Ms Villiers published her report on Clearing and Settlement clearly opposing to new legislation and a possible new directive as envisaged by the European Commission.
'There is no need for a new directive on competition in clearing and settlement in the EU. The EU should only ever legislate if there is a serious problem that can only be fixed with a new law which is not the case here.' Theresa Villiers said.
'Of course it's important to bring down the costs of cross border clearing and settlement but the way to do this is to tackle the 15 legal and technical barriers identified in the Giovannini reports. These wouldn't be fixed by a directive with 'ex ante' competition measures of the kind being considered by the European Commission.'
The publication of the report follows a hearing on clearing and settlement that took place on 2 February. The speaking notes of the experts are available below.
Already on 1st October Commissioner McCreevy expressed sympathy for regulatory intervention in opening up stock trading houses, when he told MEPs that “most people seem to support the idea of a clearing and settlement Directive”. He also made reference to an impact assessment study on clearing and settlement that the Commission is carrying out at the moment
Deadline of amendments to the report of Ms Villiers is 4 March 2005.
Villiers draft report
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