The European Banking Federation (FBE) together with other European banking groups calls for an intensive, transparent consultation on open issues in recently adopted ESCB–CESR Standards. Although the released standards note and identify a number of specific issues, the European banking industry would have preferred that ESCB–CESR had deferred the adoption of the Standards until the extensive range of open and controversial issues had been resolved satisfactorily in consultation with the industry.
Close cooperation as well as intensive and transparent consultation of market participants is crucial to achieve a coherent set of Standards that will constitute a valuable building block in the ongoing process of establishing an efficient and safe regulatory and legal environment for clearing and settlement in the European Union.
© Graham Bishop
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