Date: 20th December 2018

"The CMU will not be successful if its design focuses solely on financial institutions' needs. It must also add value to investors. Diversifying the funding of our economy can only be achieved if investors have an incentive to take part in this initiative. It makes no sense to create a fully integrated market for professional investors and maintain a separate less efficient and less integrated market for retail investors. The protection of investors should play a major role in building the CMU."