European Code of Conduct on Clearing and Settlement

The European Code of Conduct on Clearing and Settlement is a voluntary self-regulation of the European stock exchanges, settlement agencies and central securities depositories (CSDs).

It aims at increasing pricing and services transparency and enhancing interoperability between the various platforms.

Major provisions of the European Code of Conduct:

  • Improved pricing transparency
    Prices and services shall become more easily comparable. For this reason, SIX x-clear Ltd publishes the prices of all its services offered. Detailed information on how to calculate the individual prices is given here.

  • Access and interoperability
    The provisions of the European Code of Conduct aim at granting open access to settlement agencies and CSDs in the domains of clearing and settlement in order to facilitate cross-border securities trading.

  • Service unbundling and accounting separation
    Service unbundling enables clients to buy exclusively the services they really need. Accounting separation should enhance disclosure of proceeds and costs of the various services and consequently cross-subsidisation, if any, to national regulators.
SIX x-clear Ltd, too, has signed the European Code of Conduct and will ensure implementation of the measures mentioned above.