01 August 2005

ESCB/CESR: Follow-up work on Clearing and Settlement

After the publication of the “Standards for Securities Clearing and Settlement in the EU” in October 2004, the Joint Working Group received the mandate to work on three strands of follow-up work. The final assessment methodology for the ESCB/CESR Standards will mirror the CPSS-IOSCO recommendations for which a separate assessment methodology was published in 2002. In the context of developing the assessment methodology, a number of open issues, is being further analysed, and the practical organisation of the cooperation among regulators is under further analysis.

With regard to the need for Central Counterparties (CCPs), the CPSS-IOSCO recommendations dealing specifically with CCPs have been enhanced and the scope of a number of the ESCB/CESR Standards has been extended to cover CCPs explicitly. CPSS-IOSCO has developed a comprehensive set of global risk management recommendations and a corresponding assessment methodology. The CPSS-IOSCO Recommendations for Central Counterparties were published in November 2004. An ESCB-CESR equivalent of the CPSS-IOSCO Recommendations for Central Counterparties is in development.

The Joint Working Group also plans to conduct a public consultation and an open hearing.
Deadline for comments is 23 September 2005.

Public statement

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