EPFSF: Briefing Paper on Clearing and Settlement

19 February 2003

The European Parliamentary Financial Services Forum released a briefing paper on the Clearing and Settlement process. As a priority under the Financial Services Action Plan the Commission is studying how to ensure the development of an efficient and secure clearing and settlement structure in the EU. Following the Giovannini Report a Commission Communication in May 2002 launched a consultation on how to develop possible solutions, including possible EU legislative action.

The European Parliament recently adopted a Resolution calling upon the Commission to take legislative initiatives that would require structural changes to the current infrastructure. The benefits of a better functioning clearing and settlement system are evident for the integration process in Europe. The question is what is the right balance to be struck between market-led action and user/owner initiatives, and legislative action to remove costly barriers.

Briefing Paper

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