Code of Conduct

The Code of Conduct concept

The organizations represented by the European Central Securities Depositories Association (ECSDA) the Federation of European Securities Exchanges (FESE), and the European Association of Central Counterparty Clearing Houses (EACH) agreed on 7 November 2006 on a Code of Conduct for Clearing and Settlement. The objective of the Code of Conduct, is therefore to allow investors to trade European securities within a consistent, coherent and cost-efficient European framework.

European code of Conduct for Clearing and Settlement

The Code of Conduct covers the following areas:

Price transparency
Τo help customers to understand and compare prices and services

Standard unilateral access between organizations and interoperability
Τo enhance the ability of organizations to interconnect and ultimately increase freedom of choice for market participants.

Service unbundling and accounting separation
Τo facilitate competition, increase customer choice and provide relevant information on the services provided.

The implementation of the Code of Conduct
Price transparency
According to the Code of Conduct, fees transparency measures are in place by December 31st 2006. This enable customers, on an ex ante basis to compare and relate costs that incurred in an equity transaction, and on an ex post basis to reconcile costs paid with the price list announced.
Offered Services

       -  Pricing Policy
       -  Pricing Examples
       -  Conversion Table

Access and interoperability

Organisations providing post-trade services in equities clearing or settlement should be able to access any other Organisation in the same or another relevant jurisdiction to extend their service provision to other markets or products (the “Requesting Organisation”). The responding Organisation (the “Receiving Organisation”) should provide such Access or Interoperability in line with the conditions and procedures described Guideline that was published on the 28th of June 2007.

Access and interoperability Guideline

Service Unbundling and Accounting Separation

According to the Code of Conduct implementation of Service Unbundling and Accounting Separation the organization is in the process of preparing Service Unbundling, but fulfilled the process of Accounting Separation.
In view of the implementation of "Service Unbundling" of the Code of Conduct, all ECSDA members (being signatories of the Code) have agreed on a common understanding of the services which have to be unbundled according to the Code of Conduct. This understanding is reflected in a common ECSDA Glossary.

Please note that the CSE has completed the Service Unbundling and Accounting Separation in cooperation with External Auditors.

Code of Conduct

REGULATED MARKET

EMERGING MARKET

CENTRAL DEPOSITORY

LEGAL FRAMEWORK

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