In the context of Clearing and Settlement, we have an
issue.
accounting.
The European Commission, Alberto Giovannini, the Code of
Conduct and the Monitoring Group have all tried to change this, but it is not
changing fast enough.
What’s the problem?
The problem is
that
- you cannot compare apples-with-apples;
- clearing and settlement involves many constituencies that are fragmented and
protecting their turf; - settlement is dictated often by national rules of company law and taxation
systems; and - there’s no incentive to change, not even the threat of punitive measures by
the European Commission, because CCP’s and CSD’s have protection from both
governmental and historical structures in many instances.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
