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:
• Price transparency: to help customers to understand and compare
prices and services,
• Standard unilateral access between organizations and
interoperability, to enhance the ability of
organizations to interconnect and ultimately
increase freedom of choice for market
participants.
• Service unbundling and accounting separation: to facilitate
competition, increase customer choice and
provide relevant information on the services
provided.
European Code of
Conduct for Clearing and Settlement
European Code of Conduct for Clearing and
Settlement ( )
CSE Services conversion table ( )
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.
- Pricing Policy
(
 )
- Pricing Examples ()
Access and interoperability
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 the relevant information.
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 undundled according to the Code
of Conduct. This understanding is reflected in a
common ECSDA Glossary.
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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