No new legislation on EU clearing and settlement


Speaking in Brussels last month, commissioner Charlie McCreevy acknowledged that cross-frontier clearing and settlement arrangements are far more expensive than national systems but categorically stated that new regulation is not the answer.

"I am convinced that if the Commission were to propose any kind of regulatory measure we could slow down, or even block the restructuring process already underway – possibly even for years," he said. "A regulation now would be a distraction to market

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