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The first document on “Standards for securities clearing and settlement systems” contains 19 standards which aim to increase the safety, soundness and efficiency of securities clearing and settlement systems in the European Union. The standards are based on the IOSCO-CPSS recommendations for securities settlement systems issued by the Technical Committee of IOSCO in November 2001.
The second document on the “Scope of application” explores the possibility of applying certain specific standards to major custodian banks that provide securities clearing and settlement services. The standards, once finalised, will be used as a regulatory tool by regulators and overseers and will be more binding than the original CPSS-IOSCO recommendations.
Responses should be sent via e-mail to the joint ESCB and CESR secretariat: Elias Kazarian (ECB) at ecb.secretariat@ecb.int and Wim Moeliker (CESR) at secretariat@europefesco.org. Contributions should be received by 31 October 2003.
The ESCB and CESR will jointly organise an Open Hearing pertaining to both documents on 2 October 2003 in the CESR office in Paris.
Press release
Standards for securities clearing and settlement systems in the European Union
Scope of Application