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Since the comments by the Wise Men in their Lamfalussy Report of 2001, indicating that a further restructuring of clearing and settlement would be necessary, discussions about the shaping of post-trade structures in Europe have been intense and have taken place in several strands.
ICMA, often in cooperation with other associations such as the ESF (ICMA’s partner in the EFMF), has taken an active part in these discussions and coordinated and/or supported several industry initiatives in the area.
The current three main strands of work on clearing & settlement issues on the European level are:
CESAME
Information about the European Commission’s Clearing and Settlement Advisory and Monitoring Expert group (CESAME) can be found here.
TARGET2-Securities and CCBM2
Information about the ECB’s T2S project can be found here.
Code of Conduct
Information about the European Code of Conduct for Clearing and Settlement can be found here and here
ISMAG
Information about the International Securities Market Advisory Group (ISMAG) is available from the following dedicated pages:
Clearstream ISMAG webpage
Euroclear ISMAG webpage
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