In 2006, Europe's regulated markets, clearing houses and central securities depositories cooperated
with the three main industry associations to define a Code of Conduct for Clearing and
Settlement, as opposed to proposing a directive.
The industry associations in question were the following:
Federation of European Securities Exchanges (FESE)
European Association of Central Counterparty Clearing Houses (EACH)
European Central Securities Depositories Association (ECSDA)
Participation of SIX Swiss Exchange
SIX Swiss Exchange signed up to the Code of Conduct in November 2006.
A strong and fair capital market
The Code of Conduct is designed to establish a strong capital market that allows
investors to trade within a consistent, coherent and efficient framework. In addition, the Code
of Conduct allows market participants the freedom to choose their preferred service provider.
