Cross-border trading expenses ‘to halve’

The cost of cross-border share trading within the European Union could fall by as much as half from next January, industry experts said 7 November 2006 following the agreement of a code to open stock exchanges and clearing houses to greater competition.
The European Commission welcomed the clearing and settlement industry's new Code of Conduct ("Code"), and considered it an important first step towards an integrated and efficient post-trading market in the EU. The measures detailed in the Code aim at enhancing transparency and increasing competition in the post-trading sector. The signatories of the Code will have to gradually implement these measures, all of which will need to be in place by 1 January 2008. A strict monitoring process will ensure that the measures are implemented properly and on time.

European Commission: Press Release: IP/06/1517: Clearing and settlement: Commissioner McCreevy welcomes industry's new Code of Conduct http://europa.eu/rapid/pressReleasesAction.do?reference=IP/06/1517&format=HTML&aged=0&language=EN&guiLanguage=en

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