How does this Communication fit in with the competition law investigations initiated by the Commission in that sector?
The Commission Communication on Clearing and Settlement is an important consultative document which proposes a number of initiatives to ensure that this sector will become more efficient and secure in a fully functioning internal market. It is very wide in scope and is forward looking. The competition law investigation currently under way (IP/03/462) addresses a specific series of events at a specific moment in time and assesses them under competition rules. It does not prescribe a proposed regulatory environment or standards for the sector. Nevertheless, the Communication stresses the Commission’s intention to monitor further industry consolidation and the importance of ensuring an appropriate balance between ex ante legislation and ex post intervention of the competition authorities to address any restrictive practices that market operators might be tempted to adopt.
