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.
By fostering transparency, dialogue and accountability, adherence to the Code ensures non-discriminatory treatment of countries, provides reassurance to markets as to the scope and duration of measures and catalyses policy support for reforms and adjustments. Overall, the ever more interconnected international environment makes policy co-operation more necessary.