The European Central Bank has urged Europe's financial market infrastructure firms to "work together" after a critical project to mobilise collateral across Europe stalled due to commercial disagreements.

Speaking at Deutsche Börse Group's Global Securities Financing Summit in Luxembourg this morning, Benoît Cœuré, member of the executive board of the ECB, said: "I would...urge industry representatives to further pursue the...project, and seek to find ways to address the issues which have recently appeared. It is of great importance that collateral can flow freely."