Press Release: Clearing and settlement: Outcome of consultation

The 82 responses, published on 21 March 2005, to the European Commission's second consultation on securities clearing and settlement in the EU were generally supportive. The consultation, launched in April 2004 (see IP/04/551), sought views on the general objectives and specific nature of action to foster efficient cross-border clearing and settlement, essential for market participants to operate effectively in an integrated EU financial market. Respondents broadly backed Commission proposals to consider a Directive on Securities Clearing and Settlement, to set up an Advisory and Monitoring Expert group, and to address legal and fiscal compliance discrepancies through the creation of two further expert groups. Respondents also agreed that the Commission should continue ensuring the effective implementation of competition law.

• Primary Source