-The European Commission published a summary of the 61 responses it has received to a consultation on clearing and settlement. The consultation, launched in May 2002, sought views on the need for EU level measures to ensure efficient cross-border clearing and settlement, which is essential to allow market participants to operate effectively in an integrated EU financial market.
The particular concerns of respondents differed. Some regarded the removal
of barriers as the primary role of authorities, whilst others maintained that harmonised
rules for these activities were necessary for the creation of a level playing field for
service providers and to facilitate access for market participants.
In general, there was agreement that the market, not the authorities, should determine
the model for any consolidation of services. However, the importance of financial
stability and the role of competition were both highlighted as issues of importance. The
market should be able to guide the structural and business-case decisions, but without
jeopardising systemic stability or creating competitive distortions.
Summary of responses
© European Commission
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