September 2008

The Exchange has responded to CESR’s call for evidence on identification of regulatory arrangements for post-trading infrastructures and advice on possible solutions in terms of bridging any potential differences in these arrangements.

We welcomed the Code of Conduct for Clearing and Settlement, and believe that it has led to many favourable outcomes as a direct consequence of the price transparency and unbundling provisions. However, experience over the last 12 months has demonstrated that implementation of the inter-operability aspects of the Code have been far from straightforward.

In addition to considering the barriers that might need to be removed, we would ask CESR to consider changes to the profile of systemic risks that are created by linking different clearing houses and their exposures to a wider, but inextricably linked, range of asset classes.

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Response to CESR on post trading infrastructures (file pdf - 744 KB)