Post Trading Expert Group

Istvan FARKAS, Chairman of the Hungarian Financial Supervisory Authority

Wim Moeliker

Between 2002 and 2005, a joint CESR/ESCB working group developed Standards for Clearing and Settlement systems in Europe. Following other emerging initiatives in the area of post-trading, activities of the group were disrupted after that period. To view the work of this group, please go to the Clearing and Settlement Group.

In 2007, the CESR Members decided to establish a group of CESR experts only, the Post-Trading Expert Group (PTEG). This group will focus on post-trading activities in the EU, where relevant for CESR and its members. The chairman of the PTEG is Istvan Farkas, Chairman of the Hungarian HFSA. Wim Moeliker of the CESR Secretariat acts as the rapporteur of the group.

The PTEG, given the responsibilities of national securities regulators for post-trading activities in the respective Member-States, will focus on a number of regulatory initiatives going on in the area of post-trading, with the objective to enhance a level-playing-field and the safety and soundness of post-trading activities within the EU. The political support for these regulatory initiatives was reflected in the conclusions of the EU Council on Clearing and Settlement of 9 October 2007. Prior to this, CESR had decided to create a platform to follow these initiatives more closely, establish a place to share supervisory experiences and, where appropriate, to respond to these initiatives.

The first major point on the agenda of the PTEG is the Code of Conduct for Clearing and Settlement, in particular with regard to the envisaged role of regulators in this Code. The Code of Conduct is developed and signed by the providers of infrastructures for Trading, Clearing and Settlement, i.e. Stock Exchanges, Central Clearing Parties and Central Securities Depositories within and outside the EU-area. CESR is a member of the Monitoring Group, the group established by the European Commission with the mandate to review the compliance with the Code by the signatories.

The second important initiative followed by the PTEG on behalf of CESR is the ESCB-project TARGET-2-for-Securities (T2S). This long-term project aims to create a single and central platform for the cross-border and domestic settlement of Euro-denominated securities against central bank money, run by the Euro-system. CESR is also an observer in the T2S Advisory Group, an advisory body to the decision-making bodies of the ECB in the structure for the T2S-project, and remains in dialogue with the ECB on this project in various other ways.

09 Dec. 2008 : [hearing] - Open hearing on the joint CESR-ESCB recommendations on clearing and settlement systems and central counterparties
19 Feb. 2009
Preliminary Technical Advice by CESR in response to the Mandate from the European Commission on Access & Interoperatibility Arrangements
19 Dec. 2008
Prelimary draft technical advice on access & interoperability arrangements
[08-870 draft]
23 Oct. 2008
Consultation paper - CESR/ESCB draft recommendations for securities settlement systems, and draft recommendations for central counterparties
23 Oct. 2008
Press release - CESR and ESCB consult on recommendations for securities clearing and settlement systems and central counterparties in the European Union
22 Aug. 2008
Call for evidence on the identification of regulatory arrangements for post-trading infrastructures