Bose Consulting has conducted a wide range of projects in over 50 central markets across the world. The assignments can be searched by type of work done in the right hand pane. An alphabetical list of clients can be found under the markets page
Project managed all aspects of the operational set up of the BISX in conjunction with an expert team of consultants. This included project definition, Joint Applications Development of products, trading, clearing and settlement, financing and shareholding options, creation of a demutualised shareholding structure, capital raising, organisational and staffing structure and market policies for both domestic [...]
Provided high-level advice on the risks and technical implementation issues for the decentralisation of electronic trading operations of the Budapest Stock Exchange. (UK Know How Fund). http://www.bse.hu/
Strategic, business and technical advice to the Czech OTC securities exchange in virtually all aspects of electronic trading and client marketing. The RM-System services over 5 million retail clients, 200 on-line professional brokers, and has nearly 200 share-shops located around the Czech Republic. The electronic system offers virtually risk free real-time clearing and settlement. RM-S [...]
Evaluated Euroclear and Cedelbank as new settlement organisations for the pan-European EASDAQ Stock Exchange based in Brussels. Managed all aspects of the technical transition to the two new ICSDs resulting in a successful go-live exactly 6 months after project initiation. EASDAQ was taken over by Equiduct some years later. http://www.equiduct-trading.com
Carried out a strategic evaluation for the exchange in preparation for the automation of the Exchange’s trading systems. The evaluation covered a detailed review of business requirements and recommendations for the appropriate information technology approach for automating the exchange, guidance on the selection of a suitable package and the consideration of bespoke development issues. The [...]
Project Manager for the establishment of the NEURO Market, which is an MTF based in London providing high capacity, sub-millisecond latency, securities trading, using co-location and smart order routing to permit pan-European trading and settlement via a Central Counterparty. This included management of the legal and successful licensing process with the UK Financial Services Authority [...]
Formed part of the advisory consortium appointed by the UK Government Know How Fund. Acted as expert advisor to the city of Perm on the development of secondary market infrastructures and broker-dealer networks to support trading of new equity issues. http://www.pfpg.ru/en/?history
Project Director for a trading system project in the City of London, for a publicly owned Exchange with business activities covering the UK and Europe and trading offered in over 7000 securities. http://www.plusmarketsgroup.com/
Acted as prime contractor to the UK Government Know How Fund, carried out a confidential business valuation of the electronic Securities Exchange in the Slovak market. This involved a detailed analysis of the company’s business operations, financial results in the Slovak securities market and the creation of a detailed Securities Exchange valuation report. The final [...]
Consulting advice to support the program management office on the implementation of a new BaNCS Central Securities Depository System and Fixed Income upgrades to the SAXESS securities trading system. http://www.tadawul.com.sa
Specification, tender process, evaluation and selection of automated trading systems, surveillance system, central securities depository and technology for Tadawul the Stock Exchange for the Kingdom of Saudi Arabia. Advised on Client – Vendor contractual negotiations, resulting in a successful contract for a multi-million USD project. The providers evaluated included: NASDAQ OMX, NYSE Euronext, Tata Consulting [...]
Strategic review of Tadawul’s Information Dissemination approach for Stock Exchange functions, including a comparison with international best practice and examples from international and regional markets. http://www.tadawul.com.sa
Strategic study for the future of trading in the Polish market. Detailed requirements, evaluation and selection of a new trading system for the Exchange which included NASDAQ OMX CLICK XT and NYSE NSC. http://www.gpw.pl
Lead advisor a capital markets development strategy and plan for 9 major markets in the East Asian region, commissioned by the Asian Development Bank as part of a financial markets strategy review. http://www.adb.org/
Mentored the RFP evaluation and vendor and system selection process for a new Member Front End Trading System for the Thai securities and derivatives market. Worked closely with over Thai 30 broking firms and the Stock Exchange of Thailand during the process. Evaluated several leading vendors including; Biznews, Cameron FIX, Direct FN, DST , FFastFill, [...]
Mentor and Consultant to SET for the evaluation and selection of new systems for; Equity and Derivatives Trading, Market Data Dissemination, Surveillance, Member Trading Systems. Used a BCL developed SCARFES methodology (Scored Criteria Assessment & Ranking For Exchange Systems). Detailed evaluation and workshops with; Cinnober (TradeExpress, Scila), Nasdaq OMX (Genium INET, ACTIV Financial), Millennium IT [...]
