G-30 create group to implement clearing and settlement changes
Washington, DC -- The Group of 30, a non-profit organisation of financial industry and economic experts, announced in mid-February the formation of a monitoring committee to oversee the implem entation of the group’s recommendations for the reformat of global clearing and settlement systems.
In January 2003, the G-30 released a report, Global Clearing and Settlement: A Plan of Action. The report outlined 20 key areas where the world’s securities processing framework had to be bolstered to avoid potential operational breakdowns, improve cost efficiencies and raise market efficiencies (see Operational Risk, February 2003, page 3). The recommendations were based on a two-year study
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