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EC Statement: Clearing and settlement - Commissioner McCreevy welcomes industry's new Code of Conduct

( November 7, 2006, 15:29 GMT | Official Statement) -- Extract: The European Commission has welcomed the clearing and settlement industry's new Code of Conduct ("Code"), and considers it an important first step towards an integrated and efficient post-trading market in the EU.The European Commission has welcomed the clearing and settlement industry's new Code of Conduct ("Code"), and considers it an important first step towards an integrated and efficient post-trading market in the EU. The measures detailed in the Code aim at enhancing transparency and increasing competition in the post-trading sector. The signatories of the Code will have to gradually implement these measures, all of which will need to be in place by 1 January 2008. A strict monitoring process will ensure that the measures are implemented properly and on time....

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