The European Credit Sector Associations published its feedback statement in response to the implementation of the pan-European code of conduct for clearing and settlement by market infrastructures. It concludes that the full results of the implementation of the Code have not emerged and it would, therefore, be premature for users to conclude that the Code has succeeded or failed in delivering on its aims.
The ECSA, therefore, urges the MIs to involve the ECSAs in the future developments.
In particular the ECSA is concerned that implementation of the current version of the ECSDA Conversion Table is not, by itself, sufficient to facilitate a meaningful or relatively straightforward comparison of prices.
Also, with regard to access and interoperability, there is a lack of information on how the various requests are being prioritised and dealt with.
There is also a lack of clarity surrounding how securities supervisors are handling the requests to approve the establishment of links.
Finally, ECSAs have also expressed a concern that (I)CSDs may have made requests of each other without having taken into account the likely development of the TARGET2-Securities (T2S) single settlement platform by 2013.
© Graham Bishop
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ECSA response on C+S.pdf
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