Commission published info-letter on Post-Trading

03 August 2011

The letter offers an update on the ongoing work streams, including on trade repositories and access to data, the harmonisation of Central Securities Depositories (CSD) legislation, and progress on the European Market Infrastructure Regulation (EMIR).

It also outlines international coordination efforts and ongoing work streams within the G20 and the International Organisation of Securities Commissions (IOSCO).

Three existing legislative instruments already concern the post-trade environment: the Settlement Finality and Financial Collateral Directives and the Commission Withholding Tax Recommendation. Each has contributed to a more stable and efficient post-trading environment.

However, the Commission’s vision is the removal of all barriers linked to post-trading. In the Internal Market, it must be as easy to buy, own and sell foreign shares as domestic ones. To achieve this, there are some key challenges ahead. The current pipe-line includes legislative measures such as the European Market Infrastructure Regulation ("EMIR"), the Securities Law Directive, Central Securities Depositories ("CSD") regulation and policy measures on Close-out netting. Some of these legislative initiatives are more advanced then others.

Full info-letter


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