Charlie McCreevy, the European Commission internal markets commissioner, says he favors a “code of conduct,” rather than new regulations, to improve the efficiency of European clearing and settlement. McCreevy said in a speech that it was the commission’s belief that “any kind of regulatory measure... could slow down, or even block, the restructuring process already under way – possibly for years.” Instead, McCreevy said the commission would develop a code of conduct to require the industry to set targets for itself, such as improving price transparency by the end of 2006 and agreeing on conditions for fair access to clearing and settlement services six month later. He set a late 2007 deadline for price unbundling and the separating of clearing and settlement services.
