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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
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Pricing
Policy
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Pricing
Examples
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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.
Announcements for Compliance
Announcement for
2013
http://www.cse.com.cy/en/Announcements/textfiles/2013/ANN41860.pdf
Announcement for
2012
http://www.cse.com.cy/en/announcements/textfiles/2012/ANN40424.pdf
Announcement for
2011
http://www.cse.com.cy/en/announcements/textfiles/2011/ANN37536.pdf
Announcement for
2010
http://www.cse.com.cy/en/announcements/textfiles/2010/ANN34337.htm
Announcement for
2009
http://www.cse.com.cy/en/announcements/textfiles/2009/ANN31000.htm
Useful links in relation to the Code of Conduct
EU
Commission C & S
Federation
of European Stock Exchanges (FESE)
European
Association of Central Counterparty Clearing
(EACH)
European
Central Securities Depositories Association (ECSDA)
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