ESF: Action Plan for Integration of Clearing and Settlement

30 January 2004

The European Securities Forum (ESF) issued an action plan for the integration of Clearing & Settlement in Europe. ESF urges the public sector, particularly the EU Commission, to communicate its views of the approach to achieve an integrated clearing and settlement process in Europe. ESF strongly supports thereby the findings of the second report of the Giovannini Group, advocating a division of labour and a close cooperation between the private and the public sector in removing the identified barriers, leaving the issue of the future shape and structure of the industry to the market forces to resolve.

In particular, ESF takes the view that the public sector should take legislative action in a detailed and bespoke manner to remove identified barriers such as access restrictions at national levels and the prevailing fragmentation in the area of securities laws. As outlined in the Action Plan 2004 hereafter, ESF and its members are committed to contribute their efforts and resources to solve these problems which are perceived cornerstones of the Financial Services Action Plan to be accomplished by 2005.

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