Commission Communication & 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

Reports to the ECOFIN

03.11.2008	Commission Staff Working Document "Improving the Efficiency, Integration and Safety and Soundness of Cross-border Post-Trading Arrangements in Europe"
11.03.2008	Commission Staff Working Document "Improving the Efficiency, Integration and Safety and Soundness of Cross-border Post-Trading Arrangements in Europe"
25.07.2007	Commission Staff Working Document "Improving the Efficiency, Integration and Safety and Soundness of Cross-border Post-trading Arrangements in Europe"
27.02.2007	Commission Staff Working Document "Monitoring Implementation of the Code of Conduct on Clearing and Settlement"

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

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

16.07.2009	First report on monitoring prices, costs and volumes of trading and post-trading services Press release (16.07.2009) Frequently asked questions Report
02.08.2007	Methodology for monitoring the evolution of trading and post-trading prices, costs and volumes - OXERA Cover note Study
07.11.2006	Note on the forthcoming study on the development of a methodology to monitor the evolution of prices, costs and volumes

Draft working document on post-trading activities

Commission Communication