Financial Markets Infrastructure, Clearing and Settlement, Commission Communication and other documents

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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.

Formal mandates to CESR

28.07.2008 Formal mandate to CESR for technical advice on identifying regulatory arrangements for post-trading infrastructures and advising on possible solutions in terms of bridging any potential differences in these arrangements   PDF - 115 KBEnglish

Reports to the ECOFIN

06.11.2009 Commission Staff Working Document “The Code of Conduct on clearing and settlement: three years of experience”  PDF - 115 KBEnglish
03.11.2008 Commission Staff Working Document “Improving the Efficiency, Integration and Safety and Soundness of Cross-border Post-Trading Arrangements in Europe”  PDF - 115 KBEnglish
11.03.2008 Commission Staff Working Document “Improving the Efficiency, Integration and Safety and Soundness of Cross-border Post-Trading Arrangements in Europe”  PDF - 115 KBEnglish
25.07.2007 Commission Staff Working Document “Improving the Efficiency, Integration and Safety and Soundness of Cross-border Post-trading Arrangements in Europe”   PDF - 115 KBEnglish
27.02.2007 Commission Staff Working Document “Monitoring Implementation of the Code of Conduct on Clearing and Settlement”   PDF - 115 KBEnglish

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]
  • Terms of reference PDF - 115 KBEnglish
  • Commission letter welcoming the Terms of Reference PDF - 115 KBEnglish
  • Letter from the Federation of European Accountants (FEE) PDF - 115 KBEnglish
28.06.2007 Financial market infrastructures publish the Access and Interoperability Guideline  PDF - 115 KBEnglish
07.11.2006 Commissioner McCreevy welcomes industry’s new Code of Conduct
  • Press release
  • Frequently asked questions PDF - 115 KBEnglish
  • Commissioner McCreevy’s speech
  • The Code of Conduct PDF - 115 KBEnglish
  • Signatories PDF - 115 KBEnglish

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)
  • Report PDF - 115 KBEnglish
16.07.2009 First report on monitoring prices, costs and volumes of trading and post-trading services
02.08.2007 Methodology for monitoring the evolution of trading and post-trading prices, costs and volumes - OXERA
  • Cover note PDF - 115 KBEnglish
  • Study PDF - 115 KBEnglish
07.11.2006 Note on the forthcoming study on the development of a methodology to monitor the evolution of prices, costs and volumes PDF - 115 KBEnglish

Draft working document on post-trading activities

23.05.2006 The Commission publishes a draft working document on post-trading activities
  • Draft working document of the Commission Services  PDF - 115 KBEnglish
    • Annex Ⅰ – Analysis of studies examining European post-trading costs PDF - 115 KBEnglish
    • Annex Ⅱ – Economic impact study on clearing and settlement PDF - 115 KBEnglish
    • Annex Ⅲ – Cost of execution of retail equity trades in Europe in 2005 PDF - 115 KBEnglish

Commission Communication

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

Other documents relating to clearing and settlement

01.2005 Legal Certainty Group: Commission sets up expert group on clearing and settlement
07.2004 CESAME group: Commission sets up expert group on clearing and settlement
04.2003 Giovannini Reports
  • Press release
  • First report of the Giovannini Group on Cross Border Clearing and Settlement Arrangements in the European Union (11.2001)  PDF - 115 KBEnglish
  • Second report of the Giovannini Group on Clearing and Settlement Arrangements in the European Union (4.2003) PDF - 115 KBEnglish
11.2002 Macro-economic impact of integration of EU financial markets
07.2001 Investment Services Directive
04.2001 First consultation

Last update: 02.05.2011