14 February 2016

European exchanges agree clearing and settlement code

01 November 2006  |  9453 views  |  0 EU flag

European stock exchanges are set to sign up to a code of conduct designed to slash the cost of trading shares across borders by injecting more transparency and competition into clearing and settlement operations.

The move to reach a voluntary deal comes as the European exchange and clearing community bids to head off proposed legislative reforms threatened by the European Commission.

News of the agreement was leaked to the reporters late yesterday. It's understood that the signatories to the code - which will include all the major European bourses and independent depositories - will first act to publish definitive prices for clearing and settlement, and follow this with plans to introduce interoperability standards across markets.

Exchange's which currently offer a vertically integrated model for trade execution and clearing and settlement, such as Deutsche Börse and Italy's Monte Titoli, will be expected to 'unbundle' their services under the agreement.

The new code of conduct has reputedly won the support of large investments banks and will be formally signed next week.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

15 September, 2006
10 July, 2006
02 June, 2006
25 May, 2006
24 May, 2006
24 May, 2006
07 March, 2006
22 February, 2006
20 February, 2006

Related company news

 

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
16992 views comments | 108 tweets | 91 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
9468 views comments | 31 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
9169 views comments | 36 tweets | 10 linkedin
Is Paym a failure?Is Paym a failure?
7513 views 17 comments | 23 tweets | 16 linkedin
Visa issues API to offer consumer control over card transactionsVisa issues API to offer consumer control...
6793 views comments | 17 tweets | 28 linkedin

Featured job

to $120K base, double OTE, benefits
New York City, NY or Boston, MA (USA)

Find your next job