Since the comments by the Wise Men in their Lamfalussy Report of 2001, indicating that a further restructuring of clearing and settlement would be necessary, discussions about the shaping of post-trade structures in Europe have been intense and have taken place in several strands.

More recently, in response to the international financial crisis the market infrastructure supporting global financial markets is coming under greater scrutiny from international regulators in a number of ways.

With this in mind, ICMA, often in cooperation with other associations, has taken an active part in discussions and coordinated and/or supported several industry initiatives in the areas of clearing and settlement, and asset servicing. Related information can be found below:
 

Clearing & Settlement:

European Commission’s Expert Group on Market Infrastructure (EGMI)
CESAME
Code of Conduct
CPSS/IOSCO Principles for Financial Market Infrastructures
European Market Infrastructure Regulation (EMIR)
Harmonisation of Securities Law
Settlement Regulation
TARGET2-Securities and CCBM2
COGESI


Asset Servicing:

ISMAG
New Global Note (bearer notes)
New Safekeeping Structure (registered notes)