What's the problem with Clearing and Settlement then?

In the context of Clearing and Settlement, we have an issue.

The issue is one of transparency, access, interoperability and accounting.

The European Commission, Alberto Giovannini, the Code of Conduct and the Monitoring Group have all tried to change this, but it is not changing fast enough.

What’s the problem?

The problem is that

• you cannot compare apples-with-apples;
• clearing and settlement involves many constituencies that are fragmented and protecting their turf;
• settlement is dictated often by national rules of company law and taxation systems; and
• there’s no incentive to change, not even the threat of punitive measures by the European Commission, because CCP’s and CSD’s have protection from both governmental and historical structures in many instances.

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