Brussels, 13/09/2005 (Agence Europe) - During a speech at the 14th transatlantic forum on investment funds on 13 September in Luxembourg, Charlie McCreevy denounced the high - if not prohibitive - costs of cross-border clearing and settlement, costs which are “up to six times higher” than those for domestic financial operations. The time has come for all actors to assume their responsibilities, the European Internal Market Commissioner said, adding “the next six months are crucial”. The Commission will play its role but the financial services industry must also contribute and make concrete suggestions, he added.
Charlie McCreevy envisaged the creation of a single pan-European central clearing counter-party (CCP) which would carry out large-scale economies and contribute to the integration of national capital markets. The Commission is currently conducting an impact study on the timeliness of legislating at European level. The results of the study are expected for 2006. Early July, the European Parliament adopted the own-initiative report by Piia-Noora Kauppi (EPP/ED, Finland), who considers that the EU must only legislate if the clearing and settlement services are truly defective (see EUROPE 8987).