On 23 June 2009, the Committee of European Securities Regulators (CESR) and the European System of Central Banks (ESCB) jointly published Recommendations for securities settlement systems and recommendations for central counterparties (CCPs) in the European Union (EU).
The purpose of the ESCB - CESR Recommendations is to promote competitive, efficient, safe and sound pan European post trading arrangements. The ESCB - CESR Recommendations also seek to improve the efficiency of the market infrastructure which should promote and sustain the integration and competitiveness of EU markets.
The ESCB - CESR Recommendations are non-binding and are addressed to public authorities in the EU. The central banks of the non-EU members of the European Economic Area will be invited to endorse the Recommendations. Where appropriate public authorities within the EU will integrate the Recommendations into their respective assessment frameworks and/or practices with which they assess the safety, soundness and efficiency of their respective central securities depositaries and CCPs.