28 February 2007

EBF note on the creation of ECSA Users Task Force

The European Credit Sector Associations (ECSAs) welcomed last November’s signing of a European Code of Conduct for Clearing and Settlement by Market Infrastructures as a clear signal that the market was willing to act to improve efficiency and competition in the post trading space. Based on this feedback the Task Force will also consider what additional requirements users would need so that the Code can realise its full potential as an enabler for a more efficient and competitive post trading industry in Europe.

The ECSAs established dialogues with the Market Infrastructures and the Commission during the preparation of the Code and now these dialogues assume an ever increasing importance in this critical implementation phase.

Responding to the request of the Commission the ECSAs have recently established a Task Force responsible for collecting and disseminating feedback in respect of the implementation of the Code.

The Users Task Force will primarily focus on the implementation of the Code by CSDs and to a lesser extent CCPs. It will not therefore deal with gathering feedback on the implementation of the Code by securities exchanges to any great extent.

The Terms of Reference for the Users Task Force is attached. The Users Task Force will share the conclusions of its findings in respect of the implementation of the Code with interested parties and invite comments thereon.

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