European Commission consults on clearing and settlement

European Commission consults on clearing and settlement

The European Commission has launched consultations on cross-border clearing and settlement in the European Union.

The Commission says the purpose of the exercise is to gain a better understanding of existing obstacles to cross-border securities market transactions in the Union and to begin to identify the public policy issues and knock-on effects that could arise from potential future models for clearing and settlement infrastructure.

The information gathered will be used by an advisory group to the Commission on financial market issues chaired by Alberto Giovannini, deputy general manager of Banca di Roma. The group is to produce an analysis of EU cross-border clearing and settlement during the summer.

The Commission says it will also use the information in the context of the current review of the Investment Services Directive and as part of its wider efforts to identify and remove barriers to cross-border clearing and settlement activity in Europe. The consultations are being conducted on the basis of a questionnaire available on the Europa Web site. The deadline for replies to the questionnaire is by 4 May 2001 and they should be sent to: C&

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