Service unbundling and accounting separation

The European Code of Conduct for Clearing and Settlement of cash equities regards service unbundling and accounting separation as important levers to strengthen further the transparency and efficiency of European capital markets. Service unbundling gives customers flexibility when choosing which services to purchase; accounting separation provides relevant information on the services supplied. Measures defined in the Code are designed to provide customers with choice regarding the services available to purchase and to enhance competition. The measures were put in place by 1 January 2008.