CESAME group

Presentation of the group

• Press release (16.7.2004)
• Mandate

CESAME report

Meetings

Date	Document	Reference
16.06.2008	Agenda	CESAME/2/2008
	Report
	Participants
18.02.2008	Agenda	CESAME/1/2008
	Report
	Participants
	List of abbreviations
	Documents pertaining to Giovannini barriers		(4.5 MB)
22.10.2007	Agenda	CESAME/3/2007
	Report
	Participants
	Operational Conclusions
11.06.2007	Agenda	CESAME/2/2007
	Report
	Participants
	Operational Conclusions
12.02.2007	Agenda	CESAME/1/2007
	Report
	Participants
	Operational Conclusions
	Documents pertaining to Giovannini barriers
23.10.2006	Agenda	CESAME/3/2006
	Report
	Participants
	Operational Conclusions
12.06.2006	Agenda	CESAME/2/2006
	Report
	Participants
	Operational Conclusions
20.02.2006	Agenda	CESAME/1/2006
	Report
	Participants
	Operational Conclusions
24.10.2005	Agenda	CESAME/3/2005
	Report
	Participants
	Operational Conclusions
10.06.2005	Agenda	CESAME/2/2005
	Report
	Participants
	Operational Conclusions
07.03.2005	Agenda	CESAME/1/2005
	Report
	Participants
	Operational Conclusions
25.10.2004	Agenda	CESAME/2/2004
	Report
	Participants
	Operational Conclusions
16.07.2004	Agenda	CESAME/1/2004
	Report
	Participants

European Commission presentations

Giovannini indicators for barriers 3 and 4/7 (06/2008)
Preliminary conclusions of the LCG on Giovannini barrier 9 (02/2008)
Update on the work of the Legal Certainty Group (06/2007)
Corporate actions (06/2007)
Report on second ad-hoc meeting on corporate actions (06/2007)
Measuring Progress in Dismantling the Giovannini Barriers (06/2007)
The draft Directive on Shareholders‘ rights - facilitating the cross-border exercise of voting rights (02/2007)
Dismantling the Giovannini barriers - building an indicator on the progress (02/2007)
Corporate actions (02/2007)
Report on ad-hoc meeting on corporate actions (02/2007)
Post-trading infrastructure: how to foster integration? (joint presentation with ECB) (10/2006)
Corporate actions (10/2006)
Results of the consultation on DG COMP's issues paper (10/2006)
Restrictions on the location of clearing and settlement in the EU government bond markets (06/2006)
Securities Trading and Post-trading: Findings of DG Competition's Issues Paper (06/2006)
Update on work on definitions (06/2006)
Data request
Update on work on definitions
Proposal for a Directive to facilitate the exercise of shareholders' voting rights
Survey on Retail Prices
State of play within the FISCO group
Commission services working document on definitions of post-trading activities - Working document - 27.10.2005
Report on Definitions
Report on the Scientific Seminar in the Framework of the Impact Assessment for Clearing and Settlement
Clearing and Settlement in the European Union - The way forward : Analysis of the responses to the consultation
Detailed summary of the responses to the Communication of 28/4/2004
Fostering an appropriate regime for shareholders' rights
Clearing and Settlement Impact Assessment - Table of Contents
Clearing and Settlement Impact Assessment - Chapters 1, 3 and 4
Clearing and Settlement Impact Assessment - Chapter 5
Clearing and Settlement Impact Assessment - Annex I
Clearing and Settlement Impact Assessment - Annex II

Other European institutions' presentations

ECB (02/2007): TARGET2-Securities
ECB (06/2007): TARGET2-Securities keeps moving
ECB (10/2007): TARGET2-Securities
ECB (02/2008): TARGET2-Securities
ECB (06/2008): Removing Giovannini Barrier 7 - Methodology

