Press Release: Clearing and settlement: Competition and Internal Market Commissioners will act unless there is further action from industry

The European Commissioners for Competition and the Internal Market announced on 7 March 2006 that they intended to propose action on the basis of EU competition and single market rules before the summer break of 2006 unless market players came forward with effective and realistic changes to improve the clearing and settlement (C/S) of securities in the EU. The current fragmented national monopolies in trading infrastructures such as exchanges, clearinghouses and securities depositories, were held to create high costs for the EU economy and to represent significant impediments to efficient cross-border trading in the EU.

• Primary Source

European Commission: DG Internal Market: Financial Services: Financial Market Infrastructures: Clearing and settlement http://ec.europa.eu/internal_market/financial-markets/clearing/index_en.htm

---