In the context of Clearing and Settlement, we have an
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
- 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
- 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.