Members' documents relating to the Giovannini Barriers

ANNA (06/2008) - Role of ANNA within ISO
BNP Paribas/SWIFT (10/2004)
SWIFT (03/2005)
SWIFT (06/2005)
SWIFT (10/2005)
SWIFT (02/2006)
SWIFT (06/2006)
SWIFT (02/2007)
SWIFT (06/2007)
SWIFT (10/2007)
SWIFT (02/2008) - SWIFT/ISSA Survey on Giovannini Protocol Adoption Requirements
SWIFT (06/2008) - Following up on Giovannini Barrier 1
SWIFT (06/2008) - The success of ISO 20022 – UNIversal Financial Industry message scheme
Fortis
FBE
FBE (06/2006) - Position on evolution of post-trading in the European Single Market
EALIC/ECSDA/ESF/FBE
EALIC/ECSDA/ESF/FBE
EALIC/ECSDA/ESF/FBE (10/2005) - Presentation
EALIC/ECSDA/ESF/FBE (10/2005) - Background
EALIC/ECSDA/ESF/FBE - Synopsis of standards related to distributions
EALIC/ECSDA/ESF/FBE (02/2006) - Harmonisation of Corporate Actions Processing in Europe
EALIC/ECSDA/ESF/FBE (06/2006) - Harmonisation of Corporate Actions Processing in Europe
EALIC/ECSDA/ESF/FBE (10/2006) - Harmonisation of Corporate Actions Processing in Europe (presentation)
EALIC/ECSDA/ESF/FBE (10/2006) - Harmonisation of Corporate Actions Processing in Europe (background)
EALIC/ECSDA/ESF/FBE (10/2006) - Harmonisation of Corporate Actions Processing in Europe (background)
EALIC/ECSDA/ESF/FBE (02/2007) - Corporate actions - barrier 3
EALIC/ECSDA/ESF/FBE (06/2007) - Corporate actions - barrier 3
EALIC/ECSDA/ESF/FBE (10/2007) - Harmonisation of Corporate Actions Processing in Europe, Progress Report
EALIC/ECSDA/ESF/FBE (10/2007) - Market standards on mandatory distributions
EALIC/ECSDA/ESF/FBE (02/2008) - Harmonisation of Corporate Actions Processing in Europe, Progress Report
EuropeanIssuers/ECSDA/ESSF/ECSA (06/2008) - Harmonisation of Corporate Actions Processing in Europe, Progress Report
CEECSDA
FBE/ESBG/EACB
FBE/ESBG/EACB (03/2005)
FBE/ESBG/EACB (06/2005)
FBE/ESBG/EACB (02/2007)
IPMA
ECSA (04/2005)
ECSA/FBE (02/2006) - Corporate Actions Workshop
ECSA/FBE (02/2006) - Legal Barriers
ECSA/FBE (02/2006) - Corporate Action Recommendations Gap Analysis Survey Results
ECSDA
ECSDA
ECSDA (06/2005) - Report
ECSDA (06/2005) - Press Release
ECSDA (10/2006) - Report
ECSDA - The ECSDA gap analysis / implementation plan related to distributions
ECSDA - The gap analysis prepared in Italy jointly by Assonime, ABI and Borsa Italiana Group (including Monte Titoli) related to distributions
ECSDA (06/2006) - Presentation on Giovannini barriers 4 and 7
ECSDA (06/2006) - Second annual status report relating to standards for the removal of Giovannini barriers 4 and 7
ECSDA (06/2007) - Harmonisation of Opening Days and Hours in Europe
ECSDA (06/2008) - Progress Report on Giovannini Barrier 4 and 7
ECSDA/CEECSDA (09/2005)
ECSDA/EPDA (10/2007) - Dismantling Giovannini Barrier 4 and 7 - Status report
ECSDA/ESF (10/2005)
ECSDA/ESF (10/2007) - Interim report on harmonised matching standards
ECSDA/ESSF (06/2008) - Status Report on the Implementation of Harmonised Matching Processes
ECSDA/ESSF (06/2008) - Status Report on the Implementation of Harmonised Matching Processes (presentation)
EIB
EPDA (02/2006) - Clearing and settlement within the EU bond market
EPDA (02/2006) - Clearing and settlement within the EU bond market (annex A)
EPDA (02/2006) - Clearing and settlement within the EU bond market (annex B)
EPDA (06/2006) - Giovannini barrier 10
EPDA (06/2006) - Practical Examples of Barrier 10 impact on the Clearing and Settling of European Government Bonds
EPDA/ICMA (06/2006) - Giovannini barriers 4 and 7
EPDA/ICMA (06/2006) - Giovannini barriers 4 and 7: Intraday Settlement Testing
EPDA/EPDA/ICMA (10/2006) - Harmonisation of Opening Days and Hours in Europe (presentation)
ESF (10/2006) - Abstract of proposals to harmonise and standardise key corporate actions processes
ESF/ECSDA (10/2006) - Proposals to harmonise and standardise pre-settlement date matching processes throughout Europe
EUROCLEAR
FESE/EACH/ECSDA (02/2007) - Implementation Progress towards the Code of Conduct
FESE/EACH/ECSDA (06/2007) - Implementation Progress towards the Code of Conduct
FESE/EACH/ECSDA (10/2007) - Implementation Progress towards the Code of Conduct
FISCO (10/2007) - Presentation on FISCO Second Report on Solutions
ICMA (02/2007)
ISO (10/2006) - Background on barrier 8
ISSA (10/2007) - Letter on ISIN
LCH.Clearnet (02/2006) - Discussion paper: The Need to Remove Structural Barriers to Consolidation of CCP Clearing
Link-Up Markets (06/2008)
Monte Titoli (06/2006) - The approach to IT convergence in the post-trading industry
Omgeo (10/2006) - Giovannini Barrier 6: “Same Day Affirmation” Best Practice Recommendations
Oxera (10/2006) - What are the costs, prices and volumes of post-trade services for securities trading in the EU?
Oxera (06/2007) -Methodology to monitor changes over time in prices, volumes and costs of trading and post-trading activities
Oxera (10/2007) - Price monitoring of trading and post-trading activities
Oxera (02/2008) - Price monitoring of trading and post-trading activities
G30 initiatives
Participants
Task Matrix EMC G30
European Co-chairs Inventory Status
G30 Baseline Assessment - Reporting Framework
G30 EMC supportive organisations: Advisors and Observers
Global Clearing and Settlement - Plan of Action Progress Monitoring October 2004 – Working Draft
Action from Private Market Participants - G30 Initiatives for each barrier

