European exchanges, clearing houses and central securities depositories have agreed on a Code of Conduct for Clearing and Settlement. The organisations represented by FESE, EACH, and ECSDA agreed on a phased implementation of the Code of Conduct beginning November 8.
The Code of Conduct will cover price transparency which will be in place by 31 December this year. By mid nxt year, access and interoperability conditions will be established. Finally, by 1 January 2008, service unbundlling and accounting separation will be implemented.
Furthermore, the undersigning Organisations understand that the Commission is considering proposing the extension of the self-regulatory approach from cash equities to other asset classes and service providers once the Code has entered into force. This review will take place at the time of implementation of the MiFID directive, further enhancing the objectives pursued by the Commission in MifID.
Code of Conduct
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