Press conference by Michel Barnier on the Commission's proposal on Central securities depositories
On 7 March 2012, Michel Barnier, Member of the EC in charge of Internal Market and Services, participated in a press conference, in Brussels. On this occasion, he presented a proposal to make sure investors in securities across the EU are paid on time and in full. In its proposal, the Commission will set out common rules for Central securities depositories, agencies that are responsible for settling trades in the €900 trillion-a-year securities market, where shares, bonds, futures, promissory notes or other financial instruments are bought and sold. The EU is regulating the trading of securities through a revision of the Markets in Financial Instruments Directive (MiFID), while new rules on clearing derivatives contracts have recently been approved in the European Markets Infrastructure Regulation.