On 5 January
SWIFT launched a public consultation on the possibility of developing a common communication protocol in the European Union for securities infrastructure, with a view to eliminating those obstacles to market integration. The European Central Bank (ECB) supports this initiative and invites market participants to contribute actively to it.
The aim of the initiative is in line with the aim of the work carried out by the ESCB-CESR Working Group on Standards for Securities Clearing and Settlement Systems in the European Union.
The Giovannini Group, as adviser to the European Commission, published a report identifying 15 barriers to efficient EU cross-border clearing and settlement. The Group, under the chairmanship of Dr Alberto Giovannini, stated that SWIFT, through the Securities Market Practice Group (SMPG), should define a solution to eliminate Barrier 1, which cites national differences in information technology and interfaces used by clearing and settlement providers.
The consultation period will last from 5 January until 15 April 2005.
Consultation paper
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