Stephan Schuster of Deutsche Bank is to chair an independent advisory group to review the feedback on proposals by financial messaging network Swift for a standardised communication protocol for European clearing and settlement.
The Brussels-based co-operative published a consultation paper outlining the proposed framework - developed in response to the Giovannini Group report to improve efficiency of EU cross border clearing and settlement.
In its 2003 report, the Giovannini Group, identified 15 barriers to efficient EU cross-border clearing and settlement and invited Swift to define a solution to eliminate Barrier 1, which cites national differences in information technology and interfaces used by clearing and settlement providers.
Swift says it received 70 physical submissions to its consultation paper.
Francis Remacle, head of Swift's securities industry division, comments: "The feedback will help define a solution that will ultimately lead to a standard protocol for communication within the European clearing and settlement industry, which will provide efficiencies to the benefit of all parties."
The advisory group has been created to review the feedback and provide further industry input to the final recommendation, due in early 2006.