Users' corner - documents and presentations

PensPlan (02/2007)
Alistair Milne (02/2006) - Standard setting and competition in securities settlement (external link)
Alistair Milne (02/2006) - Standard setting and competition in securities settlement (presentation)
EFAMA (06/2006) - Users view on Post-Trading Barriers (presentation)
EFAMA (06/2006) - Users view on Post-Trading Barriers (background paper)
Merrill Lynch (02/2006) - A User Perspective on European Clearing & Settlement
Robeco (02/2006)

DG Competition website

• Issues paper: "Competition in EU securities trading and post-trading"
• Report by London Economics entitled "Securities trading, clearing, central counterparties and settlement in EU 25 - an overview of current arrangements"
• Clearstream decision

Other EU Institutions' and Committees' opinions

• The Council Conclusions on Clearing and Settlement
  
   
• The European Economic and Social Committee report
  
   
• European Parliament resolution on the communication from the Commission to the Council and the European Parliament entitled Clearing and settlement in the European Union: main policy issues and future challenges (Andria Report)
   
• European Parliament Resolution on Clearing and Settlement in the European Union (Kauppi Report)
   
• ESCB/CESR

Latest developments

• On 9 October 2007 the Council published conclusions on clearing and settlement
• On 28 November 2006 the Council published conclusions on clearing and settlement
• Oxera Consulting Ltd. was awarded the contract for developing the methodology to monitor changes over time of costs, prices and volumes of post-trading activities in the field of financial markets.
• Commissioner Charlie McCreevy's speech outlining the way forward in the post-trading area, delivered on 11 July 2006 at the meeting of the Economic and Monetary Affairs Committee of the European Parliament.
• On 7 July 2006 the European Central Bank announced that the Eurosystem is evaluating opportunities to provide settlement services for securities transactions. For more information visit the ECB's website.
• Press release on the meeting of Commissioner Charlie McCreevy and Dr. Alberto Giovannini with industry leaders
• Joint press release by Competition and Internal Market Commissioners on clearing and settlement
• Giovannini Barrier 1 - SWIFT releases final recommendation for the communication protocol 
• The tender notice for the Study to define a methodology to monitor changes over time of costs, prices and volumes of post-trading activities in the field of financial markets, and then to apply that methodology, was published in the Official Journal of the EU (OJ S69) on the 8th of April.

Useful Links

• The Giovannini group
• Legal Certainty Group
• Fiscal Compliance Group

Further studies and reports

• SIA Paper: Background note on the Organisation in the US Market for Clearing and Settlement
• Clearstream/Deutsche Börse Group Paper : Clearstream launches real-time night settlement for the German market
• HWWA Discussion Paper: Cross-Border Securities Clearing and Settlement Infrastructure in the European Union as a Pre-requisite to Financial Markets Integration: Challenges and Perspectives" (2004)
• BIS/IOSCO: Recommendations for Central Counterparties
• BIS/IOSCO: Recommendations for Securities Settlement Systems
• BTA Research Report: "European cross border clearing & settlement 2005-2007"
• Van Cayseele: Cost Efficiency in the European Securities Clearing and Settlement Industry
• Deutsche Börse AG: Whitepaper "The European Post-Trade Market - an Introduction"
• FESE’s post-FSAP Priorities
• IFD: Finanzstandortbericht
• Günther Knieps: Discussion Paper: Competition in the post-trade markets: A network economic analysis of the securities business