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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.
The Code of Conduct covers
the following areas:
Ôo help customers to
understand and compare prices and services,
-
Standard unilateral
access between organizations and
interoperability
Ôo
enhance the ability of organizations to
interconnect and ultimately increase freedom of
choice for market participants.
-
Service unbundling and
accounting separation
Ôo
facilitate competition, increase customer choice
and provide relevant information on the services
provided.
 European
Code of Conduct for Clearing & Settlement
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
(http://www.fese.be/_lib/files/AccessInteroperabilityGuideline.pdf
·
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.
Announcements for Compliance
Announcement for
2009
http://www.cse.com.cy/en/announcements/textfiles/2009/ANN31000.htm
Announcement for
2010
http://www.cse.com.cy/en/announcements/textfiles/2010/ANN34337.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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