Part of an advisory team developing a complete IT strategy for the recently merged Exchanges of Toronto and Montreal. Focussed on IT Roadmap, and consolidation of equities and derivatives trading system architectures, Total Cost of Ownership, comparisons with similar exchanges including; Deutsche Borse, NYSE, LSE, ASX. The study involved a detailed IT, business and cost [...]
Reviewed and revised the Request for Proposal document for the Ghana Stock Exchange and made major alterations to content and scope to allow the RFP process to proceed after a halt of nearly 2 years http://www.gse.com.gh/
Review of IT Strategy for the CSE in Sri Lanka looking at Trading and CSD business and IT strategy. Reviewed the Millennium Exchange trading system and the CSE’s in-house CSD system. http://www.cse.lk/welcome.htm
Advised on a detailed 5 year strategic business plan and approach towards eventual demutualisation of the Ghana Stock Exchange. Reviewed all aspects of the internal organisation and advised on new products and services. http://www.gse.com.gh/
Organised and conducted training, lecture tours and presentations for Senior Management of the largest Czech IT company, with US and UK organisations including: NYSE, NASDAQ, DTCC, Bloomberg, Reuters, Telerate, Merrill Lynch, London Stock Exchange, Euroclear, Clearstream and many others. http://www.pvt-czech.cz/
Led an advisory team which designed the central algorithm for a highly sophisticated, automated trading system (BOLT) for jobber and broker operation and addressed the regulation and surveillance of the market and changes in member practice. The BSE was the largest manual, floor traded market in the world with over 6000 companies, 3000 brokers and [...]
Strategic study for the future of trading in the Polish market. Detailed requirements, evaluation and selection of a new trading system for the Exchange which included NASDAQ OMX CLICK XT and NYSE NSC. http://www.gpw.pl
Providing on-going advice in the areas of; project planning, business analysis, detailed requirements and technical implementation for creating a new futures and options electronic trading system for the Budapest Commodities Exchange. This system is now in live operation. http://www.bse.hu
Commissioned by IBM to produce a project definition for the full scale development of a physical exchange as well as a futures exchange for Egyptian agricultural commodities. This included detailed scoping of legal, regulatory, training, business and technical aspects of the project and was presented to the Ministry of Finance. http://www.mof.gov.eg
Mentor and Consultant to SET for the evaluation and selection of new systems for; Equity and Derivatives Trading, Market Data Dissemination, Surveillance, Member Trading Systems. Used a BCL developed SCARFES methodology (Scored Criteria Assessment & Ranking For Exchange Systems). Detailed evaluation and workshops with; Cinnober (TradeExpress, Scila), Nasdaq OMX (Genium INET, ACTIV Financial), Millennium IT [...]
Part of an advisory team developing a complete IT strategy for the recently merged Exchanges of Toronto and Montreal. Focussed on IT Roadmap, and consolidation of equities and derivatives trading system architectures, Total Cost of Ownership, comparisons with similar exchanges including; Deutsche Borse, NYSE, LSE, ASX. The study involved a detailed IT, business and cost [...]
Technical specialist for a requirements and strategy to consolidate the Central Securities Depositories in the United Arab Emirates. http://www.adx.ae
Project Managed a 12 month assignment to provide strategic advice, market development and bid winning to Syntegra, the systems integration business of BT, Britain’s largest company. The main initiative was to raise Syntegra’s profile in the City if London and to win the participant network elements of CREST, the new clearing and settlement system for [...]
Prime contractor for a detailed business and system requirements and strategic development report for the Czech Centre for Securities, the Central Securities Depository containing over 3000 securities and 7 million accounts. This project involved contact with all central market institutions, major domestic and foreign securities firms, regulators and investment institutions. Questionnaires were also sent to [...]
Project managed a 3 month feasibility study for the future development of clearing, settlement and depository functions within DBS (Deutsche Börse Systems). This included both business and technical requirements, managing a team of 5-10 consultants and liaising with client management from both DBS and DKV. The study concluded in the prime contractor IBM/Cimad Consultants being [...]
