ESF Paper on CESR/ECB Consultation on Clearing and Settlement

07 May 2002

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In response to the call for contributions to the joint CESR/ECB consultation on clearing and settlement, we set out below our comments on the 'Issues for Further Consideration' listed in the consultation document of 15 March 2002. We are particularly encouraged that the Group aims to adapt and expand on CPSS/IOSCO recommendations. For ease of reference, the questions posed by the consultation paper are reproduced in conjunction with our comments on each set of questions

Among others the European Securities Forum (ESF) views the most relevant factors to risks and weaknesses in terms of clearing and settlement of domestic and cross-border transactions in the existence of different jurisdictions and the involvement of several actors such as local agents, global custodians, foreign CSDs or ICSDs in the process of cross-border clearing and settlement. Both increase number and magnitude of relevant risks. Harmonisation of rules and consolidation of service providers would help to reduce these risks.

Paper on the joint CESR/ECB Consultation on Clearing and Settlement

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