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08 December 2008

CESAME stock taking report on Giovannini Barriers


The report provides an overview of the work done on the six Giovannini Barriers to post-trading and of the state of play on nine Barriers attributed to the public sector.

CESAME issued a report on its four years of work which provides an overview of the work done on the six Giovannini Barriers to post-trading and of the state of play on nine Barriers attributed to the public sector. It also provides an overview of other pertinent topics related to post-trading which were discussed by the Group.

 

State of play

Industry Barrier 8 (securities number issuance) has been successfully dismantled. Very good progress has been achieved on industry barriers 4 and 7 (settlement finality and settlement deadlines) but further issues in this area have been identified (now treated under "Barrier 16"). Standard setting for removing industry barriers 1 (IT interfaces) and 3 (corporate actions) has advanced substantially; but implementation will have to be monitored closely. This leaves mainly Barrier 6 (standard settlement periods) - which was initially deemed less important - for the industry to tackle.

 

Less progress has been achieved regarding public sector barriers, therefore industry called for more involvement of Member States and regulatory authorities in the work of CESAME2. In this area, public sector Barrier 14 (on netting) and Barrier 5 (remote access) have been dismantled and the implementation of the MiFID (Markets in Financial Instruments Directive) as well as the work of the FISCO and the Legal Certainty Group has provided progress and the basis for further work. However, the public sector still has to start active standard setting and implementation.

 

Press release

Report

 



© European Commission

Documents associated with this article

CESAME report on Giovannini Barriers - 122008.pdf


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