Presentation of a next generation Clearing and Settlement model, developments in Straight Through Processing and considerations for scripless settlement to the Directors of HKEx, in conjunction with Compaq Hong Kong. http://www.hkex.com.hk
Carried out a detailed Operational Risk Management based review of the processes for all local trading, clearing and settlement operations in the Czech securities market. This covered all procedures performed via the Prague Stock Exchange, RM-S and off-market trades through the Czech Centre for Securities. A risk analysis computer tool (PROCAM™ – Process, Risk, Occurrence, [...]
Developed a detailed business requirements specification for a fully automated, dematerialised central securities depository and its interfaces to trading, clearing houses and other Indian depositories. This covered all functions for a hybrid materialized / immobilised market with high volumes of trading. http://www.cdslindia.com
Project Manager for the establishment of the NEURO equities trading Market, which included the evaluation of CCP organisations; EMCF (Fortis), LCH, X-Clear and Euro CCP and final selection. http://www.nasdaqomxeurope.com/
Business analysis of custody processes and SWIFT message flows in a complex custody environment in Rabobank, a AAA rated financial institution. Designed the new business processes to be implemented in a messaging middleware solution for Straight Through Processing, working closely with Custody users and technical specialists in Utrecht. http://www.rabobank.com/
In consortium with Price Waterhouse Moscow, Project Managed and technical analyst for a detailed strategy to consolidate of the Central Securities Depositories in the Russian Market and create amendments to the legal infrastructure. Managed a team of business and legal specialists and interfaced with the Russian Securities Commission, Central Bank, CSDs, Registrars and Stock Exchanges. [...]
Review and advice on clearing and settlement procedures and Guarantee Fund. Detailed review of the RTGS systems specification on behalf of Stock Exchange management. http://www.baltic.omxnordicexchange.com/
Specification, design and training for the depository, clearing and settlement infrastructure for the Tanzanian capital markets. http://www.cmsa-tz.org/
Lead advisor a capital markets development strategy and plan for 9 major markets in the East Asian region, commissioned by the Asian Development Bank as part of a financial markets strategy review. http://www.adb.org/
Reviewed the project status of the proposed merger between the Central Securities Depository at the Bucharest Stock Exchange and the National Securities Clearing and Settlement Depository (SNCDD). www.cnvmr.ro
Developed a capital markets & back office strategy for one of the world’s largest hardware manufacturers – the foremost supplier of systems to exchanges worldwide. The 3 strategies covered; clearing and settlement systems, broking systems and CREST software marketing. www.hp.com
Advisory alliance in conjunction with Thomas Murray (the world’s most comprehensive online database on Custodians, Post Trade Infrastructure and CSD Risk Ratings) and DLA Piper LLP (the world’s largest law firm), to provide advisory services to CCPs, Regulators and market participants on all aspects of CCP Business Strategy, Risk Management, Regulatory compliance and systems and [...]
Advised on a Roadmap for the design, procurement and implementation of a Government Securities Depository for Albanian fixed income instruments. Liaised with the National Bank of Albania senior Directors, the Regulator and the Ministry of Finance. Wrote a detailed RFP for a new Government Securities Settlement System / CSD. http://www.bankofalbania.org/
Review of IT Strategy for the CSE in Sri Lanka looking at Trading and CSD business and IT strategy. Reviewed the Millennium Exchange trading system and the CSE’s in-house CSD system. http://www.cse.lk/welcome.htm
Advisor to senior project management on the project management and development of a custom solution to a new technology, multi-instrument, clearing, settlement, depository and risk management system for securities and derivatives. Also developed a new approach to Operational Risk Management for CSDs. http://www.kdpw.pl/en
Technical specialist for a requirements and strategy to consolidate the Central Securities Depositories in the United Arab Emirates. http://www.adx.ae
Presentation of a next generation Clearing and Settlement model, developments in Straight Through Processing and considerations for scripless settlement to the Directors of HKEx, in conjunction with Compaq Hong Kong. http://www.hkex.com.hk
Developed a detailed business requirements specification for a fully automated, dematerialised central securities depository and its interfaces to trading, clearing houses and other Indian depositories. This covered all functions for a hybrid materialized / immobilised market with high volumes of trading. http://www.cdslindia.com
In consortium with Price Waterhouse Moscow, Project Managed and technical analyst for a detailed strategy to consolidate of the Central Securities Depositories in the Russian Market and create amendments to the legal infrastructure. Managed a team of business and legal specialists and interfaced with the Russian Securities Commission, Central Bank, CSDs, Registrars and Stock Exchanges. [...]
