European Code of Conduct Clearing and settlement

The European Code of Conduct on Clearing and Settlement that was agreed upon on 7 November 2006 by infrastructures providing trading and post-trading services in the European Union (EU), marked an important step towards an integrated and efficient post-trading market in the EU. The measures detailed in the Code of Conduct aim at enhancing transparency and increasing competition in the post-trading sector. The Code covers post trading activities in cash equities in Europe.

The Code of Conduct has been implemented in the following phases:

  1. by 31 December 2006: applying price transparency;
  2. by 30 June 2007: establishing access and interoperability conditions; and
  3. by 1 January 2008: unbundling services and implementing accounting separation principles.

More in detail the Code of Conduct has delivered:

  • price transparency of the services provided and, at the same time, facilitate price comparability. In particular, the signatories of the Code of Conduct are committed to make public on their websites the list of services offered and their respective prices, including potential discount and rebates schemes, together with practical examples.
  • the conditions upon which it will be possible to grant access and interoperability among the different systems of trading, clearing and settlement. 
  • flexibility to customers when choosing which services to purchase thanks to the unbundling of services and accounting separation to provide relevant information on the services

Compliance with the Code of Conduct
Euroclear Sweden and Euroclear Finland have implemented the Code of Conduct on Clearing & Settlement. By clicking the links below you will find the General Implementation Report for both Euroclear Sweden and Euroclear Finland.
 Euroclear Sweden 2011-05-25
 Euroclear Finland 2011-05-25


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