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Commissioner McCreevy called on all infrastructures to fully respect and apply the Code of Conduct on Clearing and Settlement to show that it can deliver competition. “I do not think I need to remind the industry that the Code is the last chance they have to prove that they are capable and mature enough to provide adequate solutions to the current issues”, he warned speaking at the post-trading conference in
Although there are still problems with regard greater competition in the post-trading sphere, he recognized that there is ‘movement in the right direction’.
“There are, of course, still some teething problems, in particular in the area of access and interoperability”, he said. “While this is not a particular surprise the issues do need to be sorted out in coming months”, he underlined.
McCreevy also urged regulators to resume work on the ESCB-CESR standards. “A political consensus on this matter seems to be emerging, which is encouraging news”, he said.
With regard to the Giovannini barriers, McCreevy noted that on transaction tax procedures, the Commission is planning to immediately establish bilateral contacts with each of the two Member States concerned and discuss possible solutions.
On withholding tax procedures, the Commission considers that a Commission Recommendation to be adopted at the beginning of 2009 is a possible way forward.