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The new Guidelines form a major deliverable under the timetable established by the European Code of Conduct for Clearing and Settlement signed by the same Organisations in November 2006. The Guidelines were delivered to the Commission on 28 June 2007 in advance of the deadline of 30 June 2007 established by the Code of Conduct.
They deliver a set of public guidelines that contain detailed definitions and principles which trading platforms, central counterparties and settlement systems have agreed to apply to the way in which they will seek access to, and interoperability with, each other. The Guidelines also provide for a mediation mechanism to resolve potential disputes between organisations.
Judith Hardt, the Secretary General of FESE said “The Guidelines will amplify and complete the implementation of the MiFID Directive and hopefully lead to an efficient integration of European securities markets. This is, of course, subject to the removal of remaining legal, fiscal and regulatory barriers”.