The European Securities Forum (ESF) has defined the priorities and the more specific requirements to harmonise the clearing & settlement processes and procedures, as well as the legal, fiscal, and regulatory environments in Europe. ESF strongly supports initiatives to reduce cost and risk of cross border clearing & settlement at global and European levels such as the work performed by the Group of Thirty,
ISSA and the Giovannini Group.
ESF’s Operations Committee has worked out the first of a series of action plans that focus on detailed actions that:
provide the most tangible benefits at the lowest investment costs
will be completed within a reasonably short timeframe
are targeted at prioritised markets
will be least disruptive.
ESF, representing the largest operators in the European securities markets, complements these initiatives by acting as an agent of implementation: it plays an active role in initiating, coordinating and monitoring the actions required to harmonise processes and procedures of clearing and settling cross border securities transactions and to harmonise the legal, fiscal and regulatory environment in Europe.
Pursuing its prime objective to create an efficient pan-European capital market ESF has worked out the first of a series of detailed action plans to start the implementation process without further delay. It seeks the close cooperation with securities infrastructure organisations, political authorities at national and at EU level as well as with organisations having similar objectives to make the implementation process as efficient as possible.
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© ESF – European Securities Forum
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