The Code aims to allow investors the choice to trade securities – whether domestic or foreign securities – within a consistent, coherent, and efficient European framework. The ultimate aim is to offer market participants the freedom to choose their preferred provider of cash equity services separately at each layer of the transaction chain (trading, clearing, and settlement) and to make the concept of “cross-border” redundant for cash equity transactions within Europe. To this end, the Code defines principles aimed at the improvement of open and transparent access to post-trading services with a view to achieving greater interoperability.