European Code of Conduct for Clearing and Settlement
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On November 7th, 2006 regulated markets, clearing houses and settlement systems agreed on the European Code of Conduct for clearing and settlement( file pdf - 173 KB),
an important self-regulation tool aimed at contributing to the efficiency and the integration of the post-trading sector. The document also intends to provide market participants with the appropriate means to make a conscious and informed choice of the post-trading organizations of which they wish to become members
The London Stock Exchange Group signed the Code of Conduct
Monte Titoli, in the performance of its activities, has always acknowledged the transparency principles that inspired the adoption of the Code of Conduct. For this reason the company stands among the main promoters of the Code of conduct and has extended the scope of the document, covering cash equities, to all the other asset classes managed in its system, being convinced that the general application of the principles of the document increases efficiency and transparency.
The Code of Conduct covers three areas:
To receive additional information about the Code of Conduct, please contact Monte Titoli at the following address codeofconduct@montetitoli.it .
COMPLIANCE WITH THE CODE OF CONDUCT
The compliance with the Code of Conduct is monitored by Monitoring Group of the Code of Conduct on Clearing and Settlement (MOG) .
The group is chaired by the European Commission and consists of representatives of the European Commission, the European Central Bank and the Committee of European Securities Regulators (CESR). The undersigning organizations of the Code of Conduct periodically report to the MOG the outcomes of the checks they perform on the application of the document.
Checks are performed on two different levels:
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a General Implementation Report, related to the general application of the principles of the Code of Conduct, contains all information about the compliance with the three sections: Price transparency, Access & Interoperability, Unbundling and Accounting Separation. It is addressed to the MOG;
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a Self Assessment Report analyses the compliance with the Service Unbundling and Accounting Separation sections and is addressed to the national authorities (regulators). This comes alongside with a certification document (Assurance Report) prepared by external auditors.
The undersigning organizations of the Code of Conduct release, in a way that ensures broad publicity, a Public Statement, informing about the results of the Self Assessment.
Monte Titoli’s full compliance has emerged from the Self Assessment. The company has opted for the publication of the document on the web site to allow maximum accessibility.
Public Statement(file pdf - 25 KB).
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