The share of Level 1, 2 and 3 assets on the balance sheets of significant institutions has come down from above 30% to 23% of significant institutions’ total assets. Level 3 assets decreased from € billion to € billion, constituting less than 1% of significant institutions’ total assets.
The intention is to have this work of developing a single code to replace the various regional industry codes completed by May 2017, with a new framework for adherence completed at the same time. However, we intend to put out some parts of the global code, including drafts of material on order handling and execution, by May 2016.