The Single European Act (SEA) was an important breakthrough in facilitating the completion of the single market in the European Union (EU). However, thirty years hence, the region’s capital markets remain in a fragmented state and regulated along national lines. Cross-border delivery of financial services by intermediaries and investment remain a challenge as substantial restrictions on the movement of capital across borders still remain. This gave rise to the Capital Markets Union (CMU) plan to integrate EU’s capital markets and mobilize the flow of capital within the region by 2019. But this movement is not exclusive to EU alone. Prior to the inception of the CMU plan, the Association of Southeast Asian Nations (ASEAN) has already begun to introduce measures to reduce the region’s heavy dependence on the banking sector and develop its capital markets as a direct reaction to the 1997 Asian Financial Crisis. Such measures are now consolidated into the “ASEAN Capital Markets Integration Framework” and is still an ongoing project. While such framework can be considered as an “older” movement than the CMU, the initiatives found in the latter are admittedly more far-reaching than the other. Having similar goals in mind, how will the two movements affect EU-ASEAN relations? Will it give a rise to a competition for capital and new markets or an increased coordination of market practices and regulations? This paper investigates.