ESCB-CESR
Establishment of a working group
In October 2001 the Governing Council of the ECB and the Committee of European
Securities Regulators (CESR) agreed to cooperate in the field of securities clearing
and settlement. They set up a working group composed of representatives
from the ECB, EU national central banks and CESR. The European
Commission attends meetings of this group as an observer.
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Objective
The group adapted the global CPSS-IOSCO recommendations for securities settlement systems to the European environment.
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Main publications and state-of-play
In August 2003 the ESCB-CESR working group released two documents for public consultation:
- Standards for securities clearing and settlement systems in the European Union
- The scope of application of the ESCB-CESR in the field of safety, soundness and efficiency of
securities clearing and settlement.
In January 2004, a summary of the replies was made available on this website.
The group is now in the process of finalising its standards
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