Europe has been working for more than 20 years to create a single capital market, but it is still fragmented.; Europe; single capital market; In 2003, the Giovannini Group identified 15 barriers to a single European market. Many are still there today. ; European market; Giovannini Group; Infrastructural barriers are one of the greatest concerns for European players in the securities industry.; European players; Infrastructural barriers; securities industry; Have global custodians squeezed sub-custodian earnings to a dangerously low level? ; global custodians; sub-custodian earnings; Reciprocity, once thought dead, has reemerged in global custodian / sub-custodian relationships.; Reciprocity; global custodian; sub-custodian relationships; Network managers weigh in on what they look for in a sub-custodian.; Some global custodians rely heavily on sub-custodians, while others utilize regional offices. ; Global custodians discuss their strategies for selecting agent banks.; Integrating Central Europe into the greater European marketplace raises unique challenges.; Development of Europe's repo market shows how investment banks finance their positions in inventory. ; TARGET2-Securities was launched in 2006 to develop a single European IT platform.; European IT platform; TARGET2-Securities; The ideal clearing and settlement infrastructure is still unclear and perpetually shifting.; Integration and competition are not contradictory, says ICAP.; ICAP; Integration and competition; Agent banks think the global custodians are the ones driving the sub-custody relationship.; Agent banks; Alain Closier of Societe Generale: Banks will pursue growth strategies in line with their unique strengths.; Alain Closier of Societe Generale; Global Custodian Documentary: Opportunities and Challenges in European Securities Services. http://link.brightcove.com/services/link/bcpid1369813209http://www.brightcove.com/channel.jsp?channel=1126037126