Europe closer to cash equities code of conduct

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BRUSSELS – In a step towards the harmonisation of clearing and settlement across the European Union, the signatories of the planned code of conduct for cash equities have provided Charlie McCreevy, European commissioner for the internal markets, with the code’s terms of reference for auditing compliance.

The industry body signatories include the Federation of European Securities Exchanges, the European Association of Central Counterparty Clearing Houses and the European Central Securities Depositories Association.

The three associations have been in regular contact with the European Commission over the past several months to reach the agreement on a common document. The paper can be downloaded from the following link.

http://www.fese.be/_mdb/news/20080722 Terms of Reference finalpdf.pdf

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