Federation of European Securities Exchanges (FESE), European Associateion of Central Counterparty Clearing Houses (EACH) and European Central Securities Depositories Association (ECSDA)

Summary of the initiative

Name
Federation of European Securities Exchanges (FESE), European Associateion of Central Counterparty Clearing Houses (EACH) and European Central Securities Depositories Association (ECSDA)
Objective(s)
The Code is a first step towards an integrated and efficient post-trading market in the EU. Furthermore, it aims at enhancing transparency and increasing inter-operability and competition in the post-trading sector.

Description of the Initiative

    Sector

    Sector

    Contact Point - Commission
    ENTR F.1

    Self/Co-Regulation Basic Act

    PRIVATE ACT
    Year
    2006
    Title of Act
    FESE, EACH and ECSDA, European Code of Conduct for Clearing and settlement, 2006

    Geographical Coverage

    Global coverage
    Participating Countries
    Austria

    Description

    Target Group(s)
    Members of the FESE, EACH and ECSDA.
    Type of Instrument(s)
    Code of conduct.
    Type of Monitoring
    Conduct an initial survey of compliance capacity of future regulateesConduct regular visits and spot checksInitiate complaints proceduresMaintain database of those bounded by the normsProduce regular reportsReceive complaints and verify if norms were breached or notReflexive dialogue with the - stakeholdersOther
    European Commission
    National public authority
    International public authority
    Private regulator (code owner)
    Private independent party with a mandate (e.g. auditors)yesyes
    Self-appointed private parties (e.g. NGOs)
    Succinct description of the type of Monitoring
    A strict monitoring mechanism will be set up to ensure that all the measures of the Code are implemented properly and on time. The mechanism will rely on external auditors who will report on the implementation of the signatories' commitments to an ad-hoc monitoring committee chaired by the European Commission.
    Type of Enforcement
    Faming, shaming and blamingJudicial sanctionsMembership suspension/exclusionPrivate finesOther
    Private Regulator
    Private independent party with a mandate (e.g. auditors)
    Court system
    Alternative dispute resolution (ADR) / Online dispute resolution (ODR)
    Succinct description of the type of Enforcement
    -