Euroclear Pledges Support For European Commission’s Code Of Conduct - Commissioner Mccreevy Presents Clearing And Settlement: The Way Forward - To ECON Today

Euroclear views Commissioner McCreevy’s decision to establish a Code of Conduct as a sensible and pragmatic alternative to specific new legislation targeted at the clearing and settlement industry. Euroclear, whose business model is based on the harmonisation of market practices and consolidation of settlement systems, is fully committed to work hard with the industry and the authorities to ensure that the proposals contained within the Code are implemented according to the European Commission’s timetable. We share the aim of the Commission to deliver an integrated, internationally competitive and efficient European capital market.

The Code calls upon diverse market participants’ settlement systems, stock exchanges and CCPs - to work together quickly, at a detailed level, to establish a common approach to resolve the key clearing and settlement industry issues identified by the Commission. Euroclear will begin work immediately to ensure that the Commission’s tight schedule can be met.

Euroclear supports the Commission’s encouragement of Member States to accelerate work on removing the fiscal barriers identified in the Giovannini Group reports. We have long expressed our views that it is essential that these barriers, which the public sector is responsible for eliminating, are removed as quickly as possible in order to lower the costs of cross-border clearing and settlement.