Community Agencies, Competition Law, and ECSB Initiatives on Securities Clearing and Settlement

Summary:

This article discusses the institutional and competition law aspects of Eurosystem action in relation to the settlement of securities transactions, in particular, the introduction of the Target 2-Securities platform (T2S).

The first section of the article provides an overview of the T2S system. The second section offers a brief examination of selected institutional aspects of the European Central Bank (ECB) and the Eurosystem (ESCB). Followed by the third section that discusses the growth of agencies in Community law. The fourth section turns to examine delegation of powers by the ECB. Section five explores the question whether the ECB is bound by the competition rules of the Treaty and discusses the principle of open market economy. The last section provides an overview of the application of European Community competition law on financial services.

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