The Bank of New York has published a booklet entitled “The Changing World of Securities Processing in Europe.” It examines the key initiatives, white papers and action plans published by the European Commission and other regulatory bodies in Europe that have shaped the current debate about the future structure of clearing and settlement in Europe. The booklet comes as the European Commission gears up to publish a clearing and settlement directive.
Bank of New York says the booklet is aimed at issuers, investors and intermediaries – anyone who has an interest in the securities business – and sets out the barriers as identified in the Giovannini Report, possible action that could be taken by the private sector and national authorities and the likely co-ordinate action required at European Union level. It also looks at the next steps required in order to remove the “technological barriers” and “competitive distortions” in place in Europe.
“We’ve been closely involved in the European securities market for may years and have always supported initiatives that improve the infrastructure,” explains Paul Bodart, executive vice president, The Bank of New York. “We’re keen to see further improvements that will facilitate cross-border investment and are working on our clients’ behalf to secure greater efficiencies that will ultimately deliver the goal of a single capital market for Europe.”