European securities depository Euroclear has released a set of 85 proposals designed to remove the barriers to cross-border settlement and clearing that were identified by the Giovannini Group
The proposals aim to remove barriers to clearing and settlement in the five European domestic markets in which Euroclear operates but will be initially implemented in Belgium, France and The Netherlands, in line with Euroclear's recent announcement to offer an integrated settlement platform for the straight-through processing of trades from its single order book.
The new proposals cover market functions, rules and practices associated with transaction life cycles, payments, corporate-action processing, securities-financing transactions and reference data.
The key objectives of the proposals are to standardise the processing of transactions from all sources including OTC, stock exchanges, trading platforms and trade confirmation systems; promote the use of ISO 15022 communication standards; streamline asset servicing and custody processing; and provide full STP capabilities.