The Code of Conduct contains rules which should harmonise the European capital market and revitalise the international securities traffic.
On 31 October 2006 all members of the Federation of European Securities Exchanges (FESE), the European Association of Central Counterparty Clearing Houses (EACH) and the European Central Securities Depositories Association (ECSDA) agreed on the European Code of Conduct for Clearing and Settlement.
This voluntary code of conduct represents an active contribution on the part of the stock exchanges, clearing institutes and central securities depositories towards increased efficiency and further harmonisation of the European capital market. The Code of Conduct is intended not only to ensure a greater transparency of prices and services in the cross-border securities business, but is also supposed to stimulate the international movement of securities. Due to technical interfaces built to ensure the interoperability of diverse platforms, segregated accounting as well as newly structured services the market participants will be enabled to order Clearing, Settlement and Safekeeping at different institutions.
Oesterreichische Kontrollbank in its capacity as CentralSecuritiesDepository.Austria has also signed the Code of Conduct. Within the scope of the General Implementation Report compliance with the Code of Conduct is reviewed every year. For this purpose Self Assessment Reports (SARs) will be produced for every main topic of the Code of Conduct. Some of these SARs will be reviewed by OeKB’s auditor. OeKB is fully in compliance with the Code of Conduct.
OeKB's implementation