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Code of Conduct on clearing and settlement

On 7 November 2006, European securities exchanges, clearing houses and central securities depositories signed the Code of Conduct on clearing and settlement. The Code aims to enhance transparency and increase competition in the post-trading sector.

To monitor implementation of the Code, the European Commission set up the Monitoring Group of the Code of Conduct on Clearing and Settlement (MOG). The group was wound up in 2010.

For further information on the Code of Conduct, see this link to the European Commission website.


ICMA contributions:

17 January 2008
ICMA Letter to European Commission on Extension of the Code to other Asset Classes

17 January 2008
ESF & LIBA Fourth Report to Code of Conduct Monitoring Group (including Comments on Code Extension)

5 October 2007
ICMA & ESF & other associations’ Third Report to Code of Conduct Monitoring Group

6 July 2007
ICMA & ESF & other associations’ Second Report to Code of Conduct Monitoring Group

2 July 2007
Presentation to the ERC* on the Code of Conduct

11 April 2007
ICMA & ESF & other associations’ First Report to Code of Conduct Monitoring Group

5 April 2007
ESF Letter to Infrastructure: Key elements of the access and interoperability conditions – the market users' view

2 March 2007
ICMA & ESF and other associations’ Letter on Code of Conduct User Representation

1 September 2006
ESF Principles and Requests on the Code of Conduct


*On 4 December 2015, the name of the European Repo Council (ERC) was changed to the European Repo and Collateral Council (ERCC).