花旗银行：2026重构欧洲资本市场：从碎片化走向一体化研究报告（英文版）（34页）.pdf

1、January 2026Global Perspectives&SolutionsFrom Fragmentation to HarmonizationReimagining European Capital MarketsAuthorsRonak Shah Future of Finance,Citi Institute Amit Agarwal Global Head of Custody,Investor Services,Citi Chris Cox Head of Investor Services,Citi Marcello Topa Global Head of Advocacy

2、 for Investor Services,Citi Ronit Ghose Global Head,Future of Finance,Citi Institute Armanda Mago Head of European Strategy and Change Management,Custody,Citi Reto Faber Head of Custody,Europe,UK,MEA,Investor Services,Citi Sophia Bantanidis Future of Finance,Citi Institute Prag Sharma Future of Fina

3、nce,Citi Institute Robert Ranson Global Head,Custody Client Solutions,Citi Kaiwan Master Future of Finance,Citi Institute Matthew Bax Head of Sales and Client Services,Investor Services,Citi Barnaby Nelson CEO,ValueExchangeCiti ContributorsShahmir Khaliq Head of Services,CitiNacho Gutirrez-Orrantia

4、CEO and Banking Head of Europe and Head of UK Europe Middle East and Africa Investment Banking Coverage,CitiDavid Livingstone Chief Client Officer,CitiJohannes Pockrandt Head of Government Affairs Europe&UK,Citi 2026 CitigroupCiti Institute Global Perspectives and Solutions2 2026 CitigroupCiti Insti

5、tute Global Perspectives and Solutions3ForewordA fragmented European capital markets infrastructure impedes capital formation,reduces liquidity,escalates costs and lowers efficiency.Improving European capital market infrastructure has the potential to increase annual investment,boost regional GDP an

6、d retain European savings in their own region.Many factors contribute to Europes lower capital formation and inefficiencies relative to the U.S.,including demand side differences such as risk tolerance and savings structures.However,fixing infrastructure and related governance and rules are a pre-re