FBE and BBA object to proposed clearing and settlement standards


Brussels -- Both the Brussels-based European Banking Federation (FBE) and the London-based British Bankers Association (BBA) have filed responses to EU proposals designed to create a single market for the clearing and settlement of securities that are sharply critical of plans to apply the regulatory framework to custodian banks.

The Committee of European Securities Regulators (CESR) and the European System of Central Banks (ESCB) published, in early August, two documents -- Standards for

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