On 7 November 2006, trading and post-trading infrastructures signed the code of conduct on clearing and settlement (the Code). 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 MOG consists of representatives from Internal Market and Services DG, Economic and Financial Affairs DG and Competition DG as well as the European Central Bank and the Committee of European Securities Regulators. It is chaired by the Commission.

On 10 October 2007 the MOG held its fourth meeting. The main purpose of this meeting was to assess how prepared infrastructures are to implement the third part of the Code on service unbundling and accounting separation by 1 January 2008. The MOG also discussed three other topics which were:

  • The draft terms of references for the external audit process.
  • Code implementation so far (price transparency, access and interoperability).
  • Extending the Code to other asset classes.

The next meeting of MOG will take place on 21 January 2008.

ViewFourth meeting of the Monitoring Group, 10 October 2007