27 May. 2004 - The ESCB-CESR Working Group would like to thank all who replied to the public consultation on the consultative report entitled ‘Standards for securities clearing and settlement systems in the European Union’ and the note entitled ‘Scope of application of the ESCB-CESR standards’.
The Working Group would like to continue the dialogue with market participants.
The Working Group has discussed the outcome of the consultation of last year and, in most cases, found market comments very useful and agreed to adjust the proposals to them. However, the ESCB-CESR is facing a challenge with regard to the regulation of CSDs (Standard 6) and the management of credit exposures (Standard 9). On these points, unfortunately, the Working Group received conflicting comments from market participants. In this respect, the new version of the report reflects a compromise that takes into account both the public interest and the interest of the parties involved.
The new version of the report also provides a glossary on which the views of market participants are particularly welcomed.
Market participants are invited to provide comments and give their views on both the general regulatory approach being proposed by the ESCB and CESR and the specific details contained in the Report. Written Comments could be provided to the joint ESCB and CESR Secretariat: Elias Kazarian (ECB) at firstname.lastname@example.org and Wim Moeliker (CESR) via the CESR website under the heading "Consultations".