securities issuance. debt instruments, even supranational ones, are issued nationally and issuers and investors often fail to reach each other across europe. although icsds issue eurobonds in a global environment, they remain in the context of specific market infrastructures ( under the rules of the market where the icsd is located ). this status quo restricts the investor base, in particular the pan

- european one, lowers the level of credit allocation and risk - sharing, and hampers cross - border investment. in a true single market, a europe - wide market for securities should exist to ensure equal and unrestricted access for economic actors. in this context, the establishment of a european issuance service, which would allow the emergence of a europe - wide market, would be the next logical step to consider. central clearing central clearing is another area in which we should continue our efforts to promote european integration. awareness has grown within the european union of the critical importance of “ where ” and “ how ” these clearing houses operate and, as a result, these infrastructures have been under intense scrutiny recently. central clearing is a global financial activity, and major currencies such as the euro, us dollar and japanese yen are traded and cleared worldwide. it is undoubtedly an important function within the global financial system, and ensures that investors can hedge their risks by accessing liquidity in multiple currencies across a variety of markets. the euro is unique among major currencies, however, in that a significant number of systemically important classes of derivatives and securities are cleared to a large extent outside its currency area. looking at the centrally cleared euro - denominated derivatives market, the picture that emerges from the data reported by euro area banks under emir is that ccps established in the uk clear 3 / 4 bis central bankers'speeches approximately : 95 % of their interest rate derivatives transactions ; 60 % of their credit derivatives transactions ; 30 % of their commodity derivatives transactions ; 25 % of their equity derivatives transactions. overall, in terms of notional amounts, more than 90 % of the euro - denominated derivatives business of euro area banks is cleared via uk ccps. the importance of uk ccps is not limited to derivatives, as they are involved in approximately 50 % of the cleared euro - denominated repo business of euro area banks. as i have said in the past, the risks stemming from this situation are currently adequately covered : the european market infrastructure regulation allows the eurosystem to assess and monitor risks through active participation in cross - border supervisory colleges, whose role and prerogatives are guaranteed by the authority of the european court of justice. this framework is complemented by the dedicated memorandum of understanding signed by the bank of england and the european central bank. the uk ’ s recent decision to leave the eu has called into question the ability of authorities such as the eurosyst