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CESAME issued a report on its four years of work which provides an overview of the work done on the six Giovannini Barriers to post-trading and of the state of play on nine Barriers attributed to the public sector. It also provides an overview of other pertinent topics related to post-trading which were discussed by the Group.
State of play
Industry Barrier 8 (securities number issuance) has been successfully dismantled. Very good progress has been achieved on industry barriers 4 and 7 (settlement finality and settlement deadlines) but further issues in this area have been identified (now treated under "Barrier 16"). Standard setting for removing industry barriers 1 (IT interfaces) and 3 (corporate actions) has advanced substantially; but implementation will have to be monitored closely. This leaves mainly Barrier 6 (standard settlement periods) - which was initially deemed less important - for the industry to tackle.
Less progress has been achieved regarding public sector barriers, therefore industry called for more involvement of