Europe - Baltics

Estonia , Latvia and Lithuania collectively account for 5 % of responses received for this year ’ s ABFM survey . Lithuania accounts for some 40 % of these , Estonia a third and Latvia the remainder . At an individual provider level , SEB accounts for three-quarters of responses , the remainder using an ICSD – in this case , Clearstream to access the Baltic markets for a limited range of activities . As one might expect , there is little to distinguish among the perceptions of the three individual markets , which all score comfortably in Good or Very Good range ( 5.00-5.99 , 6.00-6.99 ). As capital market integration progresses , we would expect scores for individual markets to continue to converge . In 2017 , the three countries agreed to create a pan-Baltic capital market with the support of the European Commission ( EC ) and the European Bank for Reconstruction and Development ( EBRD ) with NASDAQ OMX as the primary exchange operator in all three markets . Most recently , the European Bank for Reconstruction and Development ( EBRD ) has supported the launch of a commercial paper programme , the first of its kind in the region , by a large food retail group and is seeking to support further development of commercial paper as a financing product in the region . Unfortunately , respondents have added little in the way of qualitative comment that might add colours to the scores . However , improvements have been recorded in all categories with the exception of Pricing and Cash Management and FX , which remain respectively Satisfactory and at the lower threshold of Good . Although SEB , with such a large market share , has an obvious role in setting regional market benchmarks , it nevertheless manages to outperform the regional benchmarks in most service areas . Asset Safety , Asset Servicing and Client Service are seen as particular strengths , registering scores that would be the envy of many a major market provider .