We enforce strict ethics rules and promote strong values among our employees, among them a commitment to public service. It is important that anyone serving the Fed feel safe speaking up when they have concerns about bias toward industry, and that those concerns be addressed.
The trend is already clearly towards a consolidation of the many different existing clearing systems in the euro area, which will then also permit closer links between trading and settlement. An initial major step towards the necessary concentration of clearing and settlement systems has been made with the merger of Cedel International and Deutsche Börse Clearing.