Dispute over C&S directive
BRUSSELS - Theresa Villiers, MEP and the European Parliament's rapporteur for clearing and settlement, published a report on the subject in early March that stated "there is no need for a new directive on competition in clearing and settlement in the EU. The EU should only ever legislate if there is a serious problem that can only be fixed with a new law, which is not the case here".
Villiers had publicly stated previously that she was, in principle, against a new directive to bring down the costs of clearing and settlement within the EU. "Of course, it is important to bring down the costs of cross-border clearing and settlement, but the way to do this is to tackle the 15 legal and technical barriers identified in the Giovannini reports," she wrote. "These wouldn't be fixed by
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