The Commission welcomed the new Code of Conduct agreed by the clearing and settlement industry. The signatories of the Code will have to gradually implement these measures, all of which will need to be in place by 1 January 2008. A strict monitoring process will ensure that the measures are implemented properly and on time. The measures addressed in the Code include the transparency of prices and services, access and interoperability, and unbundling of services and accounting separation.
For each group of measures the Code sets a specific deadline for implementation. Price transparency will need to be implemented by the end of 2006, interoperability and access by the end of June 2007, and unbundling and accounting separation by 1 January 2008.
Commissioner McCreevy said: 'Industry now needs to ensure proper implementation of the Code and remove the remaining barriers in the market.'
A strict monitoring mechanism will be set up to ensure that all the measures are implemented properly and on time. The mechanism will rely on external auditors who will report on the implementation of the signatories' commitments to an ad-hoc monitoring committee chaired by the Commission.
Code of conduct
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