Brussels, 03/11/2006 (Agence Europe) - On Tuesday 7 November, EU Internal Market and Clearing and Settlement Industry Commissioner Charlie McCreevy will be signing a non-binding code of conduct to make cross-border settlement and clearing less costly, more competitive and more open.
As announced by the European Commission in July (see EUR OPE 9230), the code of conduct will have four stages. From now until the end of 2006, measures will be adopted to make prices more transparent; from now until 30 June 2007, a roadmap will be established to ensure the right of access and interoperability among different stock markets, central market counterparties and central stock deposits (CSDs); by the end of 2007, separating the main clearing and settlement activities in accounting systems; and by the end of 2007, separating out the different price elements the main services and activities.
At the ECOFIN Council in September, Austria, Spain and the United Kingdom backed the European Commission's approach on the grounds of the logic of the market, but France said it would prefer the introduction of new legislation (see EUROPE 9283). The EU's finance ministers will be meeting on 7 November, but are not expected to discuss the code of conduct. (mb)