Review and advice on clearing and settlement procedures and Guarantee Fund. Detailed review of the RTGS systems specification on behalf of Stock Exchange management. http://www.baltic.omxnordicexchange.com/
Specification, design and training for the depository, clearing and settlement infrastructure for the Tanzanian capital markets. http://www.cmsa-tz.org/
Lead advisor a capital markets development strategy and plan for 9 major markets in the East Asian region, commissioned by the Asian Development Bank as part of a financial markets strategy review. http://www.adb.org/
Advised on the IT strategy and systems design and implementation issues for the mass privatisation program in Republika Srpska, as well as the development of capital market mechanisms. http://www.blberza.com/v2/
Adviser on the mass privatisation of over 2000 companies. Comparative analysis of Bulgarian, Czech and Polish methods of mass privatisation. Strategic advice also given on various aspects of capital market infrastructure development including; stock exchange and OTC trading, clearing and settlement, registration and central securities depository. http://www.bse-sofia.bg/
Conducted capital markets training, in conjunction with SNR Denton LLP, for a variety of financial institutions involved in the Czech Securities market including the prospective Securities Market Regulator. This covered aspects of trading, clearing, settlement and depository functionality and technology. http://www.cnb.cz/en/supervision_financial_market/index.html
Key adviser to the Chief Executive of the Jordanian Central Securities Depository on all aspects of systems selection and testing as well institutional development. http://www.ase.com.jo/
Provided detailed advice on the approach towards the mass privatisation of nearly 400 Montenegrin companies. This included a description of the design parameters for coupon privatisation, the registration database, share trading systems, central share register and central securities depository. The economic benefits of capital market development were also detailed. http://www.montenegroberza.com
Advised on the development and automation of trading, clearing and settlement systems for the Nepal Stock Exchange, with emphasis on the specification of a Central Securities Depository. Considered organisational, financial, management and regulatory issues for the operation of the Stock Exchange and enhanced monitoring facilities for the Securities Board of Nepal. http://www.nepalstock.com/ http://www.sebonp.com/
Lead adviser to the Belgrade Stock Exchange, Central Registry and National Bank on the creation of an automated capital market infrastructure suitable for forthcoming domestic and international IPOs. http://www.belex.rs/
Provided detailed advice on the approach towards the mass privatisation within Serbia. This included a description of the design parameters for coupon privatisation, the registration database, share trading systems, central share register and central securities depository. http://www.belex.rs/
Devised a stock exchange model to assist the Vietnamese government, and stock exchange preparatory committee, to decide future development strategy and training needs. The model addressed all key areas of trading, clearing, settlement, depository and regulation and covered relevant business, technical, implementation and operational issues. http://www.hastc.org.vn/, http://www.hsx.vn/hsx_en/Default.aspx
Provided advice to the Central Bank of Egypt on project and technical aspects of its program to implement an RTGS. http://www.cbe.org.eg/
For the FIRST Initiative, performed a technical review and advice on a project to design an Automated Clearing House (ACH) and Real Time Gross Settlement System (RTGS) and national communications network for the Rwandan payments system. Development of a strategic plan for medium and long term developments. http://www.bnr.rw/
Project Management for a 2 year project for the turnkey design, development, implementation and install operation of the Nationwide Interbank Payment System. Provided for the National Bank of Romania and TransFonD Facilities operator; RTGS, ACH and Government Securities Registry Software, legal and regulatory adaptation, hardware, security and network infrastructure, disaster recovery site, documentation and go-live [...]
