Commission warns of clearing overhaul - by Alan Osborn
The EU’s securities industry has been warned that legislation to improve the clearing and settlement system will be imposed by the European Commission unless the market players themselves come up with an effective scheme by the end of July. Brussels said the present system was untenable. 'No-one contests the need to address the high cost of and corresponding difficulty of having access to cross-border clearing and settlement,' it said.
The current fragmented national monopolies in trading infrastructures such as exchanges, clearing houses and securities depositaries 'create high costs for the EU economy, and represent significant impediments to efficient cross-border trading in the EU', it said.
No comments:
Post a Comment