01 August 2002

Summary of responses to CESR/ESCB call for contributions on European Clearing and Settlement Systems

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The responses to the CESR/ESCB call for contributions indicate that there is a need for co-operation between regulators and central banks at the European level in order to increase harmonisation and to ensure a level playing-field.

Some contributions express concerns about the many concurrent initiatives (Giovannini Group, European Commission, Group of Thirty (G30), etc.). The establishment of standards and recommendations will only be of real value if they are rigorously monitored and “enforced”.

There is a need for a guarantee of equal implementation of the new standards in order to create a level playing-field. There is a particular need for a formal assessment process, as well as periodic review procedures, all of which would be monitored by public authorities.

Finally, it was advised that the ESCB/CESR Working Group’s and the European Commission’s work should be co-ordinated in the area of regulation of clearing and settlement in Europe.

The majority of respondents would like to invite the ESCB/CESR Working Group to clarify the definitions and terms used in the CPSS-IOSCO Recommendations for Securities Settlement Systems as they suffer from some shortcomings. In particular, the Group should agree on clear definitions of the roles, tasks and responsibilities of the different players and service providers.

Summary of responses

ECB download page for single responses.

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