Deutsche Börse implements first step of clearing and settlement code

Deutsche Börse implements first step of clearing and settlement code

German exchange Deutsche Börse says it has implemented the first step of the EC-endorsed code of conduct - which aims to reduce the costs of cross-border trading - by publishing prices for equities trading, clearing and settlement online.

In November, Europe's stock exchanges agreed a voluntary code of conduct designed to cut the cost of trading shares across borders by injecting more price transparency and competition into clearing and settlement operations.

Under the code, exchanges are expected to provide an overview of prices for equities trading, clearing and settlement as part of efforts to make trading in Europe more integrated and boost competition beween the region's market operators.

In future, customers will be able to compare in advance costs that will be incurred for equity dealing and reconcile invoices received with the published price lists, says Deutsche Börse.

Matthias Ganz, member of Deutsche Börse's executive board, says the exchange is giving its full support to the market-led initiative: "We are convinced that the industry will be able to successfully implement the code, which will play a key role in helping to boost the efficiency and competitiveness of European cash markets."

In addition to price transparency, the code of conduct also aims to improve access to individual market participants and interoperability and to unbundle services and separate accounts of each service segment.

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