As part of an EC-PHARE funded project, advised the Czech Ministry of Finance on the business and systems impacts of the legal and regulatory environment within the Czech Securities market. The organisations covered were the Prague Stock Exchange, the RM-S Unlisted Securities Market and the Central Securities Depository (SCP). http://www.mfcr.cz
Reviewed the project status of the proposed merger between the Central Securities Depository at the Bucharest Stock Exchange and the National Securities Clearing and Settlement Depository (SNCDD). www.cnvmr.ro
Chief Technical Adviser and Project Evaluator for Banking, Payment and Securities Systems for the FIRST Initiative (www.firstinitiative.org). This is a global program, with a $45m fund from the World Bank and UK Department for International Development, to promote financial market standards over the next 3-5 years. http://www.firstinitiative.org/
Bid Manager on behalf of SIA, for a successful bid for a multi-million Euro EU Phare proposal for the design, supply and implementation of the RTGS and ACH Payments Systems and Government Securities Registry for Romania. http://www.siassb.eu
Mentor and Consultant to SET for the evaluation and selection of new systems for; Equity and Derivatives Trading, Market Data Dissemination, Surveillance, Member Trading Systems. Used a BCL developed SCARFES methodology (Scored Criteria Assessment & Ranking For Exchange Systems). Detailed evaluation and workshops with; Cinnober (TradeExpress, Scila), Nasdaq OMX (Genium INET, ACTIV Financial), Millennium IT [...]
Advisory alliance in conjunction with Thomas Murray (the world’s most comprehensive online database on Custodians, Post Trade Infrastructure and CSD Risk Ratings) and DLA Piper LLP (the world’s largest law firm), to provide advisory services to CCPs, Regulators and market participants on all aspects of CCP Business Strategy, Risk Management, Regulatory compliance and systems and [...]
Reviewed and revised the Request for Proposal document for the Ghana Stock Exchange and made major alterations to content and scope to allow the RFP process to proceed after a halt of nearly 2 years http://www.gse.com.gh/
Advised on a Roadmap for the design, procurement and implementation of a Government Securities Depository for Albanian fixed income instruments. Liaised with the National Bank of Albania senior Directors, the Regulator and the Ministry of Finance. Wrote a detailed RFP for a new Government Securities Settlement System / CSD. http://www.bankofalbania.org/
Review of IT Strategy for the CSE in Sri Lanka looking at Trading and CSD business and IT strategy. Reviewed the Millennium Exchange trading system and the CSE’s in-house CSD system. http://www.cse.lk/welcome.htm
Consortium with Oxford Policy Management (OPML) advising the Central Bank of Kenya on a strategy for Payments Systems, as part of a wider study, including both the large value and small value payments systems and the new electronic services such as M-Pesa. http://www.centralbank.go.ke/
Advised on a detailed 5 year strategic business plan and approach towards eventual demutualisation of the Ghana Stock Exchange. Reviewed all aspects of the internal organisation and advised on new products and services. http://www.gse.com.gh/
Advisor to senior project management on the project management and development of a custom solution to a new technology, multi-instrument, clearing, settlement, depository and risk management system for securities and derivatives. Also developed a new approach to Operational Risk Management for CSDs. http://www.kdpw.pl/en
Project Manager and advisor on the design of a Data Warehouse for the Central Bank of Tanzania covering all aspects of data management and reporting. http://www.bot-tz.org/
Organised and conducted training, lecture tours and presentations for Senior Management of the largest Czech IT company, with US and UK organisations including: NYSE, NASDAQ, DTCC, Bloomberg, Reuters, Telerate, Merrill Lynch, London Stock Exchange, Euroclear, Clearstream and many others. http://www.pvt-czech.cz/
Led an advisory team which designed the central algorithm for a highly sophisticated, automated trading system (BOLT) for jobber and broker operation and addressed the regulation and surveillance of the market and changes in member practice. The BSE was the largest manual, floor traded market in the world with over 6000 companies, 3000 brokers and [...]
Lead advisor a capital markets development strategy and plan for 9 major markets in the East Asian region, commissioned by the Asian Development Bank as part of a financial markets strategy review. http://www.adb.org/
Provided advice to the Central Bank of Egypt on project and technical aspects of its program to implement an RTGS. http://www.cbe.org.eg/
For the FIRST Initiative, performed a technical review and advice on a project to design an Automated Clearing House (ACH) and Real Time Gross Settlement System (RTGS) and national communications network for the Rwandan payments system. Development of a strategic plan for medium and long term developments. http://www.bnr.rw/
Project Management for a 2 year project for the turnkey design, development, implementation and install operation of the Nationwide Interbank Payment System. Provided for the National Bank of Romania and TransFonD Facilities operator; RTGS, ACH and Government Securities Registry Software, legal and regulatory adaptation, hardware, security and network infrastructure, disaster recovery site, documentation and go-live [...]
