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In a letter to the Council Presidency and its forthcoming possible conclusions on a number of issues related to post trading over the coming months, the EBF made clear that it does not support any consideration to extend the Clearing and Settlements Code of Conduct to derivatives, listed or OTC traded, or bonds in the present situation.
With regard to the CESR-ESCB Standards, FBE calls on the Council to ensure that there is no double regulation of banks if the Standards are to be implemented and that there is an appropriate resolution of the legal status of the Standards by transforming them into non-binding soft-law to resolve the issue of imposing obligations on market participants which are not covered by the respective national laws.
“It would be of the utmost importance to take into account how the supervision of access and inter-operability in the “post-Code environment” will have a bearing on the Standards, as will the new trading environment introduced by MiFID”, EBF states, and calls for rigorous public consultation of Stakeholders for the re-drafted Standards.