The
EPFSF held its last meeting on 21 June issuing a report on Clearing and Settlement stating that as the options for further stock exchange consolidation in Europe develop, the focus of the post-trade discussions has shifted from settlement to clearing and to the respective merits of horizontal versus vertical integration of trading, clearing and settlement systems.
DG Internal Market has recently announced that it will decide whether to propose any new legislation by July 2006. Any resulting proposal for a draft directive is expected in the last quarter of 2006 or start of 2007. There is still uncertainty as to when the Commission will publish its full Regulatory Impact Analysis (“RIA”). At the end of May, parts of what could be the final RIA were made public and are available for comments but it is not a formal consultation process.
Report
© EPFSF - European Parliamentary Financial Services Forum
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