European Code of Conduct on Clearing and Settlement
The European Code of Conduct on Clearing and Settlement that was agreed upon on 7 November 2006 by infrastructures providing trading and post-trading services in the European Union (EU), marked an important step towards an integrated and efficient post-trading market in the EU. The measures detailed in the Code of Conduct aim at enhancing transparency and increasing competition in the post-trading sector. The Code covers post trading activities in cash equities in Europe.The Code of Conduct has been implemented in the following phases:
- by 31 December 2006: applying price transparency;
- by 30 June 2007: establishing access and interoperability conditions; and
- by 1 January 2008: unbundling services and implementing accounting separation principles.
More in detail the Code of Conduct has delivered:
- price transparency of the services provided and, at the same time, facilitate price comparability. In particular, the signatories of the Code of Conduct are committed to make public on their websites the list of services offered and their respective prices, including potential discount and rebates schemes, together with practical examples.
- the conditions upon which it will be possible to grant access and interoperability among the different systems of trading, clearing and settlement.
- flexibility to customers when choosing which services to purchase thanks to the unbundling of services and accounting separation to provide relevant information on the services.
Concerning the part of price transparency of the Code, Euroclear Sweden is providing its customers with the Price Lists, which, in fact, has been publicly available through Internet, on the website, since the beginning of the company's activity. Euroclear Sweden is also providing price examples and the ECSDA Conversion table to its customers.
Euroclear Sweden has acknowledged the “Access & Interoperability Principles and Condition Guideline”.
Regarding the third phase of the Code, Euroclear Sweden is compliant with both unbundling of services and the principles of accounting separation. Regarding "service unbundling", all ECSDA members have agreed on a common understanding of the services which have been unbundled according to the Code. This understanding is reflected in a common ECSDA Glossary. The price list on Clearing & Settlement, which was made public on 1 January 2008, reflects our Organisation's implementation of the Code's unbundling commitments.
Euroclear Finland
Euroclear Sweden
