The European Commission has embarked on the preparation of a new legal framework on securities “post-trading”. “Post-trading” occurs when two parties have agreed to a securities transaction but the transfer of the securities and their disposal remains to be dealt with. On 20 April 2009, the Commission launched a public consultation open to all parties possibly affected by this new framework.

Differences in the financial laws and systems of post-trading in the various Member States can give rise to a higher cost of transactions and credit. Furthermore, these differences affect the protection of investors' rights with regard to the acquired securities (e.g., when exercising their rights in corporate actions abroad). These issues were already raised and investigated in the so-called "Giovanni Reports".

The closing date for the submission of comments is 11 June 2009.