CESR/ESCB joint work on Recommendations for Securities Settlement Systems

15 March 2002

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The joint work of the Committee of European Securities Regulators (CESR) and the European System of Central Banks (ESCB) covers the possible adaptation of the IOSCO/CPSS recommendation to European environnment, an analysis of central counterparties clearing (CCPs) activities in Europe with a view to identifying a suitable regulatory approach and a review of the Giovannini report. At this stage of its work, the joint expert group is particularly interested in receiving views from all interested parties on these matters. Contributions should ideally be received before 6 May 2002.

This paper explains in greater detail how the Group’s work will be conducted and invites interested parties to provide input for it. The work of the Group should be viewed in the context of the overall efforts by public authorities to ensure the efficient and proper functioning of securities clearing and settlement arrangements. Securities regulators are interested in maintaining confidence in the safety and reliability of systems in order to maintain market efficiency and ensure investor protection.

The European Commission will issue a communication on this subject in the coming weeks, which will set out its policy objectives and call for input from interested parties as to the appropriate action to be taken. The communication will consider such issues as how to remove obstacles to create more efficient systems, how to establish a level playing field for these activities, and the need for an overall EU legal framework.

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