Consultation on CESR/ESCB draft recommendations for securities settlement systems, and draft recommendations for central counterparties

CESR and the ESCB publish these draft recommendations for public consultation in the context of the joint work being undertaken by the ESCB and the CESR in the field of securities clearing and settlement. Part 1 of the consultation paper contains 19 recommendations, which deal with central securities depositaries (CSDs), and Part 2 contains 15 recommendations regarding central counterparties (CCPs), which aim to increase the safety, soundness and efficiency of securities clearing and settlement systems and CCPs, respectively. The annexes include an assessment methodology and a glossary of terms.

The ESCB and the CESR welcome contributions from all interested parties, be they clearing and settlement service providers, intermediaries, banks, investment services firms, issuers, institutional investors or industry and trade associations, and especially from retail investors and their organisations. Contributions should be received by 23 January 2009. When responding, please refer to the respective recommendation and paragraph number. All contributions received will be made public, including publication on the internet, unless it is clearly indicated that the author does not consent to such publication.

The ESCB and the CESR will jointly organise an open hearing pertaining to these recommendations on 9 December 2008 in the CESR office in Paris. To participate in the open hearing, interested parties should register online on the CESR's website, under the section hearings.