Advised on a Roadmap for the design, procurement and implementation of a Government Securities Depository for Albanian fixed income instruments. Liaised with the National Bank of Albania senior Directors, the Regulator and the Ministry of Finance. Wrote a detailed RFP for a new Government Securities Settlement System / CSD. http://www.bankofalbania.org/
Consortium with Oxford Policy Management (OPML) advising the Central Bank of Kenya on a strategy for Payments Systems, as part of a wider study, including both the large value and small value payments systems and the new electronic services such as M-Pesa. http://www.centralbank.go.ke/
Project Manager and advisor on the design of a Data Warehouse for the Central Bank of Tanzania covering all aspects of data management and reporting. http://www.bot-tz.org/
As part of an EC-PHARE funded project, advised the Czech Ministry of Finance on the business and systems impacts of the legal and regulatory environment within the Czech Securities market. The organisations covered were the Prague Stock Exchange, the RM-S Unlisted Securities Market and the Central Securities Depository (SCP). http://www.mfcr.cz
Reviewed the Authority’s market monitoring and surveillance processes for brokers, stock exchange and investment funds and recommended detailed improvements. http://www.pszaf.hu/en/
Reviewed the project status of the proposed merger between the Central Securities Depository at the Bucharest Stock Exchange and the National Securities Clearing and Settlement Depository (SNCDD). www.cnvmr.ro
Advisory alliance in conjunction with Thomas Murray (the world’s most comprehensive online database on Custodians, Post Trade Infrastructure and CSD Risk Ratings) and DLA Piper LLP (the world’s largest law firm), to provide advisory services to CCPs, Regulators and market participants on all aspects of CCP Business Strategy, Risk Management, Regulatory compliance and systems and [...]
Consortium with Oxford Policy Management (OPML) advising the Central Bank of Kenya on a strategy for Payments Systems, as part of a wider study, including both the large value and small value payments systems and the new electronic services such as M-Pesa. http://www.centralbank.go.ke/
Lead advisor a capital markets development strategy and plan for 9 major markets in the East Asian region, commissioned by the Asian Development Bank as part of a financial markets strategy review. http://www.adb.org/
Chief Technical Adviser and Project Evaluator for Banking, Payment and Securities Systems for the FIRST Initiative (www.firstinitiative.org). This is a global program, with a $45m fund from the World Bank and UK Department for International Development, to promote financial market standards over the next 3-5 years. http://www.firstinitiative.org/
Developed a capital markets & back office strategy for one of the world’s largest hardware manufacturers – the foremost supplier of systems to exchanges worldwide. The 3 strategies covered; clearing and settlement systems, broking systems and CREST software marketing. www.hp.com
Initial design of an Operational Risk Management model suitable for implementation on HP platform. www.hp.com
Advised on business requirements for a new broker back office system, as well as product entry and marketing strategies for the company, focusing on the UK market and Central/Eastern Europe. http://www.brokersystems.gr
Conducted a market analysis and review of the top 20 Bombay broking companies to assist UBS’s entry strategy into the Indian securities market. http://www.ubs.com/
Mentored the RFP evaluation and vendor and system selection process for a new Member Front End Trading System for the Thai securities and derivatives market. Worked closely with over Thai 30 broking firms and the Stock Exchange of Thailand during the process. Evaluated several leading vendors including; Biznews, Cameron FIX, Direct FN, DST , FFastFill, [...]
Led an advisory team which designed the central algorithm for a highly sophisticated, automated trading system (BOLT) for jobber and broker operation and addressed the regulation and surveillance of the market and changes in member practice. The BSE was the largest manual, floor traded market in the world with over 6000 companies, 3000 brokers and [...]
Project Manager for the retirement and transition of 450+ Trust cases valued at over £75m from the OSPT (Official Solicitor and Public Trustee) to CAPITA, a private sector Trust Company, based in the UK http://www.justice.gov.uk/
Consulting support for the preparation of a winning bid document to the European Banking Association for the STEP2 project – a European wide system to process all retail EURO payments. The bid was successful in the face of intense competition. SIASSB built and now operates the EBA STEP2 platform. http://www.siassb.eu https://www.ebaclearing.eu/STEP2-N=STEP2-L=EN.aspx
Bid Manager on behalf of SIA, for a successful bid for a multi-million Euro EU Phare proposal for the design, supply and implementation of the RTGS and ACH Payments Systems and Government Securities Registry for Romania. http://www.siassb.eu