FBE response to Commission on C&S Code of Practice

29 September 2006

The FBE issued its response to the Commissions proposed elements for a code of practice for clearing and settlement and highlights the importance of quality over speed with regard to the time scales proposed to deliver the four elements of the Code.

The FBE and as well as banks as users of post trading services expect to play a role in developing the Code. As a general principle, measures ought to be included within the Code to provide for consistency of application across institutions to which the Code applies.

Furthermore, the Federation calls for the removal of the market focussed Giovannini barriers and also demands a renewed impetus from the Commission and local authorities to deliver on the removal of the more complex fiscal and legal barriers, within the timeframe the Giovannini Report sets out.

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