EU clearing and settlement code unveiled

BRUSSELS - A Code of Conduct for clearing and settlement issues in the European Union was unveiled in early November. The document was produced by leading industry figures, after the European Commission (EC) decided not to legislate on the matter in July.

Many have welcomed the code, some believe it should go further. Denis Peters, corporate communications director of Euroclear bank in Brussels, stated there was "no reason" the code should apply to equities alone.

The Code of Conduct, unveiled after dialogue between the Federation of European Securities Exchanges, the European Association of Central Counterparty Clearing Houses and the European Central Securities Depositories Association, forms a key part of European Commissioner for the Internal

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