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European Code of Conduct

On 7th November, 2006 KDD handed over the undersigned European Code of Conduct to European Commissioner for Internal Market and Services, Mr Charlie McCreevy. The Code was jointly drafted by members of FESE, EACH and ECSDA.
The undersigning exchanges, clearing houses and central securities depositories share the objective of achieving greater efficiency and further integration of European capital markets. 

The objective of the Code of Conduct – in line with the objectives of the European Commission – is therefore to allow investors to trade European securities within a consistent, coherent and cost-efficient European framework. 

The Code of Conduct has been implemented in the following phases: 

  • by 31st December 2006: price transparency measures;
  • by 30th June 2007: establishing access and interoperability conditions;
  • by 1st January 2008: unbundling services and implementing accounting separation principles. 

According to commitments to the Code and as of 1. January 2008, KDD has fulfilled requirements of all three chapters of the European Code of Conduct for Clearing and Settlement. 


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