As the European commercial paper market obtains a better picture of developing regulatory changes, the mood is relatively positive, since the Basle guidelines and other developments seem to emphasize the harmonization of the European markets. At a London conference last week hosted by Moody's Investors Service and IPMA - the Euro Commercial Paper Committee's Asset-Backed Commercial Paper Conference - yet another such regulatory initiative was unveiled.

A spokesman for the European Central Bank (ECB) detailed a "work in progress" initiative to integrate the fragmented European commercial paper (ECP) markets. The key objective is to provide the market with greater information by promoting additional disclosure standards throughout Europe, with the directive referred to as "STEP." The initiative will be accommodated for an English template and is intended to complement the existing local legislation.

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