No. Harmonization such as the removal of the Giovannini barriers is key for a more efficient European financial market. In a world of increasing competition, the Link Up Markets-CSDs have every incentive to contribute to harmonization and to offer their customers the most compelling services. In this respect, Link Up Markets should be considered a catalyst for harmonization.

As opposed to other initiatives, harmonization is not a prerequisite to launch Link Up Markets but rather an ongoing objective. Link Up Markets will foster the implementation of standards such as ISO compliance and ECSDA link agreements. Through the common infrastructure of Link Up Markets processes and standards across the partnering CSDs will converge. For instance, when introducing message formats, the Greek CSD, Helex, will apply the common standard defined by Link Up Markets wherever possible, thus harmonizing formats.