The need for a consistent regulatory framework In Europe, we have recently taken a significant step forward in this regard, with the finalisation of the draft recommendations of the European System of Central Banks and the Committee of European Securities Regulators (ESCB-CESR recommendations) for EU securities clearing and settlement systems and central counterparties.
The recommendations are based on the international recommendations which were issued by the Committee on Payment and Settlement Systems and the Technical Committee of the International Organisation of Securities Commissions (CPSS-IOSCO) in 2001 and 2004 respectively, and are open for public consultation until 23 January 2009. The release of the draft ESCB-CESR recommendations constitutes a major achievement after several years of hard work.