European Code of Conduct for Clearing and Settlement

Equity markets are an important cornerstone of the economy. The European Code of Conduct for Clearing and Settlement of cash equities represents a market-led initiative by the exchange and post-trade industry to create a consistent, coherent, and cost-efficient European framework for cash equities trading, clearing, settlement, and custody. It is intended to deliver benefits to customers while at the same time improving the safety and efficiency of clearing and settlement of cash equities, especially, especially for cross-border transactions. Thereby, the Code of Conduct will strengthen European equity markets and drive economic growth.

Deutsche Börse Group actively participated in the development of the Code in its capacity as a member of the industry associations Federation of European Securities Exchanges (FESE), European Association of Central Counterparty Clearinghouses (EACH) and European Central Securities Depositories Association (ECSDA). Deutsche Börse AG, Eurex Clearing AG, Clearstream Banking AG, Frankfurt, and Clearstream International S.A. were among the exchanges, clearinghouses, and (international) central securities depositories that signed the Code of Conduct.

The Code covers

  • price transparency;
  • access and interoperability; and
  • service unbundling and accounting separation

and will be monitored by an ad-hoc committee chaired by the European Commission.