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Commission Communication and other documents

The European Commission has adopted a Communication which considers the need for EU level actions to improve clearing and settlement in the European Union. Efficient cross-border clearing and settlement processes are essential to allow market participants to operate effectively in an integrated EU financial market. The current cross-border arrangements in the EU are complex and fragmented, imposing costs, risks and inefficiencies on investors, institutions and issuers. The Communication sets out, for the first time, overall Commission policy on this subject and presents possible courses of action to improve the cross-border post-trading environment.

Code of Conduct

22.07.2008  Financial market infrastructures publish the Terms of Reference for auditing compliance with service unbundling and accounting separation and assessing general compliance [with the Code of Conduct]
28.06.2007Financial market infrastructures publish the Access and Interoperability Guidelinepdf Choose translations of the previous link 
07.11.2006Commissioner McCreevy welcomes industry’s new Code of Conduct

Monitoring the evolution of prices, costs and volumes of post-trading activities

02.05.2011  

Second report on monitoring prices, costs and volumes of trading and post-trading services

  • We welcome the second report of Oxera Consulting on trading and post-trading prices, costs and volumes. The report adds 2009 data to the 2006 and 2008 data provided in their first report and provides very useful analysis and valuable insight into the evolution and structure of prices and costs along the trading and post-trading value chain. For any questions please contact Felicia Stanescu (+32 2 298 3065, felicia.stanescu@ec.europa.eu)
  • Reportpdf Choose translations of the previous link 
16.07.2009First report on monitoring prices, costs and volumes of trading and post-trading services
02.08.2007Methodology for monitoring the evolution of trading and post-trading prices, costs and volumes - OXERA
07.11.2006Note on the forthcoming study on the development of a methodology to monitor the evolution of prices, costs and volumespdf Choose translations of the previous link 

Draft working document on post-trading activities

23.05.2006  The Commission publishes a draft working document on post-trading activities

Commission Communication

28.04.2004Commission sets out its strategy and priorities for clearing and settlement
18.12.2002Financial markets and public authorities welcome Commission approach
28.05.2002Commission consults on clearing and settlement

Other documents relating to clearing and settlement

01.2005Legal Certainty Group: Commission sets up expert group on clearing and settlement
07.2004CESAME group: Commission sets up expert group on clearing and settlement
04.2003Giovannini Reports
11.2002Macro-economic impact of integration of EU financial markets
07.2001Investment Services Directive
04.2001First consultation
  • Commission services launch consultations on clearing and settlement