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The European Commission is to create CESAME II, a follow-up group to the successful Clearing and Settlement Advisory and Monitoring Experts' Group (CESAME; IP/04/935). The new group will, in particular, continue CESAME's work on dismantling the barriers to cross-border post-trading activities, continue co-ordinating the work on establishing common standards in this area as well as monitor their implementation. The group will be composed of practitioners and market participants who are knowledgeable in the post-trading field, i.e. the European and their domestic legal framework, as well as market setup and practices, and are therefore best placed to identify problems and, where applicable, propose (and implement) solutions to remove them. Interested candidates are invited to send an application to the Commission by 30 May 2008.
Functions of the expert group
CESAME II will have two functions. Firstly, it will help to support the aim of efficient post-trading arrangements by way of discussion, dissemination of information and transparency. Secondly, it will ensure coherent action by continuing CESAME's work on dismantling the Giovannini barriers as well as other identified obstacles, monitoring implementation of the solutions developed by the industry, and overall monitoring of developments in the post-trading area. The terms of reference for the group's constitution and operation can be found in its mandate.
Membership criteria
The group's members shall be high-level practitioners with legal or commercial experience in the areas covered by the mandate of the group. Interested candidates - including those from the public sector (except observers from relevant EU institutions, i.e. the ECB and CESR) - are invited to send an application to the Commission by 30 May 2008 according to the requirements set out in the Call for expressions of interest. The Commission will then appoint the members of the group based on the candidates' qualifications and skills. The Commission will decide on the final composition of the group in June 2008. Once the members have been selected, a full list of their names will be published.
More information is available at:
http://ec.europa.eu/internal_market/financial-markets/clearing/cesame_en.htm
