Why does the Commission refrain from taking a position on the future model for clearing and settlement in the EU?
The starting point of the Commission’s approach is the current, inefficient situation in the securities clearing and settlement market. Its primary objective, at this stage, is therefore to ensure that cross-border barriers to clearing and settlement are lifted and that markets function under a legislative framework which ensures that the systems are safe and efficient. Starting from the current situation, it is not easy or possible to predict how markets will develop. For this reason, the Commission does not feel that it would be sensible to take a firm position and to propose the imposition of specific market structures. Nevertheless, the Commission will continue monitoring market developments closely and may adapt its approach, if necessary.
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